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Most businessmen will seriously b affected especially those in electronics, spare parts, nd building materials as well as filling stations. But i think its a welcome development.

SillyeRabbit:
Are they saying if I want to deposit 5Million naira into my bank account, the bank will deduct 150,000 naira? For What?

The rule is quite harsh considering that in Nigeria, we don't still have the infrastructural capacity to go cashless. But then again, sometimes we need a real kick on the butt to do the right things. NExt time someone pays you N5million cash, you would reject the cash and direct the person to make the payment via wire transfer; or you have the option to deposit the cash in instalments.

FOr businesses that deal with bulk cash daily, they can consider acquiring POS.

megamank:
it okay at least is the rich that pays for their wealth..how many nigerians have 500k to deposit?

But its still the poor that will be made to pay by the rich indirectly.

I still believe dat the majority of participants in dis forum are young, immature minds. Pls nairaland.com, upgrade de age status of members to 25years

willian10:
I'm not understanding, I know it's GTbank that'll first bring it up, those people charged me N500+ for SMS last month on top say most of the alert na after 2 hours after the transaction

Anyway na still May/August, Dem fit don comot the person that came up with this rubbish implementation, shaybee dem people wey dey get $$$ for wardrobe/septic tank. This kain policy no fit affect them, they're encouraging more of that


I'm still buying iTunes giftcard sha, I won't collect any percentage and it's cashless , so bring ham now

With all your plenty online transactions na only #500 dem charge u?

Dem try na, me na #975 dem charge na.

If u have small $15 ITunes gift card holla me.

That's if and only if u deposit that with cash in hand. But if you deposit through mobile banking and the likes you will be charge nothing. People don't seem to understand this policy majority won't even do that again. How will someone take 5 million Naira in cash to the bank. What happened to online bank

SillyeRabbit:
Are they saying if I want to deposit 5Million naira into my bank account, the bank will deduct 150,000 naira? For What?

MrPresident1:
Satanic agenda.

God pass all of una

Did you have upto 20k Naira in your account?

Kx:
Instead of juicy incentives to save with the banks, commercial bank of Nigeria (CBN) wants to charge people to save instead,

Banks will beg people to come back and bank with them but it will be too late.

to me the banks will suffer for it big time ever since oil price went down and a lot of private voys can't service loans as they ought to our banks hav resulted to doing abracadabra with our foreign exchange now this. I mean for someone like me who is in the informal sector why should banks harrass me with deposit fees to save with them.

Even with the so called atms and Internet banking you will find in some cases you wanna make a transfer to someone it will say transaction declined or wanna use POS transaction declined even when you have money there and could be embarrassing when your in a place like shop rite or something


when apostle Suleiman said there will be a time where pple may be forced to stone APC govt officials I don't doubt him

Youngzedd:


The problem with blacks.

Mr shut the hell up go tell that to pple in the informal sector selling cement. just because it is white dosent mean we should all rush and stick to it. so much for cultural imperialism

I wil kuku just deposit 500k 10 times in a day.
Shey e le stupid ni

repogirl:
OP, why will you be carrying around five million naira cash? Only shady people with shady businesses do that.

so pple workn in the informal sector are shady

such fuckery

Papertrail11:




Mr shut the hell up go tell that to pple in the informal sector selling cement. just because it is white dosent mean we should all rush and stick to it. so much for cultural imperialism

Don't argue on what you don't understand.

masonkz:


There's a reason it's called CASHLESS, meaning it only applies if you're withdrawing that one million naira of yours IN CASH from the bank.

I want to believe many of your transactions that involve cash of that amount would be done via mobile transfers, internet banking, etc. No?

for withdrals I may not be forced to complain but for deposit are u kiddn me

for pple in the informal sector who use physical cash and want to pay it can be a daunting experience

Mathemagician1:
This is a very shallow policy. What if you own a business that deals in cash - say a petrol station. You mean I'll remit my entire sales for the day and 7% will be deducted from it everyday. Do they even know what that will do to the business margin by the end of the month?

Those people running government are intellectually lazy and grossly incompetent.

chief this policy sucks big time emefiele is hell bent on sucking money frm the poor masses even in a recession you i m much more concerned with pple who are in the informal sectors like u listed petrol stations farmers bulk commodity sellers for withdrawls I can understand but to deposit my own money in a shitty nigeiran bank who will in turn use my money to giv loan without collateral to greedy Nigerian billionaires who will never pay back yet deny me when I go to ask for 1.99percent of their loan value that to me iss bad

Youngzedd:

Don't argue on what you don't understand.

bitch swerve

eliteweb:


With all your plenty online transactions na only #500 dem charge u?

Dem try na, me na #975 dem charge na.

If u have small $15 ITunes gift card holla me.

Na access bank suppress ham and they never charge me for SMS alert before
How much u wan pay for the small

Youngzedd:
Why should you carry such huge cash in the first place

The only reason they don't want to embrace Internet banking, mobile banking is from been tracked when they want to launder money.

Embrace cashless policy for the safety of your life and others.


If you're dealings are pure, you shouldn't worry about this policy.


The funnies part is that even those who do not have 1/9 of the said sum are the ones making a lot of noise, I wonder if they didn't read where cash deposit and withdrawal was mentioned.


Abucha m here.

Nwanne na rie.

Nwanne bochaa.

I nwere nsogbu.

Okwu gi amaka.

masonkz:


You do know that this is a CBN policy and not just from the thoughts of Commercial banks, right?

Besides, do individuals actually carry N500,000 about IN CASH? To be honest I'd prefer to do transfers of such amount via e-banking, which this policy is trying to encourage.

It also saves you the stress of worrying about thieves.

I know it's a CBN policy but we all know that that the CBN chief is from the banking sector and still has interest there with his contemporaries. He protects that interest in the fall out of the political interests.

The Banking sector has been the biggest beneficiaries in this recession. While other sectors are posting losses even in the telcos, banking is making huge profit. Zenith, CBN chief former bank, still posted over 5 billion in profits whereas manufacturing is dying. Telco margins depreciates. It's not rocket science, it's simply policies in banking favour at the expenses of masses.

Such is one of these policies because the chief knows how much money is about to go round especially looted funds and banks can plunge into that depth and enjoy but who are the losers, we Nigerians that worked and earned our income.

It is cash deposits but how can you deal with that figure without cash

This is seriously unfair. I don't know why Nigerians don't usually speak out on policy like this that affect them. I think we have a very long way to go as a nation.

Youngzedd:
Why should you carry such huge cash in the first place

The only reason they don't want to embrace Internet banking, mobile banking is from been tracked when they want to launder money.

Embrace cashless policy for the safety of your life and others.


If you're dealings are pure, you shouldn't worry about this policy.


The funnies part is that even those who do not have 1/9 of the said sum are the ones making a lot of noise, I wonder if they didn't read where cash deposit and withdrawal was mentioned.


Abucha m here.

But are you aware that when you make an online transaction they also charge you for maintenance fee of about 1000k per every 1m you transfer. Is that also a cashless policy?

youngdude1:
and what if I'm a trader that collects cash in my shop?

That is the whole essence of the law!

Stop collecting cash! You as a merchant can deploy a POS to your customers. Or accept other electronic means of payment.

If you want to keep on receiving cash, then you should be ready to pay the charges.

hush15:


I know it's a CBN policy but we all know that that the CBN chief is from the banking sector and still has interest there with his contemporaries. He protects that interest in the fall out of the political interests.

The Banking sector has been the biggest beneficiaries in this recession. While other sectors are posting losses even in the telcos, banking is making huge profit. Zenith, CBN chief former bank, still posted over 5 billion in profits whereas manufacturing is dying. Telco margins depreciates. It's not rocket science, it's simply policies in banking favour at the expenses of masses.

Such is one of these policies because the chief knows how much money is about to go round especially looted funds and banks can plunge into that depth and enjoy but who are the losers, we Nigerians that worked and earned our income.

It is cash deposits but how can you deal with that figure without cash

@bold. This is not the banks' faults. Banks remain in business and would only tend to capitalise on opportunities when they arise.

Compare the closing USD rate of 2016 to the closing USD rate of 2015 and you'd understand why Zenith made such profit. Loans that are denominated in foreign currency would need to be revalued at the end of the year. Since loans make up the most of banks' assets, it therefore goes that the value of these loans would increase, thereby churning out more interests for the banks.

They also have to revalue their FX position as at year end, with the current market rate, as against the rate as at 2015. Hence it isn't far fetched why they would report a huge profit. I expect same from other banks too.

rusher14:


It depends on if I intend to hit the club with my bullion van.

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youngdude1:
listen to yourself, so all those "Big Men Traders" that sales goods and collect cash in the market can't have 5Million Naira cash? Seems you haven't being into business practically. those ones we assume/know from textbooks are not real

Then it's time to move to the modern age. Pay via bank transfers or POS.

If they cannot, then let them bear the brunt.

texazzpete:


Then it's time to move to the modern age. Pay via bank transfers or POS.

If they cannot, then let them bear the brunt.

End of.

I was going to pc village to buy a laptop a month ago. No way I was going to be running around with over 300gs in cash. That is just asking for stories that touch

Freshsnoow:
Useless country

Useless people in a useless country

agabusta:


That is the whole essence of the law!

Stop collecting cash! You as a merchant can deploy a POS to your customers. Or accept other electronic means of payment.

If you want to keep on receiving cash, then you should be ready to pay the charges.

What if you own a filling station? How many people go the filling station with ATM cards?

Mathemagician1:


What if you own a filling station? How many people go the filling station with ATM cards?

Must you wait for the cash to be above cashless limit before you take it to the bank?

You can be evacuating the cash from time to time. And recall that the limit for corporate organizations is even 2 or 3m. Either of them, not sure. Must you then wait for the cash to be above 2m before taking it to the bank?