Cash-Less Economy: How Will It Affect You? - Business - Nairaland
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| Cash-Less Economy: How Will It Affect You? by supereagle(m): 4:22am On Mar 17, 2012 |
It affects our businesses - Traders http://www.vanguardngr.com/2012/03/cash-less-economy-its-a-threat-to-us-traders-artisans-speak/ |
| Re: Cash-Less Economy: How Will It Affect You? by ITbomb(m): 1:12pm On Mar 17, 2012 |
Wetin I go reply after this long article , everything dey there na |
| Re: Cash-Less Economy: How Will It Affect You? by mukina2: 3:04pm On Mar 17, 2012 |
The Initial problem will soon be over then everyone will adjust and get used to it. In the long run it is good for the economy and the security of everyone. |
| Re: Cash-Less Economy: How Will It Affect You? by lansha2006: 3:42pm On Mar 17, 2012 |
what provision have cbn made for churches and daily income earners whose limit will definitely exceed the proposed limit? |
| Re: Cash-Less Economy: How Will It Affect You? by Weselion1(m): 3:43pm On Mar 17, 2012 |
See this people sha, una wan cripple people business... I know of an alaba spare part dealer who can't operate an atm machine |
| Re: Cash-Less Economy: How Will It Affect You? by chrishenzo: 3:46pm On Mar 17, 2012 |
It will not work. That is obvious for everyone to see. The bank is just looking for another way to leap its customers. Why must you charge money if the person is paying extra. This is an obvious fraud. If you want to implement a rule, do not charge money to the offenders. It is either you say no or yes. If you charge money, tell me how exactly it prevent rich people from paying extra. Tell me what exactly you will be doing with the extra penalty fee you collected from people. The online banking sectors is not working properly.The bank doesn't have an API that people can integrate into their website and receive payment directly. You didn't give people the evidence to believe in what you preach but you want them to accept it by fire by fire. In more develop countries, people can still pay or withdraw more than a million and yet nothing happen. We practice democracy. Don't force a rule down to the people. Rather give them reasons to believe in your plan. I foresee the bank becoming a mega billionaire organization. I also foresee people protesting. 5 Likes |
| Re: Cash-Less Economy: How Will It Affect You? by doofanc: 3:48pm On Mar 17, 2012 |
I'm fully in support of the cashless policy. My initial resistance was largely due to ignorance of its workings. Now i can sit in the comfort of my bedroom, and with just a laptop and internet connection effect cash transactions in seconds that would normally stress the hell of you in the usually overcrowded banking halls. There are of course teething problems, as it is with most new policies. These will hopefully resolve with time. 1 Like |
| Re: Cash-Less Economy: How Will It Affect You? by achi4u(m): 3:49pm On Mar 17, 2012 |
pls those who knows how this thing(cashless economy) work should xplain further to us. So if i want to go and buy garri and stuff...if am confuse!  pls those who knows how this thing(cashless economy) work should xplain further to us.So if i want to go and buy garri and stuff...if am confuse! |
| Re: Cash-Less Economy: How Will It Affect You? by DonnMarri: 3:56pm On Mar 17, 2012 |
Cashlite or cashless arrangement is aimed at discouraging volume cash holding which is a positive departure from the status quo. It liberates us from our usual pecuniary tendency of always wanting to been see with money at all times. Remember that holding money always impacts adversely on longevity of our notes. Therefore, virtual banking with a variety of channels helps us to handle less of cash and embrace cashless means. |
| Re: Cash-Less Economy: How Will It Affect You? by ULSHERLAN(m): 3:56pm On Mar 17, 2012 |
ℓ̊ hope it doesn't affect western union or moneygram 1 Like |
| Re: Cash-Less Economy: How Will It Affect You? by eghost247(m): 4:01pm On Mar 17, 2012 |
Donn_Marri: Cashlite or cashless arrangement is aimed at discouraging volume cash holding which is a positive departure from the status quo. It liberates us from our usual pecuniary tendency of always wanting to been see with money at all times. Remember that holding money always impacts adversely on longevity of our notes. Therefore, virtual banking with a variety of channels helps us to handle less of cash and embrace cashless means.well said |
| Re: Cash-Less Economy: How Will It Affect You? by chuks49(m): 4:02pm On Mar 17, 2012 |
Voodoo economics |
| Re: Cash-Less Economy: How Will It Affect You? by hamsky: 4:03pm On Mar 17, 2012 |
I think they want us to start having vaults in our houses to save money which in turn would increase the rate of armed robbery. Okay lets assume that they want most transactions to be done electronically but the grand question is "do most banks have the facility (most especially electricity) to support such transanctions?" These guys don't think at all ohh, we hava bunch of stupid people calling themselves senators and ministers who do not assess situations carefully before creating laws that makes people's lives diffictult..... |
| Re: Cash-Less Economy: How Will It Affect You? by sirp2007: 4:06pm On Mar 17, 2012 |
Weselion.: business will not be crippled,it will only be that a new set of pple will take over d bizness operation.those so called alaba boys who cannt change with d time will be left behind its not a new thing.survival in bizness means u must be abreast wth current trend or u will lose out. |
| Re: Cash-Less Economy: How Will It Affect You? by jesse8048(m): 4:06pm On Mar 17, 2012 |
[b][/b]This can't work so easily cos no steady network, infect I can smell people loosing their money online, yahoo guys becoming rich and people crying in d bank everyday cos of emptied account by bank yahoo guys[s]This can't work so easily cos no steady network, infect I can smell people loosing their money online, yahoo guys becoming rich and people crying in d bank everyday cos of emptied account by bank yahoo guys[/s]This can't work so easily cos no steady network, infect I can smell people loosing their money online, yahoo guys becoming rich and people crying in d bank everyday cos of emptied account by bank yahoo guys |
| Re: Cash-Less Economy: How Will It Affect You? by mki: 4:09pm On Mar 17, 2012 |
You are already confused. |
| Re: Cash-Less Economy: How Will It Affect You? by doofanc: 4:10pm On Mar 17, 2012 |
achi4u: pls those who knows how this thing(cashless economy) work should xplain further to us. this is where i believe Cbn has not lived up to expectation.. The enlightenment has not been widespread enough, hence the confusion and much of the resistance. you can actually buy goods worth 10m if the physical cash is availible and the vendor is willing to accept cash.. What the policy states is that as an individual, you can DEPOSIT or WITHDRAW CASH to maximum of 150k. Anything above this attrats a surcharge. And you will agree its not everyday you buy garri worth 150k. Or is it?? 1 Like |
| Re: Cash-Less Economy: How Will It Affect You? by Hunkyimage(m): 4:11pm On Mar 17, 2012 |
:Dimagine say u wan buy garri,u come dey press fone or laptop 4 mama caro front,lol! 1 Like |
| Re: Cash-Less Economy: How Will It Affect You? by Hunkyimage(m): 4:17pm On Mar 17, 2012 |
or u wan pay tithe 4 church,u go dey transact am 4 fone.nigeria is digitalizing,i luv d concept,mehn.  or u wan pay tithe 4 church,u go dey transact am 4 fone.nigeria is digitalizing,i luv d concept,mehn. |
| Re: Cash-Less Economy: How Will It Affect You? by pappyshun(m): 4:18pm On Mar 17, 2012 |
Cashless policy is really cost effective on our banks and also risk free.If you are opportuned to have worked in a bank you will understand better how much banks pay on insuring depositor's money as well as cash evacuation from one point to the other to police officers for security,also less stationeries are wasted,the CBN can easily monitor money in circulation,cash malhandling will be reduced,less will be spent on minting of new currency note.On the side of customers,transactions can now be done at the comfort of your home electronically without fear of being attacked.With this policy,money laundering will be minimised due to the fact that the source of any transaction can be traced and its final destination as well.Fear not my people because this policy may encounter some challenges at initial stage but before you know it we all shall be better for it.At the end you will be amazed how our market women will maximise opportunities inherent in this policy.My only fear is won't it result in more bank staff becoming jobless? |
| Re: Cash-Less Economy: How Will It Affect You? by otokx(m): 4:19pm On Mar 17, 2012 |
Theory is different from Practicals; CBN should note the below average performance of the network infrastructure to support this idea. |
| Re: Cash-Less Economy: How Will It Affect You? by 2rutalk1: 4:19pm On Mar 17, 2012 |
I think there are some questions that should be answered by the apex bank and other money deposit banks before kicking off this policy, which is slated to commence in Lagos State on the 30th of this month. First, how will the bank handle an excess limit deposit made in Lagos State in favour of an account holder who lives outside the State, will the person's account be debited? Secondly, how will the bank handle an excess limit deposit made by someone outside Lagos State in favour of an account holder who is a resident in Lagos State, will the person's account be debited? Thirdly, will the policy affect only those whose accounts are domiciled in banks located in Lagos or anybody who makes deposits/withdrawals within the boundaries of the State irrespective of where the account is domiciled? The above questions need good explanations to avoid unnecessary charges. 1 Like |
| Re: Cash-Less Economy: How Will It Affect You? by doofanc: 4:34pm On Mar 17, 2012 |
Hunkyimage: :Dimagine say u wan buy garri,u come dey press fone or laptop 4 mama caro front,lol! you still don't get it. You can still do your day to day transactions provided it's below the daily limit for deposits and withdrawal.. Like i asked a previous poster, how often do you buy DAILY foodstuff worth 150grand? |
| Re: Cash-Less Economy: How Will It Affect You? by collinsfbi(m): 4:34pm On Mar 17, 2012 |
Assuming things are well planned, it will have been a great policy to practice in Nigeria and it will help a lot but these things are not properly planned and it will affect many pple in terms of business transaction. Our banking sector is not adequately programmed to facilitate bank to bank electronic transaction and at the same time it will further improve rate of fraud on the internet to hack pple pins. Right now a copy of GTB online transaction website have been created by hackers. They will send mail to your box to update your account by inputting your account numbers and passwords or pins and it will be saved on their saver which make it easier for them to gain access to your money at any time. With the cashless economy now, I am very sure that many bank websites will be created to scam a lot of pple and ineffective bank to bank electronic tranfer will affect free flowing of business. I have known Nigeria leaders to be fools, they create more problems in their bid to find solution to Nigeria problems. On the other hand, the policy is meant to favour banks and not the pple. It won't affect rich and political thieves because they are ready to give 30% to the bank as charges and take 70% into their purse. Sanusi claimed it will help to monitor electronic tranfer, yes it will help but political thieves will never tranfer money, they are willing to give half to the bank and take the other half. It will have negative impact on individual business and affect Nigerians in general. Gbammm over and out |
| Re: Cash-Less Economy: How Will It Affect You? by Nobody: 4:34pm On Mar 17, 2012 |
doofanc: I'm fully in support of the cashless policy. My initial resistance was largely due to ignorance of its workings. if only we had a proper internet. Imagine your interconnection misbehaving in the middle of a payment. you might end up making the same payment twice. |
| Re: Cash-Less Economy: How Will It Affect You? by Nobody: 4:39pm On Mar 17, 2012 |
pappyshun: Cashless policy is really cost effective on our banks and also risk free.If you are opportuned to have worked in a bank you will understand better how much banks pay on insuring depositor's money as well as cash evacuation from one point to the other to police officers for security,also less stationeries are wasted,the CBN can easily monitor money in circulation,cash malhandling will be reduced,less will be spent on minting of new currency note.On the side of customers,transactions can now be done at the comfort of your home electronically without fear of being attacked.With this policy,money laundering will be minimised due to the fact that the source of any transaction can be traced and its final destination as well.Fear not my people because this policy may encounter some challenges at initial stage but before you know it we all shall be better for it.At the end you will be amazed how our market women will maximise opportunities inherent in this policy.My only fear is won't it result in more bank staff becoming jobless? yes there would be loss of jobs and there would be creation of jobs as well. |
| Re: Cash-Less Economy: How Will It Affect You? by agitator: 4:41pm On Mar 17, 2012 |
saxywale: How many people have internet? Even simple ATM people were scammed. Most people will do their transactions in cybercafes (presently some do), but with the increased volume many peeps will  |
| Re: Cash-Less Economy: How Will It Affect You? by Hunkyimage(m): 4:41pm On Mar 17, 2012 |
doofanc:ok,i get ur point now.thks |
| Re: Cash-Less Economy: How Will It Affect You? by nasty45(m): 4:43pm On Mar 17, 2012 |
OCCUPY BANKING SECTOR |
| Re: Cash-Less Economy: How Will It Affect You? by agitator: 4:43pm On Mar 17, 2012 |
Many biz guys who use yahoomail give their passwords (sometimes written on a piece of paper) to the workers in the cybercafe. |
| Re: Cash-Less Economy: How Will It Affect You? by browncool(m): 5:03pm On Mar 17, 2012 |
otokx: Theory is different from Practicals; CBN should note the below average performance of the network infrastructure to support this idea.You have spoken well |
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