I discovered that at the First Bank branch situated at King's Square, Ring Road, Benin City, most bank officials who own POS terminals at various locations in the city give money to their sales persons who go to the bank very early before they resume operations to the public.

These persons carry large bags in which they carry money out for their business and in the end, whatever is left in the bank is given to the large crowd gathered outside waiting endlessly to make withdrawals and in the end get peanuts.

This afternoon, First Bank withdrawal limit was just N3,000 of one's hard-earned money after roasting in the sun.

POS operators are not helping matters. Most of them charge as much as N4,000 for a N10,000 withdrawal.

Except the CBN and the Federal Government takes drastic action against these POS operators, cash would remain scarce in the banks.

POS should be banned for the mean time

you don't know anything , your country borrow 54 billion dollars against the constitution threshold from his own CBN. How do you expect them to pay with 19 percent interest . The fact is whoever rules Nigeria will face debt problem. That is the simple fact . Your economy has been badly mismanaged. .

I even think your inflation is systematically covered . It should be more than that

Onucs:
POS should be banned for the mean time

No allow Emefile hear this o.

We have nothing to do rather than to manage the situation. Emefiele put everyone in this big mess.

The problem most of us have is that we don't want to understand that CBN wants us to go cashless. For God's sake, that policy was introduced in 2012 but nobody took the bank seriously until they kicked off the full implementation. They even reduced our withdrawal limits for the same reason.

If anyone still thinks that cash will be everywhere like it used to be, the person is living in a cloud cuckoo land because it's never going to happen. Everyone should embrace the e-channels. We need to stop this obsession with carrying cash about.

SmartPolician:
The problem most of us have is that we don't want to understand that CBN wants us to go cashless. For God's sake, that policy was introduced in 2012 but nobody took the bank seriously until they kicked off the full implementation. They even reduced our withdrawal limits for the same reason.

If anyone still thinks that cash will be everywhere like it used to be, the person is living in a cloud cuckoo land because it's never going to happen. Everyone should embrace the e-channels. We need to stop this obsession with carrying cash about.

Wat nonsense. Even the usa hve not gone cashless its Nigeria that wants to go cashless.

vaxx:
you don't know anything , your country borrow 54 billion dollars against the constitution threshold from his own CBN. How do you expect them to pay with 19 percent interest . The fact is whoever rules Nigeria will face debt problem. That is the simple fact . Your economy has been badly mismanaged. .

I even think your inflation is systematically covered . It should be more than that

You're really intelligent....that's why we need someone like Tinubu who has the expertise and depth to administer through difficult economic situations. He's the man God has prepared for a time like this.
And CBN still took #2.7trn from the country's treasury and went to burn it without planning to replace it. It was just an orchestrated exercise to cause chaos and destabilize the country. But God pass them. Emefiele will rot in jail

it looks like the country does not have money to print money largely from the huge debt with no increased productivity that have caused high inflation. emefiele may have to print 10 thousand naira note 5000 naira note 2000 naira note

I don't know how we take just jam evil leaders..


Emiefiele no go die well CBN go destroy our old note and failed to print more....


At least election don finish the old note and the new one still scarce....

POS terminals did not come into existence today. The problem is CBN not supplying enough money for proper circulation

SmartPolician:
The problem most of us have is that we don't want to understand that CBN wants us to go cashless. For God's sake, that policy was introduced in 2012 but nobody took the bank seriously until they kicked off the full implementation. They even reduced our withdrawal limits for the same reason.

If anyone still thinks that cash will be everywhere like it used to be, the person is living in a cloud cuckoo land because it's never going to happen. Everyone should embrace the e-channels. We need to stop this obsession with carrying cash about.

So, is this the best tym for a 3rd world country like Nigeria to go cashless?

You should go to remote areas, people are practically surviving through trade by batter RN. Not good enough. People are suffering and this idea of cashless society is only going to drive people crazy and massive revolt against the government may happen soon. Tinubu sha will not let it continue because Naija is not yet ready for that.

Onucs:
POS should be banned for the mean time

The same POS that use to charge you 100 naira for 10k .,.. you must be very wicked

vaxx:
you don't know anything , your country borrow 54 billion dollars against the constitution threshold from his own CBN. How do you expect them to pay with 19 percent interest . The fact is whoever rules Nigeria will face debt problem. That is the simple fact . Your economy has been badly mismanaged. .

I even think your inflation is systematically covered . It should be more than that

This thread is about how bank workers who own POS centres aid cash scarcity but you wrote this disjointed tirade about how the country took external loans atv19% interest rate.

How does what you wrote relate to the topic of discussion?!

SmartPolician:
The problem most of us have is that we don't want to understand that CBN wants us to go cashless. For God's sake, that policy was introduced in 2012 but nobody took the bank seriously until they kicked off the full implementation. They even reduced our withdrawal limits for the same reason.

If anyone still thinks that cash will be everywhere like it used to be, the person is living in a cloud cuckoo land because it's never going to happen. Everyone should embrace the e-channels. We need to stop this obsession with carrying cash about.

Totally agree. What we should be clamouring for now is faster mobile and online transactions and little transfer/ pos charges. If kuda can charge N10 per transfer, why are commerical banks charging between N10 to N56? With N4 alerts and N50 stamp duty?

egopersonified:


Totally agree. What we should be clamouring for now is faster mobile and online transactions and little transfer/ pos charges. If kuda can charge N10 per transfer, why are commerical banks charging between N10 to N56? With N4 alerts and N50 stamp duty?

@the emboldened, true. However, Kuda charges so little because it's a neobank (a type of internet-powered financial services provider that has little or nothing to do with physical branches).

In other words, neobanks' banking services are chiefly provided through the internet, unlike the brick-and-mortar traditional banks you can walk into and have an official attend to you in person.

So, it costs a lot of money to maintain traditional banks' branches. That's why their fees are higher, and you don't get to see such branches in rural areas (those rural dwellers cannot give them the kind of money they need to maintain their physical branches).

SavageResponse:


This thread is about how bank workers who own POS centres aid cash scarcity but you wrote this disjointed tirade about how the country took external loans atv19% interest rate.

How does what you wrote relate to the topic of discussion?!

it is because you have little tiny functional brain to process the disjointed tirade. Anyway the money isn't borrowed externally, it is an internal debt . Money borrowed from your own central bank . Once you pull too many debt that becomes unsustainable , it affect nearly everything in the economy , the first reason of wiping away cash in your economy is to limit the liquidity flow of cash so as to have enough of funds stimulating the economy.


Incase you are still confused .

vaxx:
it is because you have little tiny functional brain to process the disjointed tirade. Anyway the money is borrowed externally, it is an internal debt . Money borrowed from your own central bank . Once you pull too many debt that becomes unsustainable , it affect nearly everything in the economy , the first reason of wiping away cash in your economy is to limit the liquidity flow of cash so as to have enough of funds stimulating the economy.


Incase you are still confused .

The statement in bold is contradictory and makes no sense.

Summary - You're still talking rubbish!

SavageResponse:


The statement in bold is contradictory and makes no sense.

Summary - You're still talking rubbish!

No sense to process it I guess

how much to start POS business??