Breaking Diaspora Remittances Players’ Monopoly By Including BDCs’ In Payment Channels

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Experts have said that projection by the World Bank that Nigeria needs to broaden avenues through which migrant remittances flow into the economy means there is a need for breaking monopolies in the remittances market by including Bureaux De Change (BDCs) in the payment channels will be a big win for the Nigerian economy, writes OOLUSHOLA BELLO .

Nobody saw the Coronavirus (COVID-19) pandemic coming. Business and political leaders that even knew when it started, underestimated its heavy impact on their businesses and economies.

For Nigeria, the impact has been devastating, especially in the inflow of oil revenue and Diaspora remittances into the economy. The World Bank even estimates that Diaspora remittances into global economies will drop by 20 per cent this year and Nigeria, which earned $25 billion in 2019 from the remittances market needs to open up more channels to boost collections.

The 2019 earnings for Nigeria was an eye opener to many people that migrant remittances is…



Source: Leadership Newspaper