The UK-Nigeria Remittance Corridor

Challenges of Embracing Formal Transfer Systems in a Dual Financial Environment

Bibliographic Data

ID19945086
AuthorsRaúl Hernández-Coss, Chinyere Egwuagu Bun
Year2007
Pages98
Publication date2007-04-30
Open AccessNo
TypeBOOK
VenueThe Uk-nigeria Remittance Corridor (World Bank Working Papers) (World Bank Working Papers) (SOURCE_BOOK)
PublisherThe World Bank (PUBLISHER)
DOI10.1596/978-0-8213-7023-0
OpenAlexW4254837091
ISBN9780821370230
Open LibraryOL11416953M
LanguageEN
Citations received11

No AccessWorld Bank Working Papers12 Aug 2013The UK-Nigeria Remittance CorridorChallenges of Embracing Formal Transfer Systems in a Dual Financial EnvironmentAuthors/Editors: Raul Hernandez-Coss and Chinyere Egwuagu BunRaul Hernandez-Coss and Chinyere Egwuagu Bunhttps://doi.org/10.1596/978-0-8213-7023-0SectionsAboutPDF (0.7 MB) ToolsAdd to favoritesDownload CitationsTrack Citations ShareFacebookTwitterLinked In Abstract:This study is the first research work on remittances conducted in Nigeria and reveals the actual state of its remittance market. The report describes how United Kingdom residents of Nigerian origin transfer remittances home and how the funds are distributed to their beneficiaries in Nigeria. The review presents the remittance industry conditions existing in the UKNigeria remittance corridor at the origination and distribution stages of the transactions, and the intermediaries who facilitate the transfers. The report makes conclusions and compares these main findings with lessons from other corridors. 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. Previous bookNext book FiguresreferencesRecommendeddetailsCited byResponse of the European Union on Return Directive and Readmission Agreements (RDRAs) on Nigerian Irregular MigrantsRocznik Integracji Europejskiej, No.1730 December 2023The production of difference and "becoming Black": The experiences of female Nigerian doctors and nurses working in the National Health ServiceGender, Work & Organization, Vol.29, No.22 December 2021Return migration and the challenges of diasporic reintegration in NigeriaThird World Quarterly, Vol.43, No.231 January 2022Inward FDI and Manufacturing Sector Productivity: An Empirical Evidence from the Dynamic ARDL Approach.Aksaray Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Vol.13, No.420 December 2021International migration, remittance and food security during food crises: the case study of NigeriaFood Security, Vol.12, No.130 November 2019International Migrant Remittances and Labour Supply in NigeriaInternational Migration, Vol.55, No.18 September 2016Dynamics of remittance utilization by Nigerian householdsProgress in Development Studies, Vol.15, No.415 September 2015Mean reversion and predictability of remittancesInternational Journal of Social Economics, Vol.41, No.12U krainian Labour M igration and Remittances in the C zech R epublicTijdschrift voor Economische en Sociale Geografie, Vol.105, No.17 October 2013An Econometric Analysis of The Remittance Determinants Among Ghanaians and Nigerians in The United States, United Kingdom, and GermanyInternational Migration, Vol.51, No.s111 July 2013Migration and Climate Change: Toward an Integrated Assessment of Sensitivity15 May 2013Marriage-Related Migration to the UKInternational Migration Review, Vol.46, No.417 July 2018Does the End Use of Remittance Matter? - A Macro Simulation of the Nigerian EconomySSRN Electronic JournalKinship construction variability among Nigerian international migrants: The context of contemporary DiasporaHuman Affairs, Vol.21, No.425 December 2011Regulating Hawala : a comparison of five national approachesJournal of Money Laundering Control, Vol.14, No.3Migration and Climate Change: Towards an Integrated Assessment of SensitivityEnvironment and Planning A, Vol.43, No.21 February 2011Alongside global political economy ? a rhizome of informal financeJournal of International Relations and Development, Vol.13, No.411 November 2010 View Published: April 2007ISBN: 978-0-8213-7023-0e-ISBN: 978-0-8213-7024-7 Copyright & Permissions Related RegionsAfricaEurope and Central AsiaRelated CountriesNigeriaRelated TopicsFinance and Financial Sector DevelopmentMacroeconomics and Economic Growth KeywordsREMITTANCESREMITTANCE MARKETTRANSFERRING MONEYDEVELOPMENT POTENTIALREMITTANCE COUNTRY PARTNERSHIP (RCP)INFORMAL FUNDSTRANSFERNIGERIAUNITED KINGDOMANTI-MONEY LAUNDERINGBANKINGDIASPORAFORMAL TRANSFER SYSTEMSINITIATIVES ON REMITTANCESPOSTAL SERVICEREGULATORY FRAMEWORKREMITTANCEREMITTANCE SERVICEREMITTANCE SERVICE PROVIDERSREMITTANCE TRANSFERS PDF DownloadLoading

Business · Economic growth · Economics · Geography · Remittance · Migration and Labor Dynamics · Migration, Ethnicity, and Economy · Business & Economics · Development - Business Development · Emigrant remittances · Finance · Great britain · Informal sector (Economics) · International economics · International finance · Nigeria · Nonfiction · United Kingdom

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