- Personal Finance
Wire Transfer Restrictions in Nigeria
Wire transfer restrictions in Nigeria goes beyond sending and receiving money via popular media like moneygram, western union money transfer, webfast; to the core of Internet marketing and commerce.
Whereas, the debate on the limit of total amount of money to be transferred from one country to another within a define period (or wire transfer from certain countries) is in general, within the vicinity of deliberate government economy protection policies than the critical reason behind wire transfer restriction in Nigeria.
Whole lot of fraudulent drama and scenerio actually emerged through pre-internet era in Nigeria to the present day reality. Here, we will be going back in time to drag to the fore the very origin of wire transfer restriction in Nigeria, the impact and possibly, some remedies.
PayPal Restriction in Nigeria
Although Nigerians (in Nigeria) could like the rest of the world monetize their blogs by using Google Adsense tools, they may not be able to participate fully in Websites like Hubpages.
Whereas, Nigerian bloggers are mandated to use Domiciliary accounts to receive their Adsense Earnings, they cannot participate in the Hubpages Ad Program! But the reason does not lie with specific Hubpages policies on Nigerians, but with a crucial condition for the participation in the Hubpages Ad Program: participants must have an active PayPal Account.
Surprisingly, many Nigerians are not aware of PayPal restriction in Nigeria. The restriction is only visible during an attempt to create a PayPal account, where the Nigerian could not proceed through the section provided for country simply because the location "Nigeria" is missing.
Nigerian 419 or simply 419 has become a general term for the entire body of fraudulent activities beaming out of the country. Within local Nigerian communities, 419 is viewed as diverse group of predator fraudsters in busy places looking for preys to defraud of their hard earn money. But the act is associated with processes of tutelage that allows an apprentice fraudster to mimic his tutor so that they are easily identified by the majority.
We should be able to identify a medical doctor or a banker by observing the way they tie their ties or by the blend of their suites with their personalities. This brings in the era of "Oliver Twist" when the 'street children criminals would put on expensive over-sized clothes'.
"419 boys" would put on expensive multicoloured suites, wrongly tied ties, perm their hairs, tone their skin with skin bleaching cream to leopard-like multicoloured skin colour and communicate in fake accents.
They would approach you (a stranger) with a claim of wanting to share some hard currencies (Dollars and Euro) with you, but on the condition that you would pay some processing fees. Some others might approach you to claim they are in possession of a million dollar goods that could cost you just ten thousand dollars.
It is surprising to see how the 419 trade actually developed with technological development. The exact language being used to defraud local people is now packaged into what is called 419 email so that people in foreign lands are deprived of their money. Here is where wire transfer is of immerse importance.
There is also the credit card identity theft where a young boy in Nigeria would gain access to the credit card informations of a man in the US so that he would go on spending spree on the Internet. In other cases, it is the owner of the money that would send it down to the criminal in Nigeria.
Economic and Financial Crimes Commission - EFCC
The Economic and Financial Crimes Commission (EFCC) was established in the year 2003 to investigate issues of financial crimes like money laundering and advance fee fraud. The agency is known to prosecute so many Nigerian 419 Fraudsters and is still on the tail of alleged Nigerian fraudulent politicians.
The EFCC is, to a small extent, successful in interrupting fraudulent cyber crimes by carrying out raids on cyber cafè (Internet cafè) where most of the nefarious activities are rampant. Here, they would carry out raids targeting the culprit exactly when they are online. They also work with international security system, like the INTERPOL, in the investigation and arrest of culprits when reports are made from abroad.
Economic and Financial Crime
Negative Economic Impact
Wire transfer restriction in Nigeria is of negative economic impact. For a developing country yearning for development and adequate participation in the global arena, the country cannot be left out of the vast opportunity available on the Internet.
It is true that a large number of young Nigerian graduates are Jobless. These are knowledgeable people that could convert their education and knowledge to Internet Entrepreneurial platform. The revenue generated from publishing on a website like Hubpages could be sustainable income for these graduates, considering the fact that no matter how small, it becomes a large sum of money when converted from US Dollars to the Nigerian Naira.