The UK-Nigeria Remittance Corridor : Challenges of Embracing Formal Transfer Systems in a Dual Financial Environment
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Washington, DC: World Bank
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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.
Palabras clave
ACCOUNT HOLDERS, ACCOUNT-TO-ACCOUNT, ACQUISITION, ADB, ANTI-MONEY LAUNDERING, AVERAGE REMITTANCE, BALANCE OF PAYMENTS, BANK ACCOUNT, BANK BRANCHES, BANK DATA, BANK DRAFT, BANK DRAFT PAYMENTS, BANK OF ENGLAND, BANK TRANSFER, BANK TRANSFERS, BANKING SUPERVISION, BANKS, CASH-TO-CASH, CENTRAL BANKS, CHILD LABOR, CITIZEN, CITIZENS, CITIZENSHIP, CLEARING HOUSE, COLLECTIVE, COLLECTIVE REMITTANCES, COMMERCIAL BANK, COMMUNITIES OF ORIGIN, COMMUNITY DEVELOPMENT, COMPANY, COMPENSATION OF EMPLOYEES, CONTRIBUTION OF REMITTANCES, CORRESPONDENT BANKS, COST OF LIVING, COST OF TRANSFERS, COUNTRY OF ORIGIN, CURRENCY CONVERSIONS, DATA ON REMITTANCES, DEVELOPING COUNTRIES, DEVELOPMENT IMPACT OF REMITTANCES, DEVELOPMENTAL IMPACT, DIASPORA, DISSEMINATION, DUE DILIGENCE, ECONOMIC GROWTH, ECONOMIC OPPORTUNITIES, ELDERLY, ELECTRONIC FUNDS, ELECTRONIC FUNDS TRANSFER, ELECTRONIC PAYMENTS, EMIGRATION, EMPLOYEE COMPENSATION, ESTATE, ETHNIC GROUP, ETHNIC GROUPS, EUROPEAN CENTRAL BANK, EXCHANGE RATE, EXTENDED FAMILY, FAMILY MEMBERS, FARMS, FEDERAL GOVERNMENTS, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIARIES, FINANCIAL PRODUCTS, FINANCIAL SERVICES, FINANCIAL SYSTEMS, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE RATES, FORMAL MONEY TRANSFERS, FORMAL TRANSFER SYSTEMS, FUNDS FLOW, GOVERNMENT INITIATIVES, HOME COUNTRIES, HOUSING, HUMAN TRAFFICKING, HUMANITARIAN AFFAIRS, IMMIGRANTS, INCOME, INDIVIDUALS, INFORMAL REMITTANCE, INFORMAL TRANSFER, INITIATIVES ON REMITTANCES, INTERNATIONAL MONEY ORDER, INTERNATIONAL REMITTANCE, INTERNATIONAL REMITTANCE SYSTEMS, LEGAL FRAMEWORK, LEGAL STATUS, LEGISLATION, LIMITED, LOCAL CURRENCY, MARKET COMPETITION, MIDDLE EAST, MIGRANT, MIGRANTS, MIGRATION, MILLENNIUM DEVELOPMENT GOAL, MONEY HOME, MONEY LAUNDERING, MONEY TO FAMILIES, MONEY TRANSFER, MONEY TRANSFER OPERATOR, MONEY TRANSFER OPERATORS, MONEY TRANSFERS, MONEY TRANSMITTERS, MUNICIPAL GOVERNMENTS, NATIONALS, NONPROFIT ORGANIZATIONS, NURSES, OFFICIAL DEVELOPMENT ASSISTANCE, OLD AGE, ORPHANS, PARTNERSHIP, PEER REVIEW, PERMANENT RESIDENCE, PERSONS, PETROLEUM EXPORTING COUNTRIES, POLICY, POSTAL SERVICE, POVERTY REDUCTION, PRODUCTIVITY, PUBLIC TRANSPORTATION, RECIPIENT COUNTRIES, RECIPIENT OF REMITTANCES, REGULATORY FRAMEWORK, REMITTANCE, REMITTANCE BUSINESS, REMITTANCE CORRIDORS, REMITTANCE FLOW, REMITTANCE FLOWS, REMITTANCE INDUSTRY, REMITTANCE MARKET, REMITTANCE PAYMENT, REMITTANCE PRODUCTS, REMITTANCE SENDERS, REMITTANCE SERVICE, REMITTANCE SERVICE PROVIDERS, REMITTANCE SERVICES, REMITTANCE TRANSACTION, REMITTANCE TRANSACTIONS, REMITTANCE TRANSFER, REMITTANCE TRANSFERS, REMITTANCES, RURAL AREAS, SAHARA, SAVINGS, SEND MONEY, SEND MONEY HOME, SEND REMITTANCES, SERVICE PROVIDER, SET OF RECOMMENDATIONS, SETTLEMENT SYSTEMS, SKILLED MIGRANTS, SOCIAL WELFARE, SOCIETY, SPECIFIC REMITTANCE, SUB-SAHARAN AFRICA, SUBSIDIARY, SURVEY OF REMITTANCE PRODUCTS, TECHNICAL ASSISTANCE, TERRORIST, TRANSFER CHANNELS, TRANSFER COST, TRANSFER COSTS, TRANSFER FEE, TRANSFER MECHANISMS, TRANSFER MONEY, TRANSFER PROCESS, TRANSPORT, UNION, UNIVERSITY EDUCATION, UNSKILLED LABOR, URBAN AREAS, USES OF REMITTANCES, VALUE OF REMITTANCES, WAGES, WESTERN EUROPE, WORKER REMITTANCES, WORKERS REMITTANCES