yaskarahyelhope:
I hope this doesn't lead to retrenchment of bank workers?

unfortunately it will, but prices have to be paid at times. lets hope job get created in other sectors

lonelydora:
I reserve my comment until I get to GTBank and First Bank to withdraw my 2,500 and 7,000 respectively, and they start telling me stories. Then, they will know me.


Meanwhile, PMB ride on we are solidly behind you. Change is here. I'm now proud to be a Nigerian. The Green passport must regain it's respect by all means.


Before you quote me, I SHOOT TO KILL. BE WELL ADVISED.

Stupid piece of sh*t! Shut da f*ck up joor... *please don't shoot me, runs for cover*

lonelydora:
I reserve my comment until I get to GTBank and First Bank to withdraw my 2,500 and 7,000 respectively, and they start telling me stories. Then, they will know me.


Meanwhile, PMB ride on we are solidly behind you. Change is here. I'm now proud to be a Nigerian. The Green passport must regain it's respect by all means.


Before you quote me, I SHOOT TO KILL. BE WELL ADVISED.

are you a bastard?

erico2k2:


All good said and done.for starters we do not have a credit rating agency. So how are the banks meant to know who to go e credit to amongst those who need them?we do not have financial fingerprints as at yet cos there is no known data base to this effect.

There are 2 indigenous credit rating bureaus I know of Data Pro and CRC, they have offices in Lagos and Abuja, we also have database of people in our Tele networks, and NCC, what have these data been used for? , its time to integrate the biometrics held by these agencies, this can be used as a means of tracking people. Customer transaction history are available at the banks, people use cards these days, they all leave trails of their financial dealings these can be used as a basis to assess a customers credit worthiness.

I think the challenge is that there is no policy guideline in these area, also our banks are not sincere in the issue of credit to individual customers.

I remember this , when I was in the system most financial institutions never want to cooperate with the credit bureau, their excuse was that if they gave out customer info their competitors will have the advantage.
There is also the issue of using a universal software platform among the financial institutions and the credit bureaus and govt.

Its all about a lack of sincerity amongst the govt, banks and ignorance on the general public caused by lack of enlightenment on this issue.

GboyegaD:
Now they have to work harder to get more deposit and possibly come up with products that are customer and business friendly.

Simply the point. Our banks are just lazy preying on loopholes in the system without working hard to help the economy grow. Impact on small scale business is zero. So much unnecessary bottlenecks and red-tape put in the way of small businesses. If they can't come up with customer friendly products which can truly positively influence the lives of small scale business owners and the economy at large, let them fold up. They are simply useless.

pendusky:
This is further moves to worsen Nigeria's Economy! Watching though

How old are you before I reply to your comment,there is a general notions about NLander now most of them are secondary school student still seeking admission

amnesty7:
When the Dog was barking nobody cared, now the Lion is silent but everyone is on alert

…on alert and shivering.

adesomide:

Simply the point. Our banks are just lazy preying on loopholes in the system without working hard to help the economy grow. Impact on smalllet them fold up. They are aimplu useless.

Bros not only lazy but pathetic,most bank are so silly,they don't know the importance of banking to a nation,Banks in other country helps in nation building,they contribute immensely in agriculture,mining,real estate,and other worthwhile business,but in nigeria we borrow politician 200millions,give money to entertainers,imagine a bank brought mariah carey and pay her $5million,let them work hard and look for other innovative way to generate money,the truth of the matter is corruption has eaten deep into our system,all sector

pendusky:
This is further moves to worsen Nigeria's Economy! Watching though

HOW?

They are groaning because of ten percent, what happened to the remaining 90 percent or is there something they are keeping away from us?

GlorifiedTunde:
Just for the moment.

#NOPAIN #NOGAIN

We're moving on...EVERY CHANGE HAS A PRICE.

Some fools refused to reason like this. Its a fact, change has a price.

Pavore9:
Banks should now focus on being involved in the real economy!

Banks have been lazy all this while. They will start their real job now.

menix:
Off to shower, I mst go withdraw the remaining 3k I have in GTB before they start giving coins since money don scarce...

? You're kidding right?

GabrielSuswam:
Banks want to sabotage this TSA...

But Beware MDs of Banks.. We Got a President with Balls

As in, very big balls. hahahaha

erico2k2:

All good said and done.for starters we do not have a credit rating agency. So how are the banks meant to know who to go e credit to amongst those who need them?we do not have financial fingerprints as at yet cos there is no known data base to this effect.

I think Nigeria has a rating system that a lot of people probably do not know about. Check link to see if this what you mean.
http://www.crccreditbureau.com/our-media/nigeria-credit-bureaus-reposition-to-serve-informa/
http://www.crccreditbureau.com/personal/self-enquiry/

Nigeria Credit Bureaus Reposition To Serve Informal Sector


The Managing Director of CRC Credit Bureau, Tunde Popoola has said that the credit bureaus in Nigeria are focusing on incorporating the informal sector in the scope of their activities.

Speaking as a guest on Channels Television’s programme, Business Morning, Mr Popoola said the establishment of credit bureaus and commencement of operations by the pioneers is responsible for the confidence with which Nigerian banks now embrace consumer lending.

He said all the commercial banks in Nigeria are using the credit bureau but “beyond that, we’ve now moved on to other sectors all the discount houses have joined, the microfinance banks are joining, mortgage banks, leasing companies, all of these are joining now.”

Mr Popoola said what some of the bureaus are doing now is looking for other data beyond data from the banks “by moving to travel agency business, pharmaceutical businesses, the retailers.”

Credit Bureaus collect information on the credit history of borrowers from different sources (mainly lenders and other providers of goods and services on credit) and generally make them available to credit providers who have been approached for credit facilities by such borrowers.
The information on borrowers is contained in a document called a Credit Report. Thus, Credit Bureaus sell credit reports primarily to lenders who have been approached for credit facilities, and to other persons who are entitled to access credit reports.

Credit Bureaus also assist lenders to appraise the credit worthiness of prospective borrowers by computing and selling to these lenders what is called a Credit Score. A Credit Score is a statistical score that indicates prospective borrower odds of not defaulting. It is a score that indicates borrower creditworthiness relative to other borrowers in the credit bureau database. And it can be particularly useful in making instant credit granting decisions, especially for small consumer loans.

blesszzy:
How can cash shortage hits banks when in the actual sense cash is stored/kept in Banks

go up and read again. This time slowly

Hustoto:


Zenith bank's deposit base is above 3trillion. It doesnt mean they have that amt in cash. Transferring money From an account doesnt amount to cash shortage. Every bank has acct with each oda including Cbn and if bank a needs to collect cash from any oda bank including CBN, they debit the account with each oda. It is only when a bank has no money in their account with these banks that u can then conclude that there can be cash shortage which will also mean the bank is insolvent. Will moving govt funds lead to this? I Dont think so

So what happens when the electronic money is not cash backed?

When CBN said banks' capital base should be 25bn, it was solidly cash backed. When your electronic money is not cash backed, bros wahala don dey be that.

I remember a bank that declared itself as the first Nigerian bank to cross the 1trn naira mark some years ago. The bank declared huge profits on paper but couldn't provide the cash backing. Today, the bank is history and has been bought over by another bank with smaller capability as at when it was declaring huge profits.

Bottom line, all electronic money must be cash backed in the long run.

Image!! So lazy banks abdicated their responsibility to fund small businesses to encourage organic growth. They were busy carousing with government and all its concubines.

PMB ,u can ride on my back! so as 2 see all da short traitors # we shall crush them all

zinosleek:

unfortunately it will, but prices have to be paid at times. lets hope job get created in other sectors

Keeping people in jobs/ protection of people's livelihood is one of the foremost responsibilities of any government.
It is one of the strongest indices in assessing performance.

Yes the TSA is a good idea which was already being implemented in a gradual manner.

I just think if it was continued that way it would have a less drastic effect.

Nicepoker:
go up and read again. This time slowly

Thanks for poking ur noise into ma post

zinosleek:

it will even be better at d long run as they will be customers friendly based and not sulking up to govt officials.

U are speaking about the long run.I'm more of the short run.your bank my pit a lower daily withdrawal. Charge you 4 withdrawing money

lonelydora:
I reserve my comment until I get to GTBank and First Bank to withdraw my 2,500 and 7,000 respectively, and they start telling me stories. Then, they will know me.


Meanwhile, PMB ride on we are solidly behind you. Change is here. I'm now proud to be a Nigerian. The Green passport must regain it's respect by all means.


Before you quote me, I SHOOT TO KILL. BE WELL ADVISED.

Hypocrite. I may sound harsh to you. Going by the money you have in your two acct i can define you as a very poor chap. You are behind even policies that your god Buhari is carrying which will negatively affect you poor guys not even the rich and wealthy who has many insurance policy plan where they have secured their families and even got untouched shares. Blind supporter? Shebi change is here, i hope you will not loose your #2500 in the name of change. Poor Chap

9jatriot:


I think Nigeria has a rating system that a lot of people probably do not know about. Check link to see if this what you mean.
http://www.crccreditbureau.com/our-media/nigeria-credit-bureaus-reposition-to-serve-informa/
http://www.crccreditbureau.com/personal/self-enquiry/

Sort of but they are 100 yrs behind.can U as an individual request your credit rating from them?these are just fronts for unscrupulous individuals.

Mayour11:
They are groaning because of ten percent, what happened to the remaining 90 percent or is there something they are keeping away from us?

Good, sane question my brother.
Unfortunately, people are fond of bothering their head with eczema while remaining unconcerned about a more dangerous and potent leprosy!
Thank God, the bank chiefs are not denying the fact that it is just 10% that is being taken into CBN.
A commenter above is bothered about the fate of bankers and one is tempted to ask, should we because of bankers that constitute less than 0.1% of the populace not do what is right?
More often than not, I console my self with the fact that Nairaland is populated by children still on feeding bottles.

blesszzy:
How can cash shortage hits banks when in the actual sense cash is stored/kept in Banks

You may not understand. Yov are still a small but it is real.

Let them buckle up period

yaskarahyelhope:
I hope this doesn't lead to retrenchment of bank workers?

I think they rather need more Marketers!

wiseoneking:
Hypocrite. I may sound harsh to you. Going by the money you have in your two acct i can define you as a very poor chap. You are behind even policies that your god Buhari is carrying which will negatively affect you poor guys not even the rich and wealthy who has many insurance policy plan where they have secured their families and even got untouched shares. Blind supporter? Shebi change is here, i hope you will not loose your #2500 in the name of change. Poor Chap

It is better for all Nigerians to suffer than a few corrupt people, which I am sure you are one of them, to enjoy the loot.

change! change!! change!!! fighting corruption should be the responsibility of every citizen, low, mid & high rankings if we want to succeed. I support the enthusiasm of Mr. president in the fight of corruption but really of the fact never change, corruption is bigger, stronger, tougher and mightier than the president alone, his balls, enthusiast, zeal and desires alone is no match for corruption in Nigeria thus he needs the help of smart, brilliant and strategic army allies to win this war, wars are won by good strategies with the help of an army. Mr president need the council of good economist with outstanding strategies on the issue of this TSA because this is not the first time we have seen greater harm coming from good intentions. Good team of economic experts is what he needs to reawake the economy of this nation the masses are wailing because of the current value of naira to dollar already to add another crisis of cash scarcity will be a blow that break the Carmel's back. Mr president one step @ a time and please be strategic.