PassingShot:

Please educate me on why the policy is bad?

JKisOK:
Banks Defy Legislature, Serve Notice Of Cashless Policy Implementation

Despite the House of Representatives directive that CBN and banks stop the implementation of the latest cashless policy initiative, some banks appear bent on going on with the move.

Polaris Bank, for example, has served notice to its customers.

Nigerians see the move as fleecing bank customers by financial institutions with the active connivance of the CBN.

The House of Representatives responded to these misgivings by ordering the banks to shelve the plan. But banks, standing to benefit, seem determined to go on with the plan.

Now it is a matter of who blinks first and whose words will hold water: the Legislature or the banks.

ATTENTION PLEASE...

nick50:
..no we don't have legislators..we only have rubber stamp senate

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

Acidosis:


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?

JKisOK:
Banks Defy Legislature, Serve Notice Of Cashless Policy Implementation

Despite the House of Representatives directive that CBN and banks stop the implementation of the latest cashless policy initiative, some banks appear bent on going on with the move.

Polaris Bank, for example, has served notice to its customers.

Nigerians see the move as fleecing bank customers by financial institutions with the active connivance of the CBN.

The House of Representatives responded to these misgivings by ordering the banks to shelve the plan. But banks, standing to benefit, seem determined to go on with the plan.

Now it is a matter of who blinks first and whose words will hold water: the Legislature or the banks.

ATTENTION PLEASE...

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