UK group seeks cost reduction in diaspora remittance

A UK group delegation led by Dr Bola Karimu has sought a reduction in the cost of Diaspora remittance as it expressed concern over the high cost of remittance during a visit to the Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa.

Dr Bola Karimu- led delegation is the UK in Nigeria Private Sector Development Adviser of the British High Commission in Abuja

The group through Policy Advocacy is involved in economic development, good governance and more inclusive diaspora remittances by partnering with the Central Bank of Nigeria (CBN).

Part of their concerns are the reduced cost of sending remittances and the long end-to-end process of sending remittances.

Receiving the delegation, Hon Abike Dabiri-Erewa, welcomed the partnership and assured them of her commitment towards eliminating all remittance constraints and ensuring the smooth transfer of money not just UK but all over the globe to Nigeria.

Dabiri-Erewa said that the Commission would do everything possible to eliminate all constraints to diaspora remittance.

Meanwhile, Hon Abdulrahman Terab, Head of the Commission Technology Transfer and Innovation (TTI), explained that remittances pass through various stages from initiation in the host country to receiving it back home with numerous options for the sender to choose a service they desire.

He further stated that cutting down the channels of sending remittances will not solve the problem; rather, cutting down the charges and opening the market for other stakeholders will be better.

Terab further said that it will allow recipients to get value at the market rates and ease remittance transactions, especially from the Middle East and Asian Countries.

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UK group seeks cost reduction in diaspora remittance