The United Kingdom (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.

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

This paper presents the findings of a survey conducted by the World Bank of central banks in 40 developing countries across different regions in the world. The survey focused on the following topics: (1) coverage of national statistics on remittances, (2) cost of transferring and delivering remittances, (3) regulatory regime for remittance transactions, and (4) efforts of developing countries to channel remittance flows through formal financial institutions. The study finds that in most countries existing data do not reflect the full amount of remittance inflows that they receive every year. Coverage of instruments and financial institutions through which remittances take place is limited. Moreover, only a few countries measure remittances that take place through informal channels. It also finds that the scope of financial authorities in developing countries to reduce remittance fees is limited because a large part of the fees charged to customers are set by financial institutions located in the countries where transactions originate. Cooperation between sending and recipient countries is needed to reduce remittance costs. The survey finds that in several countries money transfer companies are not properly supervised. Given the increasing international concerns with money laundering and terrorism financing issues, it is important that basic registration and reporting requirements are introduced for money transfer companies. Registration and reporting requirements should be designed in such a way that they do not deter the further development of this type of financial institution. Finally, the survey finds that most countries need to establish better mechanisms that would allow them to maximize the developmental effect of remittance inflows. By establishing new savings and investment instruments for remittance recipient households, a larger part of remittance flows might be channeled to finance productive investments, thus fostering economic growth.

Workers'remittances to developing countries : a survey with central banks on selected public policy issues

Our paper analyses Ukrainian migration and remittances in the Czech Republic using the data from a Ukrainian Migration Project (UMP) survey. Due to its advantageous geographical location in the heart of Europe, the Czech Republic attracts the considerable part of foreign labour among all Central and Eastern European countries (CEE), with Ukrainian workers being the largest group. Our results reveal that the main determinants of Ukrainian labour migration in the Czech Republic are demographic and economic, while the human capital turns out to be insignificant. We also find that the majority of the remittances earned in the Czech Republic go to the construction of houses in Ukraine. Our findings of determinants and motives of migration and remittances might help policy-makers on both sides of the migration corridor to formulate proper policies aiming at enhancing the Ukrainian remittance transfers from CEECs and ameliorating the quality of life in Ukraine.

Ukrainian Labour Migration and Remittances in the Czech Republic

The corridor between Malaysia and Indonesia is the second largest remittance outflow for Malaysia and the largest remittance inflow for Indonesia. In the East Asia and Pacific Region, Indonesia is the second largest supplier of labor migration with 680,000 overseas worker contracts concluded in 2006 alone. Since 2003, the number of contracts has more than doubled. Malaysia, in general, is a destination for foreign workers because of its economic performance and government recruitment policies aimed to alleviate labor shortages. In addition to these factors, the cultural and geographical proximity of Indonesia makes Malaysia a destination for both documented and undocumented Indonesian migrant workers. This report is a combined effort between the Financial and Private Sector Development and the East Asia and Pacific Social Development units of the World Bank. It is part of a series of studies under both the global Bilateral Remittance Corridor Analysis program and the Indonesia Female Migrant Worker Program. The report analyzes the transfer of remittances by Indonesian migrant workers known as Tenaga Kerja Indonesia (TKI). The main objective of this report is to contribute to policymaking efforts to increase the impact that remittances have on economic growth and poverty reduction in Indonesia, and investigate options for attracting more migrants to use the formal sector. The report aims to provide a descriptive overview of the Malaysia-Indonesia remittance corridor and to suggest some policy avenues for improving access to formal remittance transfer channels; increasing the transparency of the flows and cost structure; and facilitating the transfer of remittances, particularly for undocumented and female migrant workers.

The Malaysia-Indonesia Remittance Corridor: Making Formal Transfers the Best Option for Women and Undocumented Migrants

Twenty-first-century universities must contend with demands from two constituencies: students wishing to compete in a progressively globalized employment marketplace and employers seeking savvy, prepared, and competent graduates who can “hit the ground running.” One response that holds great promise and has been supported by research is the implementation of high-impact educational practices (HIPs). This article begins with a description of HIPs as elucidated by Kuh (2008) and describes an initiative at one university to integrate them into the curriculum. The article finishes with a case study of one particular high-impact social work class, a short-term study abroad/service-learning course in Guatemala, and presents both quantitative and qualitative data that suggests that the implementation of high-impact practices positively influences the kind of transformative learning social work programs strive to deliver.

High-Impact Practices in Social Work Education: A Short-Term Study-Abroad Service-Learning Trip to Guatemala

This study reports on recent development and future potential for U.S.-based Guatemalan workers cross-border retail transfers to be more formal, cheaper, and disposed to the cross-sale of financial products and services. It also presents the key features of remittances senders, recipients, instruments, and intermediaries involved. The paper focuses on three areas: (a) the main characteristics of the Guatemalan migrants in the United States and the key drivers behind their decision to remit money and to choose an intermediary; (b) financial infrastructure supporting U.S.-Guatemala remittances processing, especially the role of technology, payment systems and innovations going forward, as avenues to help lower transaction costs, among others; and (c) the landscape of workers remittances distribution in Guatemala, examines the characteristics of recipients and the evidence of remittances impact, and analyzes the indications of potential for cross-sale of financial services to recipients.

The U.S.-Guatemala remittance corridor : understanding better the drivers of remittances intermediation

The U.S.-Guatemala Remittance Corridor : Understanding Better the Drivers of Remittances Intermediation

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The U.S.-Guatemala remittance corridor : understanding better the drivers of remittances intermediation

The U.S.-Guatemala Remittance Corridor : Understanding Better the Drivers of Remittances Intermediation