ojoadeola:
The OP does not understand the whole issue here

Why would I ask a POS to pay for me when I have my ATM and USSD with me?
Why would I approach a POS to help me transfer when I can make the transfer on my phone?
How would the POS handle the request of different people that comes to the stall for cash, when the Operator only has access to 100k per week?
If the Operator should hoard cash, how sufficient will the money be to handle various requests?

What I think may happen is for the CBN and the different POS companies to create a platform for POS operators to access more funds, to serve the people.

Otherwise, the poor will suffer more, because they would be made to pay for any extra charges the Operator incurs on getting Cash. The People may be made to pay N500 for every N5k withdrawn via the POS

BATified2023:
let’s assume 50 people will withdraw a day n they withdraw an average of 5k which is 250k meaning he will make 100 in 50 places that’s 5000

Do u know how much he will use to collect the 250k in bank?

That’s 12500 if the 5% rate is applied

So tell me how he will make profit if he uses 12k5 to withdraw n make 5k?

thebosstrevor1:


Not everyone uses USSD, that is why POS business exist

also sometimes USSD might be down, then your other option is POS

Also USSD has some restrictions when sending large amount, so you use POS

bixton:


I don't think you understand how the POS service functions....
Nevertheless I don't think there's less ATM points across the country. The reason why many patronize POS for one reason is because of the queue you'll either meet at the ATM points or even inside the banking halls because we are a people always in a hurry to some non existent place.

thebosstrevor1:
Most POS operators are concerned about the new CBN cashless policy, I personally think they shouldn't stress themselves and I think the new CBN policy is a good one for them.

Since a cashless policy is the primary goal of the CBN, if you are a pos operator, you can use this to your advantage, now that the government is encouraging a cashless system that means more business will come your way.

for instance, if someone wants to pay his children's school fees, that person can walk to any POS operator and do that, and you will be able to charge your usual transaction fee

if someone wants to pay for goods and they are far away from an atm or bank, they can now use your POS services to do that transaction

if someone wants to transfer money from their atm to their family member in another location, then it is easy for them to use your POS

people that want to receive cash can also use your POS service, they will transfer the money they need to your account and you give them cash while you take your commission

The CBN cashless policy will bring more customers to your POS Business, now people will be able to pay for anything through POS and you will cashout, you will get more customers than ever before.

Anyway, just see the big picture, fantasize, dream and think of how much money you will make from CBN cashless policy.

thebosstrevor1:
Most POS operators are concerned about the new CBN cashless policy, I personally think they shouldn't stress themselves and I think the new CBN policy is a good one for them.

Since a cashless policy is the primary goal of the CBN, if you are a pos operator, you can use this to your advantage, now that the government is encouraging a cashless system that means more business will come your way.

for instance, if someone wants to pay his children's school fees, that person can walk to any POS operator and do that, and you will be able to charge your usual transaction fee

if someone wants to pay for goods and they are far away from an atm or bank, they can now use your POS services to do that transaction

if someone wants to transfer money from their atm to their family member in another location, then it is easy for them to use your POS

people that want to receive cash can also use your POS service, they will transfer the money they need to your account and you give them cash while you take your commission

The CBN cashless policy will bring more customers to your POS Business, now people will be able to pay for anything through POS and you will cashout, you will get more customers than ever before.

Anyway, just see the big picture, fantasize, dream and think of how much money you will make from CBN cashless policy.

Typicool8:
If you look at it critically, it has its own advantages and disadvantages.
Think about the market women that are into sales of foodstuffs and all , how will they cope ?

Acidosis:


..and how will this affect banks and bank workers?

Think about it.

thebosstrevor1:
Most POS operators are concerned about the new CBN cashless policy, I personally think they shouldn't stress themselves and I think the new CBN policy is a good one for them.

Since a cashless policy is the primary goal of the CBN, if you are a pos operator, you can use this to your advantage, now that the government is encouraging a cashless system that means more business will come your way.

for instance, if someone wants to pay his children's school fees, that person can walk to any POS operator and do that, and you will be able to charge your usual transaction fee

if someone wants to pay for goods and they are far away from an atm or bank, they can now use your POS services to do that transaction

if someone wants to transfer money from their atm to their family member in another location, then it is easy for them to use your POS

people that want to receive cash can also use your POS service, they will transfer the money they need to your account and you give them cash while you take your commission

The CBN cashless policy will bring more customers to your POS Business, now people will be able to pay for anything through POS and you will cashout, you will get more customers than ever before.

Anyway, just see the big picture, fantasize, dream and think of how much money you will make from CBN cashless policy.

somehow:


Then register your POS as a Ltd and enjoy higher limit.
20k per day is for 'individual POS'.

Cashless policy is here to stay.

highness25:
Did I hear you say "they can transfer to me and I'll give them cash"? It seems you don't know what you're saying yet. Customers transferring to POS merchants is the most risky part of the business. What if the transfer is coming from a stolen phone? And with the policy, I can't withdraw more than 100k a day. What if I run out of cash and someone sends more than 100k how will I be able to withdraw from the bank and pay the person? Some people doesn't think Sha.

thebosstrevor1:


Let me explain

If you are going to make payment through the pos for lets say school fee.

the POS operators deduct the school fees plus commission from your atm, he doesnt have to deal with cash.

Also If a POS operator wants to deal with cash, he can also hoard money( save money) and dispense out to those who want withdrawal for a fee

thebosstrevor1:
Most POS operators are concerned about the new CBN cashless policy, I personally think they shouldn't stress themselves and I think the new CBN policy is a good one for them.

Since a cashless policy is the primary goal of the CBN, if you are a pos operator, you can use this to your advantage, now that the government is encouraging a cashless system that means more business will come your way.

for instance, if someone wants to pay his children's school fees, that person can walk to any POS operator and do that, and you will be able to charge your usual transaction fee

if someone wants to pay for goods and they are far away from an atm or bank, they can now use your POS services to do that transaction

if someone wants to transfer money from their atm to their family member in another location, then it is easy for them to use your POS

people that want to receive cash can also use your POS service, they will transfer the money they need to your account and you give them cash while you take your commission

The CBN cashless policy will bring more customers to your POS Business, now people will be able to pay for anything through POS and you will cashout, you will get more customers than ever before.

Anyway, just see the big picture, fantasize, dream and think of how much money you will make from CBN cashless policy.

Ravenglass:


So many misinformation here.

For clarity, you can't do more than 20k singular transaction per card on POS now. So, if you wanna buy that OLED TV, your card may be useless and you may have to transfer.

POS business in areas where people do little amounts will thrive. However, in a place like Ladipo or Alaba, it may be tougher.

Also, withdrawal per week for individuals is #100k and corporate, #500k. You may wanna open a corporate account now.

Futhermore, besides the 5% / 10% processing fees on withdrawals above, at certain volumes, you'll also be needing the written approval of the MD/CEO of the bank. I doubt if MDs will really have such times for numerous approvals.

All in all, let's see how January 9, 2023 begins.

Cheers!

ojoadeola:
The OP does not understand the whole issue here

Why would I ask a POS to pay for me when I have my ATM and USSD with me?
Why would I approach a POS to help me transfer when I can make the transfer on my phone?
How would the POS handle the request of different people that comes to the stall for cash, when the Operator only has access to 100k per week?
If the Operator should hoard cash, how sufficient will the money be to handle various requests?

What I think may happen is for the CBN and the different POS companies to create a platform for POS operators to access more funds, to serve the people.

Otherwise, the poor will suffer more, because they would be made to pay for any extra charges the Operator incurs on getting Cash. The People may be made to pay N500 for every N5k withdrawn via the POS

thebosstrevor1:


Why do people use POS when there is ATM and USSD

ATM can be faraway and USSD can have a transfer limit

thebosstrevor1:


Why do people use POS when there is ATM and USSD

ATM can be faraway and USSD can have a transfer limit

thebosstrevor1:


you dont transfer out of your wallet

you are offering a service of using your POS to transfer money

if someone says he wants to transfer 10k to another person, you deduct from the person atm the 10k plus your fee, so it will be 10k+50 or 100 naira( your profit aka transfer fee)

BATified2023:
do u know if the market woman wants to restock

She has to go to bank to withdraw the 100k of which she will use 5k to withdraw on the counter,meaning to every 100k transaction she’s parting with 5k

So where is the gain?

BATified2023:
so how will the Pos guy withdraw from d bank since he can only withdraw 20k a day?

Don’t forget if u have 15 accounts n it’s linked to just 1 bvn u can only withdraw 20 from d whole account or he enters bank n they charge him 5k for collecting 100k

How will he make gain?

Don’t u know with the new policy,cbn is encouraging savings n discouraging withdrawals

Angrymode:


Most people already know how to use USSD for transactions so most of what you are saying is invalid. This cashless policy is gonna hit POS operators hard on withdrawals but it will also turn them to deposit messengers for a little while. It's services such as airtime/data and other subscriptions that will largely keep their business going that's if they will survive for long.
Not too true because they will always recycle the money...... Some people will deposit while some withdraw
Remember how phonebooths faded out with time. This might just happen to POS operators.

thebosstrevor1:
Most POS operators are concerned about the new CBN cashless policy, I personally think they shouldn't stress themselves and I think the new CBN policy is a good one for them.

Since a cashless policy is the primary goal of the CBN, if you are a pos operator, you can use this to your advantage, now that the government is encouraging a cashless system that means more business will come your way.

for instance, if someone wants to pay his children's school fees, that person can walk to any POS operator and do that, and you will be able to charge your usual transaction fee

if someone wants to pay for goods and they are far away from an atm or bank, they can now use your POS services to do that transaction

if someone wants to transfer money from their atm to their family member in another location, then it is easy for them to use your POS

people that want to receive cash can also use your POS service, they will transfer the money they need to your account and you give them cash while you take your commission

The CBN cashless policy will bring more customers to your POS Business, now people will be able to pay for anything through POS and you will cashout, you will get more customers than ever before.

Anyway, just see the big picture, fantasize, dream and think of how much money you will make from CBN cashless policy.

thebosstrevor1:


you dont transfer out of your wallet

you are offering a service of using your POS to transfer money

if someone says he wants to transfer 10k to another person, you deduct from the person atm the 10k plus your fee, so it will be 10k+50 or 100 naira( your profit aka transfer fee)