Bank PHB Introduces Bank Accounts for Diaspora
 24th OCT 2006

Bank PHB has introduced a scheme that allows Nigerians abroad to operate bank accounts at home from their foreign locations. Tagged the "Nigerians in Diaspora Account (NIDA)," the scheme is expected to be embraced by Nigerians living abroad. In 2005 alone, Nigerians in Diaspora were estimated to have sent home about N35 billion ($2.5 billion) to their relations About 80 per cent of the transfers are however sent through informal Money Transfer Organisations making them go unrecorded in national statistics.

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