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

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
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Washington, DC: World Bank
Africa | Europe and Central Asia | Nigeria | United Kingdom
2012-05-30T16:22:03Z | 2012-05-30T16:22:03Z | 2007

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.

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