The UK-Nigeria Remittance Corridor: Challenges of Embracing Formal Transfer Systems in a Dual Financial Environment

Raúl Hernández-Coss and Chinyere Egwuagu Bun

No 6654 in World Bank Publications - Books from The World Bank Group

Abstract: The UK-Nigeria remittance corridor has an equal dominance of formal and informal remittance intermediaries. Although several formal financial institutions for transferring money exist in the UK, many people choose to send money informally. More collaboration between the UK and Nigeria is necessary to develop the remittance market, to encourage the use of formal channels, and to enhance the development potential. Among its benefits, the remittance country partnership (RCP) between UK and Nigeria aims to reduce the cost of remittance transfers. The Nigerian government is engaging its diaspora to help spur economic growth. This report recommends that each government focus on improving data collection at its end of the corridor and do more research to provide its policymakers and its private sector with accurate information.

Keywords: Health; Nutrition and Population-Population Policies Law and Development-Corporate Law Agriculture and Farming Systems Banks and Banking Reform Macroeconomics and Economic Growth-Remittances Finance and Financial Sector Development Health; Nutrition and Population Agriculture (search for similar items in EconPapers)
Date: 2007
ISBN: 0-8213-7023-5
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

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