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

Author

Listed:
  • Raúl Hernández-Coss
  • Chinyere Egwuagu Bun

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.

Suggested Citation

  • Raúl Hernández-Coss & Chinyere Egwuagu Bun, 2007. "The UK-Nigeria Remittance Corridor : Challenges of Embracing Formal Transfer Systems in a Dual Financial Environment," World Bank Publications - Books, The World Bank Group, number 6654, December.
    • Handle: RePEc:wbk:wbpubs:6654
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    References listed on IDEAS

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    1. Andrés Solimano, 2003. "Remittances by Emigrants: Issues and Evidence," WIDER Working Paper Series DP2003-89, World Institute for Development Economic Research (UNU-WIDER).
    2. Solimano, Andrés, 2003. "Remittances by emigrants: issues and evidence," Macroeconomía del Desarrollo 5390, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    3. Samuel Munzele Maimbo & Dilip Ratha, 2005. "Remittances: Development Impact and Future Prospects," World Bank Publications - Books, The World Bank Group, number 7339, December.
    4. Una Okonkwo Osili & Anna L. Paulson, 2004. "Prospects for immigrant-native wealth assimilation: evidence from financial market participation," Working Paper Series WP-04-18, Federal Reserve Bank of Chicago.
    5. José De Luna Martinez & Isaku Endo & Corrado Barberis, 2006. "The Germany-Serbia Remittance Corridor : Challenges of Establishing a Formal Money Transfer System," World Bank Publications - Books, The World Bank Group, number 7033, December.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Marcelino, Pedro F. & Cerrutti, Marcela S., 2012. "Recent African immigration to South America: The cases of Argentina and Brazil in the regional context," Documentos de Proyectos 3963, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Valls, Andreu Domingo I. & Vono de Vilhena, Daniela, 2012. "Africans in the Southern European countries: Italy, Spain and Portugal," Documentos de Proyectos 3961, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    3. William M. Fonta & Elias T. Ayuk & Jude O. Chukwu & Onyukwu E. Onyukwu & Cletus C. Agu & Innocent O. Umenwa, 2015. "Dynamics of remittance utilization by Nigerian households," Progress in Development Studies, , vol. 15(4), pages 343-357, October.
    4. Oucho, John O., 2012. "International migration: Trends and institutional frameworks from the African perspective," Documentos de Proyectos 3964, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    5. Richard Black & Dominic Kniveton & Kerstin Schmidt-Verkerk, 2011. "Migration and Climate Change: Towards an Integrated Assessment of Sensitivity," Environment and Planning A, , vol. 43(2), pages 431-450, February.
    6. Wadim Strielkowski & Blanka Weyskrabova, 2014. "Ukrainian Labour Migration and Remittances in the Czech Republic," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 105(1), pages 30-45, February.
    7. Katharine Charsley & Brooke Storer-Church & Michaela Benson & Nicholas Hear, 2012. "Marriage-Related Migration to the UK," International Migration Review, Wiley Blackwell, vol. 46(4), pages 861-890, December.
    8. -, 2012. "Development, institutional and policy aspects of international migration between Africa, Europe and Latin America and the Caribbean," Documentos de Proyectos 3960, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    9. Raúl Hernández-Coss & Gillian Brown & Chitrawati Buchori & Isaku Endo & Emiko Todoroki & Tita Naovalitha & Wameek Noor & Cynthia Mar, 2008. "The Malaysia-Indonesia Remittance Corridor : Making Formal Transfers the Best Option for Women and Undocumented Migrants," World Bank Publications - Books, The World Bank Group, number 6515, December.
    10. Valk, Helga A. G. de & Huisman, Corina & Noam, Kris R., 2012. "Migration patterns and immigrants characteristics in North-Western Europe," Documentos de Proyectos 3962, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).

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