Nigeria Remittance Corridor

The U.K. – Nigeria Remittance Corridor

Challenges of Embracing Formal Transfer Systems in a Dual Financial Environment

Excerpts from the forthcoming publication to be presented at the Second International Conference on Migrant Remittances, London, November 13-14, 2006

Raul Hernandez-Coss Chinyere Egwuagu Bun

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CONTENTS

Abbreviations ................................................................................................................... iv Executive Summary .......................................................................................................... v I. At the First Mile ............................................................................................................ 1 Remittances and Migration in the UK ............................................................................ 1 The United Kingdom: A Multicultural Nation ............................................................... 1 Nigerian Diaspora Community ....................................................................................... 2 Remittance Patterns ........................................................................................................ 3 Remittance Service Providers ......................................................................................... 4 Circumstances that influence sender Choices................................................................. 5 Main Findings in the First Mile ...................................................................................... 5 II. At the Intermediary Stage........................................................................................... 7 Remittance Transfers through Formal Intermediaries .................................................... 7 Remittance Transfers through Informal Intermediaries.................................................. 8 Market opportunity for new technologies....................................................................... 9...