UK group seeks reduction in cost of Diaspora remittances 

From Juliana Taiwo-Obalonye, Abuja

A group known as United Kingdom in Nigeria, a Private Sector Development Adviser of the British High Commission in Abuja, has called on the Federal Government to reduce the cost of Diaspora remittance.

The group, led by Dr Bola Karimu made the appeal during an audience with the Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa on Tuesday.

According to the statement signed by Gabriel Odu, NIDCOM, Media, Public Relations and Protocols Unit, the group also called for partnership so as to have more inclusive remittances.

Karimu, explained that 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).

He said part of the group’s concerns are, reduced cost of sending remittances and the long end-to-end process of sending remittances.

Dabiri-Erewa, in her response said that the Commission would do everything possible to eliminate all constraints to diaspora remittances.

She welcomed the partnership and assured them of her commitment towards eliminating all remittance constraints and ensuring smooth transfer of money from not just UK but all over the globe to Nigeria.

Earlier,

The Head of the Commission Technology Transfer and Innovation,(TTI),  Abdulrahman Terab, 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.