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CBN Brings Back Cash Handling Fees For Bank Customers - Business (3) - Nairaland

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Re: CBN Brings Back Cash Handling Fees For Bank Customers by Proudlyngwa(m): 11:26am On Dec 18, 2017
pedrilo:
The cash handling fees on cash deposit is exploitative and without human face.

It's a necessary sacrifice, and a means of tracking money laundering and other unethical practices
Re: CBN Brings Back Cash Handling Fees For Bank Customers by 400billionman: 11:29am On Dec 18, 2017
I am sure no CBN executive director has earned real sector business experience.

What is the profit margin of a businessman in Nigeria today ? In US, most companies pay profit tax of up to 35% Pa because their economy is healthy but how much profit does a typical recharge card dealer earn in Nigeria ?

3 naira on N100 recharge card. That is 3% and CBN wants to take that 3% and more away on bank charges.

Check other businesses. Same.

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Re: CBN Brings Back Cash Handling Fees For Bank Customers by pedrilo: 11:32am On Dec 18, 2017
Proudlyngwa:


It's a necessary sacrifice, and a means of tracking money laundering and other unethical practices
charging fees both on deposit and withdrawals to track money laundering? very ridiculous

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Re: CBN Brings Back Cash Handling Fees For Bank Customers by mavinc4u(f): 11:38am On Dec 18, 2017
Have they started it or when exactly are they starting?
Re: CBN Brings Back Cash Handling Fees For Bank Customers by IdeyFindWife: 1:00pm On Dec 18, 2017
manutdadex:
Nigerian government and agencies no dey ever get sense. There is a huge technology gap ...peeps btw 50-90 yrs are not tech sarvy,some cant even operate d atm and u want them to have mobile apps, ussd services and pos..?? Cashless will be fully establishd with time.. A government that wants to generate revenue out of d weakness of her citizens.

spot on.

Nigeria's plagued with leaders who always run their country and citizens backwards while still coming back to debit the same malnourished citizenry and wrecked economy for their numerous maladministrative evils.

Where is the infrastructure they've put in place to warrant this now, when even common power, they can't guarantee or data at affordable rates?

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Re: CBN Brings Back Cash Handling Fees For Bank Customers by Nobody: 1:27pm On Dec 18, 2017
These people don't know what's coming for them. The world won't need banks anymore soon. Cryptocurrency is the new bank, China Russia USA plans to release there own currencies and Nigeria is still joking with her citizens. It's okay.
Re: CBN Brings Back Cash Handling Fees For Bank Customers by Nobody: 1:33pm On Dec 18, 2017
figment232:
Cryptocurrency is a Ponzi scheme beware!
are you living inside a cave?
Re: CBN Brings Back Cash Handling Fees For Bank Customers by Jephyard(m): 1:52pm On Dec 18, 2017
Proudlyngwa:


It's a necessary sacrifice, and a means of tracking money laundering and other unethical practices

What sacrifice, have we not sacrifice enough. Charge on deposits and withdraw just to promote cashless policy.

It baffles me how Nigerian thinks increasing the cost of a service or product make it better. Today we have fuel scarcity, no light, bad road, university are bleeped up, internet data still shit even with increase cost. Doing this same thing and expecting different result. This is crazy, I now believe most Nigeria love suffering it in their DNA. Maybe I can come with a policy with no human face and ask to sacrifice. Answer the dam question how can you tell the populace that don't have a bank acct to bank with such charges. For your information using an arm robber as way to tell them bank is as lame as try to bend a dry fish.

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Re: CBN Brings Back Cash Handling Fees For Bank Customers by ponti93(m): 1:55pm On Dec 18, 2017
CBN is most confused monetary institution in the world... Today they fix a policy, tomorrow they replace it with another, next tomorrow they go back to today's policy.
Re: CBN Brings Back Cash Handling Fees For Bank Customers by figment232(m): 1:55pm On Dec 18, 2017
grossintel:
are you living inside a cave?
No am not.I won't
Let innocent beings loose their money again.Invest N52000 and get N20m I'm two years Abi? or which one is yours
Re: CBN Brings Back Cash Handling Fees For Bank Customers by chigo245: 3:03pm On Dec 18, 2017
what ever

Re: CBN Brings Back Cash Handling Fees For Bank Customers by Nobody: 3:21pm On Dec 18, 2017
figment232:
No am not.I won't
Let innocent beings lose their money again.Invest N52000 and get N20m I'm two years Abi? or which one is yours
Ok, you basically have no idea what cryptocurrencies are. And whoever told you that is a gambler. In 2005, a single share of Apple Inc (AAPL) was worth just $5.28, but today it's worth $174.97 with a market cap of $893.33 billion. Meaning if you were smart enough and believed in the company at an early stage and invested just 50k when a dollar was 100naira today you would have made roughly 50million naira in profit from just 50k naira. Can we now call the tech giant Apple Inc a Ponzi scheme? What of the Google the internet giant? in 2004 a single share of GOOGL was just $50 but today its $1072, do we also call google a Ponzi scheme? this is what investment bankers do. I work for international clients and I took time to understand where they invest their money. Most of them invest half of there retirement funds buying stocks of startups they believe has a great future. Bitcoin, Ripple, Etherum, Litecoin, etc are revolutionary technologies the world can not ignore. The technology behind the blockchain is massive. Banks are buying into Ripple in thousands, it's incredibly fast and can process 1000 transactions per second. Bitcoin might not be the leader tomorrow because it's technology is limited, but cryptocurrencies can never go away, they will eventually replace the money we use someday.
Yes, more people are turning millionaires by buying and holding cryptos over 4 years, and it's very realistic but this isn't what crypto currencies are used for, it's like saying dollar is used for money laundering because it's easy to walk around with 10 million nairas in on pocket and no one will know, yes but this is not what dollar is actually used for. Instead of looking the other way in ignorance, take a few munites and pick a book about cryptos and read it before calling it a Ponzi scheme.

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Re: CBN Brings Back Cash Handling Fees For Bank Customers by Rick9(m): 3:44pm On Dec 18, 2017
mrvitalis:

This is a tax that apply only to the rich and I'm happy about it
sad TAX Can never punish the rich, the poor and middle class will always be the one at the receiving end.

That was how the poor masses voted tax into law when there was no tax, and it ended up hurting the very people who voted for it.

There's no way to punish the rich, they have the money, the connections and the power to challenge the status quo.
Re: CBN Brings Back Cash Handling Fees For Bank Customers by figment232(m): 4:18pm On Dec 18, 2017
grossintel:
Ok, you basically have no idea what cryptocurrencies are. And whoever told you that is a gambler. In 2005, a single share of Apple Inc (AAPL) was worth just $5.28, but today it's worth $174.97 with a market cap of $893.33 billion. Meaning if you were smart enough and believed in the company at an early stage and invested just 50k when a dollar was 100naira today you would have made roughly 50million naira in profit from just 50k naira. Can we now call the tech giant Apple Inc a Ponzi scheme? What of the Google the internet giant? in 2004 a single share of GOOGL was just $50 but today its $1072, do we also call google a Ponzi scheme? this is what investment bankers do. I work for international clients and I took time to understand where they invest their money. Most of them invest half of there retirement funds buying stocks of startups they believe has a great future. Bitcoin, Ripple, Etherum, Litecoin, etc are revolutionary technologies the world can not ignore. The technology behind the blockchain is massive. Banks are buying into Ripple in thousands, it's incredibly fast and can process 1000 transactions per second. Bitcoin might not be the leader tomorrow because it's technology is limited, but cryptocurrencies can never go away, they will eventually replace the money we use someday.
Yes, more people are turning millionaires by buying and holding cryptos over 4 years, and it's very realistic but this isn't what crypto currencies are used for, it's like saying dollar is used for money laundering because it's easy to walk around with 10 million nairas in on pocket and no one will know, yes but this is not what dollar is actually used for. Instead of looking the other way in ignorance, take a few munites and pick a book about cryptos and read it before calling it a Ponzi scheme.
Re: CBN Brings Back Cash Handling Fees For Bank Customers by spartacus11(m): 4:49pm On Dec 18, 2017
pedrilo:
What then is the essence of paying interest on deposits if you are going to collect same when they make cash deposit? I think this is a stylish recall of deposit interest sir. Prove me wrong.

The secret is simple break down ur deposit, instead of lodging it at once

1 Like

Re: CBN Brings Back Cash Handling Fees For Bank Customers by spartacus11(m): 4:57pm On Dec 18, 2017
pedrilo:
You are evading my question by advertising FBN Agent banking/mobile mobile (Dont confuse digital financial for the topic of discuss please). When bank customers are charged BOTH for making deposits into their accounts (stylish recall of deposit interest) and withdrawing from their account, how do you convince the un-banked to bank their monies?

U are still looking for convince? How can u be dealing on 500k 3million plus u are still unbank does that even make sense to u
If it does y not deal with d arm robbery dat will pay u a visit

If u are concerned about d poor banks have products for them like d example i gave u, micro finance bank is there, what else are u looking for?

I see people daily who request to pay via POS instead of cash, if u think people are not buying into dis cashless policy u should rethink

Just today i have to pay some workers and the cash at hand won't be enough i had to go to d ATM and spend 2 hours plus there, bcus d account i wanted to withdraw from i didn't increase the online banking limit pay day, the inconvenience was too much having to quel

So my bro anytime anyday cashless save stress, and also reduce d cost of printing new bank not regularly

If u don't want to pay the deposit charge then go cashless.
Re: CBN Brings Back Cash Handling Fees For Bank Customers by uzomagic(m): 11:07pm On Dec 18, 2017
The CBN is working to promote a cashless culture.

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