Remittances and Competition: A Policy Analysis Matrix Approach

Olatomide W. Olowa

Remittances and Competition: A Policy Analysis Matrix Approach

Olatomide W. Olowa * §

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§ Federal College of Education (Technical) Akoka

Remittances and Competition: A Policy Analysis Matrix Approach

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Abstract

The phenomenal growth of remittances in recent times has caught the attention of governments particularly in the developing countries, international organizations, Non-Governmental Organizations (NGOs) and the private sector, due to its importance as a viable source of external financing. The main problem identified in transferring these monies is that the competitive environment for money transfers in Nigeria is highly constrained. This is due to a near-monopolistic hold on the market by one money transfer organization (MTO) and the fact that banks are the only entities legally authorized to perform international payments. Findings from the policy analysis matrix results shows divergence in the revenue, costs and profits were negative (-2989360,-172074, -268246, -2549040). This indicates that the society value remittances more than the market. The PCR was negative which shows that the system is not competitive and a negative SRP shows a tax on inbound transfer. The study concluded that money transfer service as rendered by banks and their partners in Nigeria is not competitive. Governments and policy makers can contribute to improving competition, lowering transaction costs, and reducing informality.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

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Not applicable for this article.

How to Cite This Article

Olatomide W. Olowa. 2014. "Remittances and Competition: A Policy Analysis Matrix Approach". Global Journal of Management and Business Research - B: Economic & Commerce GJMBR-B Volume 14 (GJMBR Volume 14 Issue B4).

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GJMBR Volume 14 Issue B4

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Journal Specifications

Crossref Journal DOI 10.17406/GJMBR

Print ISSN 0975-5853

e-ISSN 2249-4588

Keywords

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Classification

GJMBR-B Classification JEL Code: Z19

A19

Submission ReceivedDecember 14, 2013
Peer Review Double Blind
Handling Editor
Accepted January 5, 2014
Published January 15, 2014

Version of record

v1.2

Issue date

July 3, 2014

Language

English

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Total Score: 148

Country: Nigeria

Subject: Global Journal of Management and Business Research

Authors: Olatomide W. Olowa (PhD/Dr. count: 0)

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