tommynico:

You dey mad abi na wetin be the meaning of this nonsence? So for u to buy tomatoes or pepper nw, u would require the saleswo/man to give u his/her acc. num for u to make a financial transaction? You must be so high on cess water.

Absolutely! correct! for some products and services one needs cash to pay for it, i mean, the market women selling foods and meats stuffs do not accept or can not accept card payments
and okada or keke rider can not accept card payments too so physical cash is needed

1wolex85:


Yes sir you can buy all those things once you have the person's account number. Mobile Money will do the transfer for you and they will get alert and you take your foods except they don't have an account number. Please note I said it is true there is shortage of cash but it is wrong to say they blocked access to people's money. CBN has failed to enlighten the populace to take advantage of several e-channels available and note that there are mobile money Services where you don't need internet on your phone.

Really? Well, I did a mobile transfer on the 22 and 23 December, the transactions failed due to reasons best known to them. Now my major problem is the money has been debited from my account but failed to get to the beneficiary. Now I am being asked to wait for forty eight working hours to investigate the transactions and get my money reversed. More troubling is that my creditors would have non of the excuses and plea. Where did I got it wrong?

LorDBolton:


****
Infact **** if u don't know how difficult it is in naija to withdraw on Fridays not to mention a holiday event like xmas.

Even b4 dis govt came to power as far back as 2010 we know how long the ATM queues are on Fridays and how we pray we get to withdraw b4 the money inside finishes.

Especially when it's after 4/5pm

So why bring this govt into it? Must every problem people experience in life be blamed on the govt? Govt??

The blame rests solely on the CBN n banks.

It's useless inciteful posts like yours that actually cause anarchy. Gibbons

Thank you bro you are of one of the few that reason like human, Some people will blame Govt for their inability to produce kids soon..

gypsey:
that individual sounds really ignorant, you can't blame his ignorance besides most nigerians are illiterates they may not be aware of what you are trying to elaborate. and nigerian banking system i guess is not as advanced as you appear to believe.

Hence why most people wants physical cash, i mean if you want to buy things like meat, chicken, food, yam, noodle, crafish, tomatoes, gala and ETC or you wants to pay for okada or keke you are definitely going to need cash for these things, you can not pay for certain services or product with cards. so please do not be too condescending to them for demanding to withdraw their money. it is their had earned money afterall, they can choose how to spend it, they have the full right to

Sir, I tried my best not to be condescending to anyone, if I failed, I apologise.
To the issue, I am not stupid to believe we are very advanced no neither do I think you can totally eliminate cash, the crux of the matter here is reducing people at the ATM. That is why I blamed the central bank for not deepening their cashless policy this year. There are people on those queues who can do what they want to do with the cash through other channels but are not aware or are just skeptical. Mobile Money is not too complex for Nigeria, I don't believe that. Most of the queues were in urban areas. If we can deploy an atm system , we can deploy mobile money

JeffreyJamez:



Anybody that compares mmm with banks is just plain daft

ur point being ?

Innomach:

Really? Well, I did a mobile transfer on the 22 and 23 December, the transactions failed due to reasons best known to them. Now my major problem is the money has been debited from my account but failed to get to the beneficiary. Now I am being asked to wait for forty eight working hours to investigate the transactions and get my money reversed. More troubling is that my creditors would have non of the excuses and plea. Where did I got it wrong?

You didn't get it wrong sir. I understand because I have been through same and it is so so annoying but the same thing can happen at an atm

1wolex85:


Oga please read again! I can still transfer money on my phone without internet! and Yes if I go to Mile 12, as long as the aboki has an account number, I can buy pepper

I nor sure say you well... I won't let a zombie spoil my day..

My brother did the money actually finish ? Get your facts before you post. Anything could have happened to the machines. It could have been a fault. Besides you seem learned use alternative channels POS etc

andyanders:


Well said my brother. One problem with Nigerians is that we are copycats. We like to copy what other societies that are 1 million miles away from us are doing.

How can one talk of the use of POS in rural areas and even in 90% of our urban areas by this time.

The current Apex Bank managers are not economists hence their poor judgement. I weep for this country as the government only employ their own party members into strategic position of governance even when they are not qualified to be in that position. You can have a biologist as a minister of Sports or economic adviser to the government.

Bros leave the guy make e dey run mouth anyhow, go mention POS for one of those markets for ado-ekiti make dem use garri rubber flog your head. Why u no go buy ata-rodo, chilli pepper n onions for places like shoprite so that u go do online transaction pay.

Bia which bank you even dey work sef.

uchennaq:
Oga shortage of physical cash has nothing to do with M M M.

which one is physical or artificial cash. did we deposit d money artificially. and when u re supposed to withdraw money 4rm d ATM is it not supposed to b physical?

Olanna45:
I understand where you are coming from. But seriously how many market women will want you to pay into there accounts? Majority of them feed there family daily from the proceeds of there petty business. She sales pepper to you, take the profit and buy garri for her family, use the capital and buy pepper again.

Then the 100# they charge for every transaction is not encouraging. Even the kenya and ghana you are citing as an example still have a percentage of their population that is not used to mobile banking.

Its better to be realistic.

Absolutely %10000 correct, even myself as banked up as i am i still need physical cash as i could not even pay for hotel room as the hotel do not accept card payment they do not have card payments facilities

uchennaq:
Oga shortage of physical cash has nothing to do with M M M.

which one is physical or artificial cash. did we deposit d money artificially. and when u re supposed to withdraw money 4rm d ATM is it not supposed to b physical?

tankara1010:


Dummy...read!

https://en.wikipedia.org/wiki/Igbo_Landing

I have opened it and I just dey laugh

You proved my point!!


Igbo landing was 1803

The white man's accont was 1857!!!

Thus after the igbo man's initial gra gra, his spirit was broken AND HE BECAME THE BEST SLAVE.


That's why I told u to Google 'breaking a horse'

Dem igbos? Good slaves I tell ya! Good slaves

Thanks. For the link...I needed it to buttress my point

Knowledge9000:
I was in Kaduna, you should have seen the lines at the ATM machines, and within 3hrs, the money was finished and people almost broke the machines in anger. Anarchy is brewing in this country and the government visavis banks are foolishly making things worse by.....PREVENTING PEOPLE FROM TAKING THEIR OWN MONEY....THEIR OWN MONEY NOT STIPENDS! Let me tell you something this stubborn, heartless government...you can destroy the economy as much as you want, but if you dare try to prevent people from accessing their hard earned money under the hardship you have inflicted on us in this country, that's a call for anarchy. This is not APC or PDP, people are angry. This is just common sense! There is no doubt there is order from above to banks to limit cash withdrawals for liquidity reasons, if not...WHY IS THIS HAPPENING NOW? This has never happened before. We see this only happening in countries with failed economies as was seen in Greece where the government imposed austerity measures and limited cash withdrawals to control liquidity and reserve.

My friend, nobody order anybody about anything.
Redirect......

1wolex85:


Oga you need to calm down. Nobody is preventing anybody from having access to their money
Yes there is shortage of physical cash, people should use other channels, if you take your atm to a shop and pay via atm or you transfer money, it will still go. So it is wrong to say people are being denied access to their money
CBN has focused so much on the Dollar issue this year that they have not expanded on their cashless policy. That is the real issue.

I posted this on an earlier thread,
What CBN needs to do is deepen the implementation of Mobile Money. In Kenya, once I have your phone number, I can transfer money to you. This also saves a lot of money in printing cash. Another option is to take advantage of cash based businesses and use them as mobile money agents. For example, I should be able to walk into a Petrol station or supermarket, deposit money in their account through their POS and they give me the cash equivalent. It will help this businesses reduce their cash calls and bank trips.

u speak what I can't take. Why force people into transaction channels known to them but which they don't want for now? No amount of e-maneuver can eliminate the need for physical cash especially among a predominantly illiterate and semi literate populace like Nigeria, especially when money concerned is not from government payment.

ruggedtimi:
open mobile money outlet in nigeria ...have you asked yourself why you find Bureau d change only in highly secured places like an airport in nigeria. If you open mobile money outlet for one street in ph, na small boy go come collect all ur money with a small pistol.

so the problem then is security and not mobile money

proffemi:


Print more cash? Don't condescend.

Lets walk through this together. To encourage the cashless policy, there's a daily limit that is now effectively N120k (20k,6 withdrawals) , no?

This means that any Nigerian now cannot access more than N120k-N150k cash in hand every day, but conversely, can reasonably expect to have a RIGHT to get that amount from the ATM.

Do you agree so far?

Yes sir I agree. But the problem in front of us on this thread is reducing the queues at the atms during festive season. Even with this limits there can still be shortage.

1wolex85:


We need to make this happen. How else can we stop all these mad rush during Xmas?

Maybe, re orientation on the use of Mobile banking and other similar channels.

Admin401:


on-point jare, be llike you and kcee dey flex this christmas ohh@ dP

kcee??..u mean kice

1wolex85:


Sir, I tried my best not to be condescending to anyone, if I failed, I apologise.
To the issue, I am not stupid to believe we are very advanced no neither do I think you can totally eliminate cash, the crux of the matter here is reducing people at the ATM. That is why I blamed the central bank for not deepening their cashless policy this year. There are people on those queues who can do what they want to do with the cash through other channels but are not aware or are just skeptical. Mobile Money is not too complex for Nigeria, I don't believe that. Most of the queues were in urban areas. If we can deploy an atm system , we can deploy mobile money

Good! now listen to this, i just flew in yesterday from england, i wanted to pay for my hotel room with my card but the hotel do not even have card payment facilities and i couldn't transfer money instantly to their account as i was unable to do so at the time, and i needed a room for the night so as you can see i needed physical cash for that transaction, and i also needed cash to pay the taxi driver, as banked up as i am i still needed cash so i could have been one of the people queueing at the ATM, i totally understand your point though

BraniacX:


You already admitted your bias as a bank worker!
Demand for cash has always been high at this period and a pro-active banking industry would have worked to forestall this bad scenario, did they? No!
The CBN has not been receiving cash deposits from banks and that's why they can't provide banks with cash to pay their customers creating the shortage you already admitted to but since the industry is still solvent, the question is, where is all the cash then?
A honest answer will lead you to the corridors of power in the country hence the reason we blame them!

lol.....please go and read about the real value of the money you call cash....money isn't one physical commodity as most of you believe, it is the value kept in banks.

Someone could even argue that those that got their accounts credited by transfer and not physical cash can only withdraw via the same means......let's see how many people will be on an atm queue

gypsey:
Good! now listen to this, i just flew in yesterday from england, i needed to pay for my hotel room with my card but the hotel do not even have card payment facilities and i can transfer mony instantly to their account as i was unable to do so at the time, and i needed a room for the night so as you can see i needed physical cash for that transaction, and i also needed cash to pay the taxi driver, as banked up as i am i still needed cash so i could have been one of the people queueing at the ATM, i totally understand your point though

I had the same problem as you....I simply went to another hotel....a hotel without a functioning cashless system has no business being one

gypsey:
Good! now listen to this, i just flew in yesterday from england, i needed to pay for my hotel room with my card but the hotel do not even have card payment facilities and i can transfer mony instantly to their account as i was unable to do so at the time, and i needed a room for the night so as you can see i needed physical cash for that transaction, and i also needed cash to pay the taxi driver, as banked up as i am i still needed cash so i could have been one of the people queueing at the ATM, i totally understand your point though

We are saying the same thing. Imagine a hotel not having POS just imagine. I know we will still need cash even in the US they still use cash though they are surprised when a Nigerian walks into a shop and pays with a hundred Dollar bill

1wolex85:


Ok, but can you suggest another way so we do not find ourselves on this kind of thread next year or should we just accept this is how naija is?

A bank worker on this thread has all but admitted that banks are cash strapped while defending banks, the reason i think (I might be wrong though) is that liquidity has dropped drastically among banks due to this governments politicised knee jerk implementation of the TSA, banks can still cope of course but periods like this lay them bare for Nigerians to see their financial health which is not very good, all the ideas you suggested will have to be implemented of course but three major problems will dog it
1. Time which is a commodity Nigerians using the banking system can not spare a lot of to the finance industry and the government regulators to bring itself and themselves up to speed.
2. Enlightenment, the government should know that most rural communities don't have banks and neither do dwellers there have bank accounts and they account for at least 60% of the population, so should we mordernize and deny them access to a significant proportion of the nations e-commerce?
3. Our banking institutions themselves are barely afloat in terms of liquidity ever since the implementation of the T.S.A and many a politician have moved their funds abroad as have many companies (esp foreign ones). So if we're to operate a mainly cashless economy we will still need our unhealthy banks to guarantee and facilitate our transactions which in my opinion is in the absence of any forestalling intervention, a ticking time bomb

I haven't mentioned infrastructure like electricity, reliable telecoms network and coverage, prompt customer care hotlines to contact in cases of botched or undetermined transactions e.t.c but I'm sure you're getting a clearer picture of the challenges we face.

I have no answer for the short term apart from the government lending cash to banks (not printing cash to prevent further inflation) but the truth is that the government has to study its policies and its downstream effects before advocating and implementing them, this is my contribution.

patchsk:


I think you're talking thrash.


How many people are banked in Nigeria?
And most importantly are you ignorant of the N100 fee on mobile transfers?

I buy pepper N50 and pay N100 commission.

No charges on POS

unmask:
lol.....please go and read about the real value of the money you call cash....money isn't one physical commodity as most of you believe, it is the value kept in banks.

Someone could even argue that those that got their accounts credited by transfer and not physical cash can only withdraw via the same means......let's see how many people will be on an atm queue

There's ideal economics as written in your textbooks and there is Nigerian economics vis-a-vis commerce and finance in Nigeria! Maybe you should read on that to appreciate the role liquid cash plays in our own economy

unmask:
I had the same problem as you....I simply went to another hotel....a hotel without a functioning cashless system has no business being one

Exactly. This is what we should do except there is no choice

unmask:
I had the same problem as you....I simply went to another hotel....a hotel without a functioning cashless system has no business being one

precisely! that's the problem, this is why it's unfair to prevent people from withdrawing their money or frustrating them, as i ve mentioned earlier it is their hard earned money afterall.

And to be fair also to the hotel they may have trust issues as nigerians can be a croocked bunch plus it will cost more to install card payment facilities i guess

1wolex85:


Yes sir you can buy all those things once you have the person's account number. Mobile Money will do the transfer for you and they will get alert and you take your foods except they don't have an account number. Please note I said it is true there is shortage of cash but it is wrong to say they blocked access to people's money. CBN has failed to enlighten the populace to take advantage of several e-channels available and note that there are mobile money Services where you don't need internet on your phone.

Mallam I need pepper N50. Send me your account number.

unmask:
lol.....please go and read about the real value of the money you call cash....money isn't one physical commodity as most of you believe, it is the value kept in banks.

Someone could even argue that those that got their accounts credited by transfer and not physical cash can only withdraw via the same means......let's see how many people will be on an atm queue

My God! where have you been since? People don't get the concept of money. If they don't see cash it's not money. I asked one guy on this thread that if all the physical cash in Nigeria is assembled will it be more or less than the total amount in all accounts, he has still not answered. People don't get the concept of money tjatbis why they are feeling this way

1wolex85:

We are saying the same thing. Imagine a hotel not having POS just imagine. I know we will still need cash even in the US they still use cash though they are surprised when a Nigerian walks into a shop and pays with a hundred Dollar bill

I agree with everything you have asserted you make alot of sense. but we are talking about nigeria and nigerians they can be very enthusiastically Adamant especially to things they do not or can not comprehend and the electronic banking systems in nigeria are inadequately inefficient that's not helping matters either.

1wolex85:


That is the crux of the matter. They need to be banked.Besides on this thread we are talking about atm queues which means those on the queue have account.

They do but they are not the majority of Nigerians! The majority of Nigerians swarming atm's in a period like this would actually lead to anarchy!
And if i don't have a bank account and i see people with accounts at atm queues wailing and lamenting their inability to access their money, what will make me want to open an account in the future?