To make the cashless policy work efficiently, CBN should have its own POS and issue it out to business entities and SMEs/ pos kiosk owners.

The CBN owned pos would really help to drop down the price on pos withdrawals and also curb inflation in the economy.

When you buy things with privately owned pos like monie point, palmpay, etc, the pos charges the agent a certain amount of money so the agent has to charge you too to make a profit. But if CBN steps in with its own POS without transaction charges, people will prefer to pay at shops with their cards because the seller will not charge them as the pos does not charge the seller.

The only thing CBN should do is say each owner of their pos would pay 1k monthly.

If an economist/ financial consultant looks into this my suggestion, he or she would discover a lot of good things this could bring to the economy. Cashless policy will be successful if this is done.

Also CBN should often advertise on tv how to use their pos so that even people in the village would know how to use the pos. Also telecommunications company should up their game and ensure that their sim services is available

Instead of all this, why don't they pump more money and stop this cash scarcity?
You thought about that?

boltwings:

When you buy things with privately owned pos like monie point, palmpay, etc, the pos charges the agent a certain amount of money so the agent has to charge you too to make a profit. But if CBN steps in with its own POS without transaction charges, people will prefer to pay at shops with their cards because the seller will not charge them as the pos does not charge the seller.

So you except a POS agent to be keeping huge amounts of money in their possession for free. 😏

You need to think logically.

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DynamicWriter:


So you except a POS agent to be keeping huge amounts of money in their possession for free. 😏

You need to think logically.

madam when we go cashless there won't be need for a pos agent to keep much cash. And you didn't understand what I wrote up there, you are possibly commenting from a layman's point of view. Are you an economist or financial consultant? I guess no. Go back and consult an economist or financial consultant then come back and comment logically. The idea I dropped up there is something that CBN would picked up immediately if they come across it, maybe they may already have it in mind. Remember we are having CBN ATM card soon.

Olasyke:
Instead of all this, why don't they pump more money and stop this cash scarcity?
You thought about that?

if they pump in more money then the cashless policy will not work. For it to work, there should be less money in circulation.

The reason why we are feeling the pains is because in Nigeria there are no much avenue to pay with your credit card. But as the government tries to bring in all that, people can make payments through CBN pos that does not charge customers or agents.

I have much to say concerning this but I don't have time now.

Why can't CBN introduce a wallet with ussd code that can be used for transactions for as low as N5 without charges.

That is, you can buy N5 biscuit and make N5 transfer to the seller without any extra charge.

Ussd code is accessible with all mobile devices and doesn't need ATM cards. All CBN has to do is to enlighten ppl thru radio. Tv, news papers and internet on how to use the ussd wallet.

You don't even need a bank account to use ussd wallet, you can transfer money to the wallet thru pos agents and that is the only time you will pay for charges.

Or Is there anybody in Nigeria today that doesn't know how to operate a mobile phone?

They should have implemented something like this since last year before the cashless policy came into full force this year. If they did, by this time we would have gotten acquainted with the system.

ucheheart:
Why can't CBN introduce a wallet with ussd code that can be used for transactions for as low as N5 without charges.

That is, you can buy N5 biscuit and make N5 transfer to the seller without any extra charge.

Ussd code is accessible with all mobile devices and doesn't need ATM cards. All CBN has to do is to enlighten ppl thru radio. Tv, news papers and internet on how to use the ussd wallet.

You don't even need a bank account to use ussd wallet, you can transfer money to the wallet thru pos agents and that is the only time you will pay for charges.

Or Is there anybody in Nigeria today that doesn't know how to operate a mobile phone?

They should have implemented something like this since last year before the cashless policy came into full force this year. If they did, by this time we would have gotten acquainted with the system.

this is also a good point but to solve the issue of waiting for seller to receive payment before leaving the sellers shop, I think pos option is the best. And also I believe #5 will also be available in the economy, so while initiating small transactions as such, you can pay cash and you can also use pos and the pos won't charge the owner more than #5 because the pos won't come with charges.

CBN can make money through the sales of the pos at affordable prices, let's say 5k to properly registered owner and also charge them 1k per month as maintenance fee. They will make money from this, it will reduce inflation too and other benefits.

USDD option as you stated, can also be made available too thats if CBN can have its own wallet (I believe e-naira wallet can get this done) then CBN should enlighten people on how the e-naira works and how their pos works so that even people in the village would be able to operate it.