I hope this Man is not on a mission of grinding down Nigeria Economy(i personally have not really shared some of his vision)The idea is a good development, you dont need to be a CBN governor to know we need to move to a cashless environment, it takes you just to have spent two days outside nigeria(in semi developed to developed countries) personally i think it would be a failed project again because the fundanmental are not right.I have worked several years in the Bank in the Nigeria,worked in a switching company and presently leave outside Nigeria(for now) i think what sanusi should focus on as CBN for now is work with other government parastal and priviate organisation to archieve:
1)Address verification and proper National identity for everyone:with this in place we know who is who, you cannt not commit crime and fraud you will be fished out almost immediately, including the rural areas(this will take on a minimum a year to archieve)
2)CCTV on almost every corner in Nigeria to combat crime and monitoring
3)ELECTRICITY must be provided on the mimimum 20 hours a day all over the country
4)we need great Telecommunication network accross Nigeria,thereby enhancing better internet connection
5)people need to be educated,conversant and assured with the use of POS,ATM etc
6)We need functional call centres privately own in various sector of the economy
the above is just a mimimum requirement that must be a place for POS to be accepted as alternative means of payment in Nigeria,because merchant need to be assured that the person swipping a card to make payment can be trace and tracked down in case of a transaction dispute,people need to trust own another that online payment can be secured ,meaning most people should have access to internet almost 24hours and the systems also needs to be online and not always down,so our telecoms needs to be at the world mimimum standard first, i think without putting all this basic in place first we are joking and it would be a failed project, there needs to be an incentive for the use of card and good online banking and card service is enjoyed with credit card not just debit card, so how many of our banks can offer full credit facility now when customer credit rating is done on account officers table based on what his church mind tells him(ask ecobank about credit card they will tell you how they were burnt).please SLS he is a joker with his date on a mimimum five from now.

what  concerns sanusi. Withdrawal should be on our discretion

Donlittle:

does it look like, sum1 u sell cow to, can receive, cheques,online wateva,? fucck no, they deal with money!

I know, they'll have to get credit/debit card machines. The problem is I don't think we have the infrastructures to support such a cashless society.

[size=5pt]Damn, it's not possible in Nigeria for now with our ultra slow internet networks.[/size]  

You people should come and bank in my Bank where we do not operate on such laws.

Brain Dead stupid policy.

So If I have more than the stipulated amount, I should keep some for robbers in the house and the others at the bank abi?

Ode!

I bimn think say the man get sense gan!

This will RUIN the economy.

The infrastructure is not in place.

Less than 1% of merchants are equipped to accept electronic payment.

It will impede commerce and drive the economy underground.

Donlittle:

does it look like, sum1 u sell cow to, can receive, cheques,online wateva,? fucck no, they deal with money!

You might not even be able to do over 150K Naira in Checks

C me o:

I want people to see this as a good development for our banking industry. The project will be implement in 2012. However, before this time, I am sure the CBN would have made a proper arrangement for payment of bills with your debit card. With this, you wont need to go around with cash but through e-payment (i.e. you can pay and recieve for cement, petrol, shopping, etc by swapping your debit card on a small machine). This will reduce the incidence of robbery, too much cash transaction but increase e-payment channels fraud. It can be sustained if well planned. Sanusi, this is a welcome development, You have my total support provided it is well sustained.

Believe me this is kind of development (via planning) that we need in Nigeria not the fire brigade development which cannot sustained overtime.

Without adequate provision for electronic payment, I doubt if this policy will work. Buyers and sellers must have a solid alternative before you can impose a limit on how much someone can withdraw from his account.
And don't you need electricity to make debit card machines work?

Before people begin to scream and shout, we have to ask ourselves: WHAT IS CASH?
Answer: A medium of exchange.

In bringing out this policy, I am quite sure the CBN will roll out other methods of exchanging money for goods and services such as deployment of POS terminals everywhere.

Large amounts can always be paid via cheque.

Ideally speaking, we should not be carrying cash around. We are in the 21st century and we should start transiting from obsolete methods of doing things to the modern way, which is introducing a cashless society.

When there is no cash to exchange, robberies will cease, because there will be nothing to exchange for stolen items like cars, electronics, etc, and no cash to steal.

We are however going to see an increase in crimes like IT related thefts, such as hacking online accounts and possibly stealing and attempts to POS terminals. It is a natural transition.

For the budding entrepreneurs, this presents an opportunity. We are going to see deployment of modern methods of exchange. We will see opportunities for IT areas dealing with cyber security, cyber forensics, deployment of software solutions, transactions via phone applications, etc.

Rather than scream and shout about the policy, we need to tap into the opportunity. I am already meeting with my team to decide where the cash will come in.

My only problem is the politicians; they are the ones who launder money, spray cash in parties to show off their wealth, and use money for elections. They will definitely try to kill the policy.

Let's watch what happens.

Aigbofa:


Without adequate provision for electronic payment, I doubt if this policy will work. Buyers and sellers must have a solid alternative before you can impose a limit on how much someone can withdraw from his account.
And don't you need electricity to make debit card machines work?

This is to tell you how our people think now, the so called leaderssssssss

jerseyboy:

This will RUIN the economy.

The infrastructure is not in place.

Less than 1% of merchants are equipped to accept electronic payment.

It will impede commerce and drive the economy underground.

Maybe this policy may force the government to accelerate the provision of necessary infrastructures which they've been neglecting before.
It's an eye opener for everyone that Nigeria should have been a cashless society in like 10 yrs ago.

stagger:

Before people begin to scream and shout, we have to ask ourselves: WHAT IS CASH?
Answer: A medium of exchange.

In bringing out this policy, I am quite sure the CBN will roll out other methods of exchanging money for goods and services such as deployment of POS terminals everywhere.

Large amounts can always be paid via cheque.

Ideally speaking, we should not be carrying cash around. We are in the 21st century and we should start transiting from obsolete methods of doing things to the modern way, which is introducing a cashless society.

When there is no cash to exchange, robberies will cease, because there will be nothing to exchange for stolen items like cars, electronics, etc, and no cash to steal.

We are however going to see an increase in crimes like IT related thefts, such as hacking online accounts and possibly stealing and attempts to POS terminals. It is a natural transition.

For the budding entrepreneurs, this presents an opportunity. We are going to see deployment of modern methods of exchange. We will see opportunities for IT areas dealing with cyber security, cyber forensics, deployment of software solutions, transactions via phone applications, etc.

Rather than scream and shout about the policy, we need to tap into the opportunity. I am already meeting with my team to decide where the cash will come in.

My only problem is the politicians; they are the ones who launder money, spray cash in parties to show off their wealth, and use money for elections. They will definitely try to kill the policy.

Let's watch what happens.

So as a business man.
I need to transfer like 30,000$$ from Nigeria to USA and yet the banks cant sell you $$ . . . Please tell me how to make it happen, and please dont talk about the useless method of giving this and that to the banks

Obiagu1:

Maybe this policy may force the government to accelerate the provision of necessary infrastructures which they've been neglecting before.
It's an eye opener for everyone that Nigeria should have been a cashless society in like 10 yrs ago.

Are you kidding me?
Like these people really care?

Fhemmmy:

Are you kidding me?
Like these people really care?

They will care when people complain they've no electricity to make transactions, the internet is too slow, etc. If the government can't cope, then the policy will be scraped. Nigeria is so fu.cked up though.

I think this is not a timely proposition, first they should make the guys at alaba, kano and even market people to have cash machine where one can use ATM card without fear of "yahoo".

Obiagu1:

They will care when people complain they've no electricity to make transactions, the internet is too slow, etc. If the government can't cope, then the policy will be scraped. Nigeria is so fu.cked up though.

I had to modify, I totally forgot what impact electricity and internet has on this proposal.

Fhemmmy:

So as a business man.
I need to transfer like 30,000$$ from Nigeria to USA and yet the banks cant sell you $$ . . . Please tell me how to make it happen, and please dont talk about the useless method of giving this and that to the banks

If you do international business, then you should open a dollar account in Nigeria. If you want to transfer $30,000 to the US, simply go to your bank, do a wire-transfer or whatever means you've been using to send the money.
Do you take the $$ cash to the US before? Just asking . . .

Sanusi is on point and we should give him a chance. After leaving Naija, cashiers in the US used to be scared to take cash from me coz I'd be carrying between $2,000 and $3,000 in my wallet. Anytime I pay for something above $200 they'd start scanning my cash to see if it's fake. Now I know better and have gone cashless plus my wallet is lighter to carry around. I must confess that I'm enjoying the benefits,  I can actually contest payments on useless services/products  and get my cash back as against the practice in Naija where you can't get your money back most of the time.
My ONLY problem is that all the people owing me will have an excuse not to pay me all at once,  Sanusi you wan wound me?

Dumb

Fhemmmy:

You might not even be able to do over 150K Naira in Checks

oh well i will go to ghana and open a bank account then, i hope it doesnt apply to organization and companies, cuzz this might affect them, they wil keep the money in the company, thief will rob them, they willl be broke and move to another country, which will now make a lot of youth jobless, Look like arm robbery is the job to do lol

good policy but must evrything be like a decree, create awareness and make people appreciate the issues. However, how many businesses rely on banks confirmation after cheque presentation. So there's nothing like emergency orders .supermarkets are in trouble and will be forced to acquire pos. But what happens to those mallams and business men who makes our eyes pop and keep us 1hour plus in the bulk deposit section at the banks ?. Businees go chage be that. Abi?

stagger:

Before people begin to scream and shout, we have to ask ourselves: WHAT IS CASH?
Answer: A medium of exchange.

In bringing out this policy, I am quite sure the CBN will roll out other methods of exchanging money for goods and services such as deployment of POS terminals everywhere.

Large amounts can always be paid via cheque.

Ideally speaking, we should not be carrying cash around. We are in the 21st century and we should start transiting from obsolete methods of doing things to the modern way, which is introducing a cashless society.

When there is no cash to exchange, robberies will cease, because there will be nothing to exchange for stolen items like cars, electronics, etc, and no cash to steal.

We are however going to see an increase in crimes like IT related thefts, such as hacking online accounts and possibly stealing and attempts to POS terminals. It is a natural transition.

For the budding entrepreneurs, this presents an opportunity. We are going to see deployment of modern methods of exchange. We will see opportunities for IT areas dealing with cyber security, cyber forensics, deployment of software solutions, transactions via phone applications, etc.

Rather than scream and shout about the policy, we need to tap into the opportunity. I am already meeting with my team to decide where the cash will come in.

My only problem is the politicians; they are the ones who launder money, spray cash in parties to show off their wealth, and use money for elections. They will definitely try to kill the policy.

Let's watch what happens.

Yes, i agreed with you, it is good policy for nation development and growth but CBN need to know that there are many challenges for it as far as Nigeria is concern. The big challenge is infrastructures and public enlightenment. This man call Sanusi is one of transformer of our time, Nigeria need to transform this nation for good but he needs our support to achieve greatness for this country through monetary policies.

lol yall dont know what your basing your opinions on. can yall say how this will ruin the economy, its an incentive to get rid of the cash trapped economy. does it say you cant do an electronic transfer? in the usa its very common for people to get rejected for trying to withdraw over 10000, i tried going to buy a car once, i had to wait a week.

good policy, rude awakening but nigerians will adjust most definitely, since its starting with the main cities like lagos, abj, ph, aba etc. How does the mother eagle teach her eaglets to fly? By carrying them and then dropping them suddenly; when the eaglet is about to drop to the ground, the mother eagle picks her up again and continues the process until the eaglet flaps its wings and struggles to stay afloat, and then fly seamlessly. Humans naturally like the statusquo, but Sanusi says hey Nigeria, its time u're up there, I'll make you fly whether you like it or yes.

world economy central banks drives policies that reduces interest rates in a bid to make funds readily available for investments that could grow their economies.

Sanusi's cbn is always focusing on operational day to day policies rather than broad based economic blue prints that could launch nigeria economy in the pact of growth.
why?

he will soon be designing deposit and withdrawal forms for nigerian banks.

Hey hey hey guys, pause before you go on overdrive cursing SLS. Do you know that about 70% of Nigerians now own GSM phones? This policy is feasible but might need more than 1 yr to fully mature. Big businesses will use card system payment gateways while small business owners like petty traders in the market use sms payment options since mobile phone spread is very wide now within the Nigerian populace. I see this as a move in the right direction. SMS payment systems will now be developed. A cashless society won't be a bad idea. Lets give it a shot

All this CBN fire approach to issues.

No doubt the aim of this sanction is fantastic to reduce cash trasaction .However this will generate other side effect as customers will now open a lot of separate account to allow them draw more based on cummulative drawing from all the accounts.

Another option is that customers will simply keep thier cash will them and in effcet keep more cash in the system which is exactly what CBN is trying to avoid.

The should have probably intoduced incentives for tranfers and other channels rathar than this sanction.


Who go wan dey use all this online payments that is not working perfectly.Na embarasment be that.

sanusi missed this one, imho

while it will undoubtedly tackle ghana must go corruption - which may be its aim, it will make doing business extremely difficult, especially when you consier the fact that most of us do not have enough faith in electronic transactions

i only use my atm card for withdrawals

there is far too much fraud in the system for me to be doing online transactions etal

nigeria is NOT ready for this

and i certainly don't want creidt cards - those things will kill you

it seems the goal is not to have us get to a cashless society - from the looks, it is a psuedo-fiscal policy aimed at reducing liquidity, but that is absolute meecrob!!   of what use is a fiscal policy when FG can wake up one beer-filled evening and draw-down $2 billion for poverty alleviation to be distributed to all states ASAP   Atypical of our Federal Finance moguls to junk us around on several monetary/fiscal/voodoo policies

Nothing good can come out from Mr. Lamido Sanusi, sentiment apart.
- in a country where more that 50% cannot read and write;
- in a country where more that 99% has no access to home internet;
- in a country where people are loosing their money to ATM just like that;
- in a country where 419 is the order of the day;
- electricity nko?

This another attempt to kill business where the business is business and this is the best time for President Goodluck to do away with this guy for good.

The CBN needs to put a good system with security in place and proof to people that they are responsible then the law of free market will follow.

Just think of it, $1000.00 - this is another attempt to turn the rest of us to Almajiri that they will be able to control any how.

Mr. President show this guy the door now now! you won this election!

Islamic banking 501.1

Come to my business without cash and see if the transaction is going to be accepted. This is the mindset almost every biz in Naija. So Sanusi must be out of his mind. Most businesses dont even accept cheques  and we are talking about cashless system. This  is another dead on arrival policy