1wolex85:


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

About 80% of my transactions maybe higher are cashless but my brother without cash for the remainder, I'm worse of than a lame duck! Its that simple

mfm04622:


Your money is fine! Your bank is very capable of paying your money. No bank is presently in distress.
However, if we keep shouting about banks having problems, then surely trust in our banks will reduce and there will be be run on our banks and we will all suffer

thanks for the assurance but i have deposited most of my life savings in a bank while saving up for a crusial visit to the north next year to buy grains in bulk and suddenly i keep reading negative news about the safety of the banks, it first started with sahara reporters, then dg NDIC and finally people can't withdraw more than 10k,even the cbn have stopped withdrawal of more than $10,000 a day from domiciliary accounts that were even debited by the owners by cash, the fg borrowing massively in internal debts and sanusi accusing the cbn of breaking the law by over borrowing to the fg.honestly, if i survive this one, i would never deposit much money in a Nigerian bank again.

Cash in stuck under my pillow, no shaking

Leopantro:


beautiful, someone is reasoning and asking the right question.
the answer = ask the Federal government why it mandated the CBN to restrict cash flow at this point.

GBAM!!!!

So, are you as an industry insider? If you are, you just confirmed mine and many a Nigerians educated guess/suspicions! That there is actually a government policy twist to this!
I hope your nairaland account can not be traced to you if you are a banking industry insider, I will hate to see you victimised for this revelation


1wolex85 are you reading this?

1wolex85:


You really don't need to throw insults. It's not necessary. Are you really saying there is no other way to access money apart from physical withdrawals? When you pay at a supermarket with your atm, have you not accessed your money? When you transfer to a customer via mobile money, have you not accessed your money? Shortage of physical cash is not and cannot prevent people from having access to their money in this 21st century.

Go market go buy chicken with ATM. Mr 21st century.

Knowledge9000:


Are you okay? I know you are an afonja. Didn't you see your fathers and mothers sitting on the ground INSIDE Ekiti bank to withdraw their money? What other ways to access your money if not through physical withdrawals and ATM? I don't know what is wrong with how you guys reason.

You don't have to be insultive to make a point.
However, the cashless policy is not meant for people to withdraw money from ATM with their cards but to do transactions without cash. If people still have to withdraw cash from ATM to make transactions then the CBN had failed in its cashless policy

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.

If i want to buy foodstuffs in a local market in my village, will i also use POS?

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.

Typical of a zombie! Shey na everybody dey use POS

Abeg get sense joor

Merry Christmas!

1wolex85:


Again, we can agree to disagree. To you it's trash, I am only responsible for what I say not what you understand.
I haven't said cash should be eliminated but the truth is whether you like it or not, there would have been much less people at the atms if mobile money has been implemented properly. Not everybody on the queue was going to buy 50 Naira pepper some were going to buy much higher value and rather than queue for hours would gladly pay the 100 Naira charge.

Keep deceiving yourself.
For your information 70% of people that were denied access to their money this period may not even have upto 20,000 naira in their account.
The truth is Nigerians are poor and the government is not helping.
If it is to condem MMM una go sharp mouth

presido2e:


If i want to buy foodstuffs in a local market in my village, will i also use POS?

If an ATM can work there, a POS will

BraniacX:


GBAM!!!!

So, are you as an industry insider? If you are, you just confirmed mine and many a Nigerians educated guess/suspicions! That there is actually a government policy twist to this!
I hope your nairaland account can not be traced to you if you are a banking industry insider, I will hate to see you victimised for this revelation


1wolex85 are you reading this?

The problem here is you still think money is only physical cash. As long as I can use my money through other channels, it means no one is preventing me from using my money

gypsey:
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

It doesn't cost more to install....most banks give their pos out free....you get charged transaction fee. Which in the long run pays....all the negatives around cash is gone.

But seriously why will I wake up in the morning to go to an atm to queue for cash to be used in a place with a pos.....the government should step up their game and ensure cashless transactions make up the bulk of daily transactions. The benefits are numerous

Consumers alike can push for sellers to go cashless......if 50% of a seller's customers ask for a pos....it wont be long before one is gotten by the seller

1wolex85:


The problem here is you still think money is only physical cash. As long as I can use my money through other channels, it means no one is preventing me from using my money

Even those other channels are fraught with difficulties that haven't been resolved yet, why would i logically want to use them as against cash when the latter is so much preferable

1wolex85:


The problem here is you still think money is only physical cash. As long as I can use my money through other channels, it means no one is preventing me from using my money

1wolex,what we are telling you is that if those other channels you talk about are not acceptable to the people I want rto transact with, you should give me my money in the appropriate form, else, you're denying me. Besides, I'm expecting your rebuttal to my last post

AlhajiSpray:



I am not even any sort of yoruba tribe sef so your pathetic afonja jokes are only making you look more _stupid by the minute!

But as for you, I know you are a drug dealing, erosion loving, ipob loving, eastern spear headed,gala selling, tribe hating son of _bitch from orlu west!

e don do you na...

when others are celebrating, u are here sweating...

The reason why the poster blame d government is because it was under this government that CBN made it compulsory.
Moreover the head always receive blames for any wrong doing.
I think CBN made a mistake for not creating a good ground before implementing d policy...

imagine I sow my shoe 50... I pay with USSD money transfer n gt a charge of 105(GTBank 100 for transfer + 5 for value added).
with d above illustration it can't work.
mind u before u call me names, I voted for Buhari in 2007(ANPP), 2011(CPC), 2015(APC) but that one no mean say I no go talk when I see d truth

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.

this guy reasons more than any of u wailling waillers commenttin here. He is not supportin any government, bt rather advicin thm on how ways to go to better the bankin sector of our dear country. I wonder whn ppl will start tinkin in many directions. By d way, MERRY XMAS...

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.

this guy reasons more than any of u wailling waillers commenttin here. He is not supportin any government, bt rather advicin thm on ways to go to better the bankin sector of our dear country. I wonder whn ppl will start tinkin in many directions. By d way, MERRY XMAS...

So I should buy dried fish and stockfish using pos?

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.

Knowledge9000:


Are you okay? I know you are an afonja. Didn't you see your fathers and mothers sitting on the ground INSIDE Ekiti bank to withdraw their money? What other ways to access your money if not through physical withdrawals and ATM? I don't know what is wrong with how you guys reason.

you get better head......no mind that afonja....instead of sympathizing with the people he is here cooking rubbish

1wolex85:


You really don't need to throw insults. It's not necessary. Are you really saying there is no other way to access money apart from physical withdrawals? When you pay at a supermarket with your atm, have you not accessed your money? When you transfer to a customer via mobile money, have you not accessed your money? Shortage of physical cash is not and cannot prevent people from having access to their money in this 21st century.

r u in nigeria at all? all of u talking rubbish about paying online or pos or what have u? do u realise that some of us buy our rice and chicken and all from places like Yaba, ojuelegba, oshodi, Lagos island, Ikotun, ojota and places like these where we pay with cash to the local uneducated woman who is also trying to make ends meet? or they too should get pos cos there's no cash right? you people should just shut up, come down from your high horses and reason with the common man who can't afford, or isn't as technologically inclined as u...nonsense!!!

proffemi:


1wolex,what we are telling you is that if those other channels you talk about are not acceptable to the people I want rto transact with, you should give me my money in the appropriate form, else, you're denying me. Besides, I'm expecting your rebuttal to my last post

Sincerely I am tired. To each his own. Let us just agree to disagree. I just hope the cbn will wake up and go full hog of this cashless policy so we don't find ourselves at the same place next year

dquantom:
So I should buy dried fish and stockfish using pos?

Don't mind the ignorant display of unintelligence...they are th ones who were born with a silver spoon so they cant feel or reason with what the common man goes thru.

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.

Can you just shut the f^ck up

ajasay2020:
this guy reasons more than any of u wailling waillers commenttin here. He is not supportin any government, bt rather advicin thm on ways to go to better the bankin sector of our dear country. I wonder whn ppl will start tinkin in many directions. By d way, MERRY XMAS...

We know your type...
just because u have similar thoughts doesn't mean his reasoning is better than others reasonings.

In d US or any other country where cashless transactions are working perfectly, are the citizens not allowed to make cash transactions or payments if they choose to... see life is about freedom to choose, you can't just make something compulsory when u know there will be hindrances...
The government through the CBN should make the two options cash n cashless accessible with less stress n hindrances... when done am very sure most Nigerians will go for cashless transactions cos of safety n other benefits

unmask:
It doesn't cost more to install....most banks give their pos out free....you get charged transaction fee. Which in the long run pays....all the negatives around cash is gone.

But seriously why will I wake up in the morning to go to an atm to queue for cash to be used in a place with a pos.....the government should step up their game and ensure cashless transactions make up the bulk of daily transactions. The benefits are numerous

Consumers alike can push for sellers to go cashless......if 50% of a seller's customers ask for a pos....it wont be long before one is gotten by the seller

correct! What about the trust issues? Card frauds declinations of card, electronics and lack of electricity, networks, technical and IT problems it may end up chaotic, it's not all positives you know? These things has their down sides.

redsceptic:



Can you buy fuel with POS everywhere in Nigeria? In Benin where I live, only ONE filling station allows cashless transactions. Can you buy pepper? Chicken? salt? carrots? cucumber? groundnut oil? half crate of eggs? one loaf of bread? pampers? tin of baby food?

Can you pay your washerman with POS? or mai-guard? or tailor?

Nigeria is an informal and unstructured society. The cashless policy will not take hold for at least a decade. The CBN is incompetent else it should know this

Your type just likes to point out the negativity in everything.. See your mouth like the CBN is incompetent.

[quote author=1wolex85 post=52237877]

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.






Not everything we shd defend bros. So those market women dt kwns nothing about ATM transfer or Mobile banking shd also do the same. Haba its unfair bro

Why do some people just wake up to support every suffering imposed on us all I can't understand...



Abegi no vex I think some dudes are paid to do dt bro. Its just unfortunate sha. Nigeria has turned to something else

ogawisdom:



Lol u speak like someone dt doesn't reside in naija. We have not got to dt point where we pay for all goods and services via POS it's simply cash and carry. I have not seen even a filling station dt one can pay via POS. So quit ur argument it makes u look like a goat. We are in 21 century but function like we are in 19th century here. Got dt nw

I doubt there is anywhere in the world goods and services are all paid virtually.
There will always be room for physical transactions.

He is just trying to be different...but thats kinda unnecessary.

gypsey:
correct! What about the trust issues? Card frauds declinations of card, electronics and lack of electricity, networks, technical and IT problems it may end up chaotic, it's not all positives you know? These things has their down sides.

See there are always risks. Cash too has it's risks. The risks present an opportunity for someone to solve that problem. We can't say we will stay where we are because of the risks, we have to move

and ppl were laffin at MMM dat paused

Knowledge9000:


Are you okay? I know you are an afonja. Didn't you see your fathers and mothers sitting on the ground INSIDE Ekiti bank to withdraw their money? What other ways to access your money if not through physical withdrawals and ATM? I don't know what is wrong with how you guys reason.

So many people supports wrong government's pulicies blindly. SMH.