Nigeria rescinds decision to suspend money transfers

Money transfer from the developed to the developing world is serious business. Many countries in Africa depend on these remittances from their citizens overseas to support the national budget.So it was with great shock when Nigeria announced, at the beginning of August, that it was suspending money transfers from overseas. One of the money transfer companies that was affected by the ban was World Remit. Michael Liu is the Asia Pacific director of World Remit. He spoke with Martin Kwakwa who began the discussion by asking him about the reason Nigeria gave for suspending money transfers to the country.

$100 Australian dollar notes, pictured in Brisbane, Tuesday, Aug. 20, 2013. (AAP Image/Dan Peled) NO ARCHIVING Source: AAP

Nigeria rakes in about $20 billion annually through remittances from its citizens overseas.

 

Thats how vital the money transfer business is.