Cashless is the way bro. If you doubt me, make your research. And my Zenith bank use only 7days or less for reversal. Gtb it's even automatic even on another ATM.






#itscommonsense

globatop:
What can naija do successfully?

That's a good question.

bennieman:
It does not make any sense to limit OTC cash withdrawals to N10,000. A lot of people are still outside the banking system and you cannot pay them via e-payment channels.

Imagine a case whereby you go to villages to buy products in order to sell in other locations. It will be impossible to pay most of such sellers because a very large number of them do not have bank accounts.

I also think the shortcomings of our e payment channels should first be perfected before we think of implementing such policies.

There are many products designed for this class of people. All they need is their phone and to be able to identify numbers which almost everybody can do. This will push them to adopt these products. The cost banks incur to serve customers is just too high and customers believe those services should be free. So banks are looking for ways to push customers to lower cost service delivery channels

kolnel:
Who still go to banking hall to withdraw less than 140k ?
Cashless is the way to go

I still do ooh & I know am not alone on this.

They are busy preparing more thieves so that once you withdraw with your ATM, they follow you like bees and guess what happens next, your money is taken away. Say a capital "NO" to the intended proposal.

I think there is a problem of interpretation. By my understanding, you can only withdraw 10k and above OTC.

Scholar8200:
The policy, if adopted, will lead to an increase in crime rate. Robberies at ATM sheds, Robberies in homes as people will keep cash at home for urgent transactionary purposes (to avoid the possible delay at the ATM sheds due to long queues and faulty machines.), highway robberies since traders will choose to carry liquid cash when travelling to avoid the frustration that comes with no network problems. Increase in cybercrimes as many semi-literate, illiterate etc who are novices in IT will be scammed and robbed of their hard earned monies.

The banks will also suffer as they will record low deposits from the masses especially the largely unbanked, informal sector. Besides, getting people to open accounts will be an uphill task. In fact, they will be hit by a tornado of frenzied withdrawals soon!

Moreover, the effort by DMBs to capture the informal sector will fail as these people, largely unlettered, will prefer to keep their physical cash rather than engage in the various e-payment platforms and all the possible issues that may arise.

Your submission makes perfect sense!!!

murmee:
Your submission makes perfect sense!!!

Thanks a lot.