The solution is to make cbn release cash to the banks than the creation of cash scarcity

Supported, POS already turn to scam

Mozhac:
Meaning that POS is suppose to be used by people who buy and sell things. Not as a business venture.

Super markets shouldn't use it to make cash transactions.

As business venture: Agents shouldn't exceed the both withdrawal and deposit limits and this would be regulated by the CBN.

How do we diferentet merchants terminals and agency banking terminals

mcdokwe:
read, my fellow youths, read to understand!

Before the use of POS terminals as agency banking, P O S which actually means Point of Sales terminal were solely used by merchants for the sole purpose of collecting payments... now enter Agency banking, where you now use the terminals to "cash-in" (deposit) and "cash-out" (withdraw).


now, due to the current situation, terminals supposedly marked out as "merchant terminal" are used as "agency banking" and that is what CBN is trying to stop.

but then, again, this is like the proverbial hunt for rats when the house is on fire.

Emefiele, wake up o!

Does he want the people to starve? This was a man who thought of running for presidency

This is just sadistic.

iHart:
They introduced cashless policy and banking halls became empty. Bank apps became sluggish and people switched to POS to make and recieve payments. Nobody is going to the banks for transactions. Banks are threatened, now they want to fight POS

Banks are not threatened at all,banks are still in control of deposits and transfer made on pos.it only reduced the work load of banks employees

FairlyUSEDpussy:
At least let them remain banned for now till things settle........

Stupid yahoo yahoo pos operators.........
Ntorr!!!

Abi ooo. POS added to the problem Nigerians face

Way to go

stevups:


Abi ooo. POS added to the problem Nigerians face

Howdid pos contribute to the current problems

remsonik:
Good, cos this pos people are really using this thing to eat too much from the poor masses. I just pray that by the time naira notes is available pos don't keep to draining money from people

Read to understand before commenting
What cbn is saying is simple


In lay man's term


Big super stores, filling stations,mini financial agents that have "merchant" pos strictly for payment of services wiill be barred from using it as a means of retailing cash (withdrawal/deposit) to the masses..

All of you hailing this decision are very funny

Know be small confusion for Nigeria people ooooo

Elliotwaveforec:
That it to say no more deposit and withdrawal through the POS device; it's meant for sellers of goods and services (merchants) only.

Operators should start looking for other means of earning a living.

Omo ur confusing me the more o.
I don't understand all this English.

But again what is this Emefiele guy up to?

He hasn't been able to help reduce inflation. Dollars still high.

What is his own with pos again

Read to understand...All he said was that if a particular POS was for a particular purpose it should be strictly used for that...Take for example a POS in the supermarket used for depositing cash and withdrawal..it's should strictly be used for payment only .

Mozhac:
Meaning that POS is suppose to be used by people who buy and sell things. Not as a business venture.

What Are they madddd?


This ma is up to something o

Bet u no understand wetin emefiele talk

iHart:
They introduced cashless policy and banking halls became empty. Bank apps became sluggish and people switched to POS to make and recieve payments. Nobody is going to the banks for transactions. Banks are threatened, now they want to fight POS

Pwhitelaw:
Read to understand...All he said was that if a particular POS was for a particular purpose it should be strictly used for that...Take for example a POS in the supermarket used for depositing cash and withdrawal..it's should strictly be used for payment only .

So do they use the POS in supermarkets to give people cash

Stanweezy:
At a point this man was making sense but now he's insane

He is the best cbn governor,after all this policy is only affecting Tinubu. Stop complaining we are enjoying the policy.

Whois:
How do we diferentet merchants terminals and agency banking terminals

that is a regulatory issue, not physically distinguishable, even if they were, agency banking is an all comers affair, hence nothing stops a merchant from acquiring a terminal marked 'agency banking' for that purpose.

This emefiele is becoming a confused man, so, if one wants to buy goods worth 500k and intends to use POS to make payments, the person won't be able to cuz its above daily card limits so how does he want people to make payments when merchants don't take transfers for such transaction....

Please is dis not fake news

tbobuneo:
Our 9ja with everyday drama, Okay POS in my Village helps some! to get Cash instead of going on a long journey to main town. Why would our leader push us this hard, like they literally don't care😔 POS business has put food on their table, for families and now you want to make some fellow Nigerians Cry...🤔 This is not Fair.

the Nigeria citizens have no decision 😜

ManirBK:
Ano even understand.. Those English used were too emefelized to my understanding

But what we all knew this is pay back time but it has good and bad effect during this period

I tire o..I nor understand o.. who are agents? Who qualifies to be an agent?

iHart:
They introduced cashless policy and banking halls became empty. Bank apps became sluggish and people switched to POS to make and recieve payments. Nobody is going to the banks for transactions. Banks are threatened, now they want to fight POS

They are doing the right thing though.

Pos people would go and empty all the ATMs, u would see like 5 ATMs and they will all be out of cash

Chinedumsimpero:
Please is dis not fake news

the effective will soon start 🐎✍️

domack99:


https://www.vanguardngr.com/2023/03/cbn-bars-agents-from-using-pos-terminals-for-transactions/

we can't all be at the bank at same time..you allowed pos transaction don't tell me you don't generate from they..what is the essence of lifting the ban..banks in epe has badly damage ..there was a country

mcdokwe:
read, my fellow youths, read to understand!

Before the use of POS terminals as agency banking, P O S which actually means Point of Sales terminal were solely used by merchants for the sole purpose of collecting payments... now enter Agency banking, where you now use the terminals to "cash-in" (deposit) and "cash-out" (withdraw).


now, due to the current situation, terminals supposedly marked out as "merchant terminal" are used as "agency banking" and that is what CBN is trying to stop.

but then, again, this is like the proverbial hunt for rats when the house is on fire.

Emefiele, wake up o!

Clever u..na u come explain am well🙌

Obaaderemi2:
What they're saying is that particular POS terminals meant for selling of goods like the ones in supermarkets will no longer be used to withdraw or send money. They will be used only for payment of goods.

Thank you for the explanation.

But come to think of it, how will they know the POS that are used for withdrawing money and those that are used for making payments in the supermarkets?

hakeemhakeem:

Banks are not threatened at all,banks are still in control of deposits and transfer made on pos.it only reduced the work load of banks employees

I visited my village the other day. I was surprised to see that the banking hall was empty. If that is the case on many locations, why have a gigantic building as a banking hall when all transactions could be managed via mobile app and POS? Soon banks will begin to close down many branches

frankson1:




Super markets shouldn't use it to make cash transactions.

As business venture: Agents shouldn't exceed the both withdrawal and deposit limits and this would be regulated by the CBN.

How many supermarkets use pos to make cash transactions?

And those that do, they don't even give our more than maybe 3k or something and it's usually to their favourite customers.

Again it's not a regular thing. So how does it affect cbn?

Henrydata:


Yea, true. How will Cbn monitor this?

Very good point. THEY CAN'T!!!!

bluefilm:


Thank you for the explanation.

But come to think of it, how will they know the POS that are used for withdrawing money and those that are used for making payments in the supermarkets?

Help me ask o. Sometimes i cab beg my supermarket dales girlt to help me with extra 1k or 2k and add it to my bill.


Not all can do it cos of their oga.


So how does it affect cbn?