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

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

Challenges of Embracing Formal Transfer Systems in a Dual Financial Environment

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Published: March 2007
Format: PDF
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The UK-Nigeria Remittance Corridor is part of the World Bank Working Paper series. These papers are published to communicate the results of the Bank's ongoing research and to stimulate public discussion. 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 UK-Nigeria 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.

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Forewordp. vii
Acknowledgmentsp. ix
Acronymsp. xi
Executive Summaryp. xiii
Introductionp. 1
At the First Milep. 5
Remittances and Migration in the UKp. 5
Nigerian Diaspora Communityp. 8
Remittance Patternsp. 8
Remittance Service Providersp. 11
Circumstances that Influence Sender Choicesp. 13
Legal Framework Affecting Remittance Transfersp. 15
UK Government Initiatives on Remittancesp. 18
Main Findings in the First Milep. 20
At the Intermediary Stagep. 21
Remittance Transfers through Formal Intermediariesp. 21
Remittance Transfers through Informal Intermediariesp. 24
Costs Associated with Formal Transfersp. 26
Market Opportunity for New Technologiesp. 30
Payments Systemsp. 32
Main Findings in the Intermediary Stagep. 35
At the Last Milep. 37
Significance of Remittances for Nigeriap. 37
Locations of Nigerians Abroadp. 40
Remittance Beneficiariesp. 41
Using Remittances for Housingp. 43
Remittance Service Providers in Nigeriap. 43
Postal Servicep. 48
Informal Funds Transfer Operatorsp. 49
Legal and Regulatory Framework Affecting Delivery of Remittancesp. 50
Financial Market Integrityp. 51
Nigerian Government Initiatives on Remittances and Economic Growthp. 53
Key Findings in the Last Milep. 54
Conclusions and Policy Recommendationsp. 57
Conclusionsp. 57
Policy Recommendationsp. 62
United Kingdom Regulatory Overviewp. 67
Nigeria Regulatory Overviewp. 71
Referencesp. 75
Map of Formal Flows in the UK-Nigeria Corridor and Current and Potential Networks for Distribution in Nigeriap. 81
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780821370230
ISBN-10: 0821370235
Series: World Bank Working Papers
Audience: Professional
Format: PDF
Language: English
Published: March 2007
Publisher: World Bank Publications
Dimensions (cm): 25.4 x 17.8  x 0.7
Weight (kg): 0.195