How's this different from those sent by other banks?

this won't take them to implement since it would reap their clients off and enrich them.
but any policy that would impact the life of costumer would take a million light year to implement.
useless lots.

msmon:
YOU NEED TO BE EDUCATED ON THIS NEW CBN CASHLESS POLICY.

CBN Policy Says Cash Withdrawal and Deposits Amounting to 500k or more now are to attract additional charges,

The policy is Straight and Simple.

What it is saying is that if You want to make a cash withdrawal of 500k then you should be ready to pay 15k as charges.

Also if you want to deposit 500k then u should be ready to add extra 10k on it as charges.

Now the question is why?

The answer is beacuse the government is trying to encourage a cashless economy.

So how do you avoid this penalty?

Simple! Don't withdraw cash in excess of 500k to pay anybody, rather collect their account number and transfer the cash to them. Also if someone wants to pay You 500K don't collect it since You know You can't keep it in the house but will take it to bank who will then charge You for the deposit. Instead, tell the person to use Your POS or transfer to Your account or they pay You through USSD CODE.

This way, the Cashless Policy Will be Implemented.


Culled from:- Moshood Abiola Ologundude FACEBOOK PAGE

It's not more than this. Yet people who don't even have N50k in their bank account are shouting loudest

Get set! The thieving banks will soon increase the ussd transfer charges from 52.50 upward.

Time to state keeping my monies under ground!

msmon:
YOU NEED TO BE EDUCATED ON THIS NEW CBN CASHLESS POLICY.

CBN Policy Says Cash Withdrawal and Deposits Amounting to 500k or more now are to attract additional charges,

The policy is Straight and Simple.

What it is saying is that if You want to make a cash withdrawal of 500k then you should be ready to pay 15k as charges.

Also if you want to deposit 500k then u should be ready to add extra 10k on it as charges.

Now the question is why?

The answer is beacuse the government is trying to encourage a cashless economy.

So how do you avoid this penalty?

Simple! Don't withdraw cash in excess of 500k to pay anybody, rather collect their account number and transfer the cash to them. Also if someone wants to pay You 500K don't collect it since You know You can't keep it in the house but will take it to bank who will then charge You for the deposit. Instead, tell the person to use Your POS or transfer to Your account or they pay You through USSD CODE.

This way, the Cashless Policy Will be Implemented.


Culled from:- Moshood Abiola Ologundude FACEBOOK PAGE

not quite correct. If you withdraw N510000, you pay N0 for the first 500k and 3% of the extra 10k which N300. So on 510000 withdrawal you pay 300 naira.

There is no House of Representatives directive to the CBN to shelve the cashless policy. It was just a motion-a request, at best. The CBN reports to the Presidency only. Let's not get it twisted.

WalkerMichael:
Polaris. Huge fraudsters. Read my experience with those scammers



That Polaris ehn. Legit frauds. Same with fcmb. I'm going to be closing my two accounts with those two fraudster banks before this week ends. God. They're thieves!!!! I tried to close my Polaris sometimes in February but one agent was just advising me not to, I refused picked a form and asked for the closure. Till today, they haven't and keep deducting my 2,000naira balance that they said I can't withdraw. My own money ooo. I couldn't even load my phone with d 2k again. Ha God. My own money. And this is how these banks scam several other Nigerians.

Edit: just imagine I checked my Polaris balance after this post. See what they've reduced my 2000naira to!! please what can I do? These guys are LEGAL THEIVES. THEY'RE THE REAL YAHOO YAHOO

baba my 2k still dey dere i no fit use am do anything,dey say na my operating money and dem don deduct am finish

msmon:
YOU NEED TO BE EDUCATED ON THIS NEW CBN CASHLESS POLICY.

CBN Policy Says Cash Withdrawal and Deposits Amounting to 500k or more now are to attract additional charges,

The policy is Straight and Simple.

What it is saying is that if You want to make a cash withdrawal of 500k then you should be ready to pay 15k as charges.

Also if you want to deposit 500k then u should be ready to add extra 10k on it as charges.

Now the question is why?

The answer is beacuse the government is trying to encourage a cashless economy.

So how do you avoid this penalty?

Simple! Don't withdraw cash in excess of 500k to pay anybody, rather collect their account number and transfer the cash to them. Also if someone wants to pay You 500K don't collect it since You know You can't keep it in the house but will take it to bank who will then charge You for the deposit. Instead, tell the person to use Your POS or transfer to Your account or they pay You through USSD CODE.

This way, the Cashless Policy Will be Implemented.


Culled from:- Moshood Abiola Ologundude FACEBOOK PAGE

And if 10 people want to pay you 70k each for brand new phones at your shop in Computer village? You wont collect because Buhari will feed you and your lousy mouth?

Acidosis:



And if 10 people wants to pay you 70k each for brand new phones at your shop in Computer village? You wont collect because Buhari will feed you and your lousy mouth?

Whoever can buy a phone worth of 70k should have a bank account and should know how to transfer such amount of money.

. this policy will not favour the business class

just take a look at some company will deploy all their sales rep to market their products and customers will be buying goods worth #20,000#50,000 #200,000,#100,000 at the end of the business day all the sales reps will give acct to the company in cash which many be total up to #5,000,000 #10,000,000 or even #20,000,000 on daily basics
how would they deposit the money in the bank because their profit may not even be up to this charges from the bank

Secondly how would u control or react to ur customers
That are owing paying to ur account if u have multiple
Customers how would u tell not to pay u that ur acct has reach it daily limit

Why must Polaris bank be the first..

Na only mumu dey bank wit them anyway..

PassingShot:

Please educate me on why the policy is bad?

go and watch "how cash is becoming a thing of the past" on Youtube ,you will see that Nigeria is not ready for cahsless policy. That one is another story

Now the last time someone sent me money, i sent mails upon mails, until i had to call customer care which cost me #300 in airtime before i was able to get hold of an agent ,this was after three days. And they still didnt credit my account till the next day. Ordinary 3k i transferred to a lady i bought a dress from it took four hours before her account was credits, i had to be calling her to check if she has received alert,cos i nor fit for wahala.These are the issues the cbn should be concerned about before pushing for policies like this

dedollarman:
. this policy will not favour the business class

just take a look at some company will deploy all their sales rep to market their products and customers will be buying goods worth #20,000#50,000 #200,000,#100,000 at the end of the business day all the sales reps will give acct to the company in cash which many be total up to #5,000,000 #10,000,000 or even #20,000,000 on daily basics
how would they deposit the money in the bank because their profit may not even be up to this charges from the bank

They want to kill the economy further and drive away investors totally. It's good for those who were shouting change on top of their voices because it will affects everyone. Most Nigerians are fools!

Duggedised12:
go and watch "how cash is becoming a thing of the past" on Youtube ,you will see that Nigeria is not ready for cahsless policy. That one is another story

Now the last time someone sent me money, i sent mails upon mails, until i had to call customer care which cost me #300 in airtime before i was able to get hold of an agent ,this was after three days. And they still didnt credit my account till the next day. Ordinary 3k i transferred to a lady i bought a dress from it took four hours before her account was credits, i had to be calling her to check if she has received alert,cos i nor fit for wahala.These are the issues the cbn should be concerned about before pushing for policies like this

I live in a cashless economy. So, nothing you can tell me about it.

How many people (common masses I mean) carry N500k about?

Reason deeply.

id911:


They want to kill the economy further and drive away investors totally. It's good for those who were shouting change on top of their voices because it will affects everyone. Most Nigerians are fools!

Secondly how would u control or react to ur customers
That are owing paying to ur account if u have multiple
Customers how would u tell them not to pay u that ur acct has reach it daily limit

msmon:


Whoever can buy a phone worth of 70k should have a bank account and should know how to transfer such amount of money.

Well the joke is on the seller. There's always another seller that's willing to accept cash payment. Do you know how much malls and big supermarkets rake in per hour as cash transactions? What about filling stations?

This policy affects the seller x100 more than the buyer. Most buyers don't withdraw 500k but 50 people can decide to pay 10k to a seller in cash transactions. If you no collect, then watch them go to the next store.

Useless government they include two south eastern state if its building rail or development project they will exclude the eastern states ,stupid government

Acidosis:

And if 10 people wants to pay you 70k each for brand new phones at your shop in Computer village? You wont collect because Buhari will feed you and your lousy mouth?

msmon:


Whoever can buy a phone worth of 70k should have a bank account and should know how to transfer such amount of money.

Or alternatively, the seller should get a POS and encourage his/her customers to pay through it. Another benefit for genuine market people that this policy will affect is that the incident of fake notes, juju money, thief and robbery will reduced to the barest minimum. The issue of my sale girl/boy is stealing my money will be forgotten, many are the benefits for all, except the issue of compromise of passwords and pins on one's account.

What many do know is that this policy will affect Politicians, can reduce kidnapping/money laundering businesses.

What I am very sure was that Sanusi was technically sacked because he was hell bent to implement this Cashless Policy to the letter.

Most people doesn't understand this CBN policy, they are just criticizing blindly. Who goes about transacting in cash excess of 500k this days? If you are a trader/merchant and you know you make sales of up to N500k, you are suppose to go get a pos terminal and encourage your customers to do cashless transactions
Watching a reps member on TV going against this policy instead of engaging people in his constituency to educate them on the merit of the policy makes me feel till eternity some people will drag this country back with the excuse that we still 'have illiterates'. As technology is advancing, are we suppose to lag behind perpetually because some people are not too literate to use it

It is a means of ensuring that money stays in the bank while transactions are done cashless. Transferring cash will not attract such charges. However it is a win-win case for banks

2rez:
Hahahaha! First of, shey Naija get legislature talkless of say dem wan defy am? Mstchew!

..no we don't have legislators..we only have rubber stamp senate

gabbasin:
Most people doesn't understand this CBN policy, they are just criticizing blindly. Who goes about transacting in cash excess of 500k this days? If you are a trader/merchant and you know you make sales of up to N500k, you are suppose to go get a pos terminal and encourage your customers to do cashless transactions
Watching a reps member on TV going against this policy instead of engaging people in his constituency to educate them on the merit of the policy makes me feel till eternity some people will drag this country back with the excuse that we still 'have illiterates'. As technology is advancing, are we suppose to lag behind perpetually because some people are not too literate to use it

. this policy will not favour the business class



just take a look at some company will deploy all their sales rep to market their products and customers will be buying goods worth #20,000#50,000 #200,000,#100,000 at the end of the business day all the sales reps will give acct to the company in cash which many be total up to #5,000,000 #10,000,000 or even #20,000,000 on daily basics
how would they deposit the money in the bank because their profit may not even be up to this charges from the bank

Secondly how would u control or react to ur customers
That are owing paying to ur account if u have multiple
Customers how would u tell not to pay u that ur acct has reach it daily limit

Lastly I have made transfer to somebody which was confirm successfully I even got the transaction slip
The after two days the person was complaining he didn't see the money which I posted to him the transaction slip and check my acct statement online the money was deducted
He waited after like five days he insisted he didn't receive the money I then went to bank they told me the money reverse back to my acct after 5 days

TGM2015:


Or alternatively, the seller should get a POS and encourage his/her customers to pay through it. Another benefit for genuine market people that this policy will affect is that the incident of fake notes, juju money, thief and robbery will reduced to the barest minimum. The issue of my sale girl/boy is stealing my money will be forgotten, many are the benefits for all, except the issue of compromise of passwords and pins on one's account.

What many do know is that this policy will affect Politicians, can reduce kidnapping/money laundering businesses.

What I am very sure was that Sanusi was technically sacked because he was hell bent to implement this Cashless Policy to the letter.

Well I feel the policy is too harsh. The cashless thing and charges can apply to Withdrawals above 500k, even 200 or 300k. After all, Nigerians pay N65 on ATM withdrawals as low as 5k or 1k.

Enforcing same on deposits does more harm than good. How do you encourage cashless policy by charging people that are trying to convert their cash to digits?

msmon:
YOU NEED TO BE EDUCATED ON THIS NEW CBN CASHLESS POLICY.

CBN Policy Says Cash Withdrawal and Deposits Amounting to 500k or more now are to attract additional charges,

The policy is Straight and Simple.

What it is saying is that if You want to make a cash withdrawal of 500k then you should be ready to pay 15k as charges.

Also if you want to deposit 500k then u should be ready to add extra 10k on it as charges.

Now the question is why?

The answer is beacuse the government is trying to encourage a cashless economy.

So how do you avoid this penalty?

Simple! Don't withdraw cash in excess of 500k to pay anybody, rather collect their account number and transfer the cash to them. Also if someone wants to pay You 500K don't collect it since You know You can't keep it in the house but will take it to bank who will then charge You for the deposit. Instead, tell the person to use Your POS or transfer to Your account or they pay You through USSD CODE.

This way, the Cashless Policy Will be Implemented.


Culled from:- Moshood Abiola Ologundude FACEBOOK PAGE

Let them reduce online and atm charges

For me I see no issue with this.

It's a means of forcing cashless policy on the people. However I don't subscribe to choosing few states alone.

It should be a nation wide thing.

I find it so hilarious that the people making noise up and down over this don't even have 50.000 naira to lodge in their account talk more of 500k.


Someone who can withdraw or pay or recieve 500k into an account daily can afford the bank charges.

Only broke people who haven't even seen how 500k looks are making noise up and down.

SAME WAY PEOPLE HAVE BEEN MAKING NOISE OVER VAT AS IF WHEN THEY GO TO THE MARKET TO BUY FOOD STUFFS THE MARKET WOMAN/MAN CHARGES THEM VAT.

OR WHEN THEY GO BUY STUFFS FROM ABOKI HE CHARGES THEM VAT.

OR WHEN THEY GO TO MAMAPUT, SHE CHARGES THEM VAT.

OR WHEN THEY CARRY ASHAWO, SHE CHARGES THEM VAT.

msmon:
YOU NEED TO BE EDUCATED ON THIS NEW CBN CASHLESS POLICY.

CBN Policy Says Cash Withdrawal and Deposits Amounting to 500k or more now are to attract additional charges,

Now the question is why?

The answer is beacuse the government is trying to encourage a cashless economy.

So how do you avoid this penalty?

Simple! Don't withdraw cash in excess of 500k to pay anybody, rather collect their account number and transfer the cash to them. Also if someone wants to pay You 500K don't collect it since You know You can't keep it in the house but will take it to bank who will then charge You for the deposit. Instead, tell the person to use Your POS or transfer to Your account or they pay You through USSD CODE.

This way, the Cashless Policy Will be Implemented.


Culled from:- Moshood Abiola Ologundude FACEBOOK PAGE

But these banks would still tell you that you can't transfer more than 1000000 naira

NativeDoctor1:
For me I see no issue with this.

It's a means of forcing cashless policy on the people. However I don't subscribe to choosing few states alone.

It should be a nation wide thing.

They are forcing cashless policy but it was better to withdraw and go and deposit because of extra charges
If you want cashless policy then remove all charges that is associated with using cashless policy.
I just see it as way of enriching themselves

dedollarman:
. this policy will not favour the business class

just take a look at some company will deploy all their sales rep to market their products and customers will be buying goods worth #20,000#50,000 #200,000,#100,000 at the end of the business day all the sales reps will give acct to the company in cash which many be total up to #5,000,000 #10,000,000 or even #20,000,000 on daily basics
how would they deposit the money in the bank because their profit may not even be up to this charges from the bank

Secondly how would u control or react to ur customers
That are owing paying to ur account if u have multiple
Customers how would u tell not to pay u that ur acct has reach it daily limit

Thank you, they need to remove all those limit and charges

PassingShot:

I live in a cashless economy. So, nothing you can tell me about it.

How many people (common masses I mean) carry N500k about?

Reason deeply.

So you think people don't make sales of up to 500k a day?

By the way, how long does transactions as low as 3k transfer take in that cashless society of yours?

Even first world countries still have their concerns about completely abolishing cash and going fully on elcetronic money not to talk of Nigeria.