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Banks Move To Limit Over-the-counter Withdrawals To N10,000 - Business (3) - Nairaland

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Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Nobody: 7:16am On Jun 13, 2016
Chai
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Pavore9: 7:16am On Jun 13, 2016
ranktzy:

You don't joke with your milk.. Lol

I can't o! cheesy cheesy cheesy cheesy
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by tundexijim(m): 7:18am On Jun 13, 2016
MRSALT:
Buhari has finally destroyed the most robust economy in Africa just within one year. Some people will come now and say former administration is the cause. But in the history of Nigeria, there are times we had no foreign reserve and the sell of crude oil was as low as $35 dollars per barrel, yet banks did not regulate the amount of cash an individual could withdraw. May Nigeria never go Greece way. If you do not understand, the banks are indirectly saying 'there is no money' because people are withdrawing cash from their accounts in order to buy dollars from the black markets . Now, banks have no dollars to sell and they have no cash to give you.
Blame ur loss of sense on buhari...

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by deb(m): 7:19am On Jun 13, 2016
eph12:

So what do you think can be done to prevent people from loosing their jobs? Or you not concerned about that?

People need to wake up and realize that from ages past, changes in technology always make companies reduce workforce. It is every where in the world and Nigeria is no exception. The sad story is that our graduates didn't go to school to learn to be self-sufficient and be creative in becoming an independent solution provider after graduation. They only went in for the certificate; hoping that one man, who took all the risk to setup his business, will keep providing them monthly income without finding other means to make his business more effective & without having to incur more cost of running.

Skill acquisition will save a lot of our graduates. Sadly a lot are lazy and are not ready to be self sufficient.

5 Likes

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Youngzedd(m): 7:20am On Jun 13, 2016
Many of those who commented on the first page did not read the post.

People should just embrace e-banking.

The queue at GTBank is always out of this world. E-banking is safer, saves time and more convinent.

Small issue they should send an email, they will rush to the bank and occupy space.

5 Likes

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by mployer(m): 7:22am On Jun 13, 2016
The banks will loose because a lot people will stop going to bank. Not everyone can trust the ATM.

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by otokx(m): 7:23am On Jun 13, 2016
They should not try it.

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by emperorchedda(m): 7:24am On Jun 13, 2016
IkpuMmadu:


There was a time oil w$35 during Jonathan era
Brother don't say what you don't know. This is the first time oil is sold less than $35. Except during Yar Adua era when there was a slight economic recession for just a few weeks and oil went back up to $70.

Don't say what you don't know

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Youngzedd(m): 7:25am On Jun 13, 2016
IkpuMmadu:


There was a time oil w$35 during Jonathan era

Hmm

grin grin grin
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by ebukaOtika(m): 7:25am On Jun 13, 2016
eleojo23:
Bad idea.
This will only work if the banks fulfil the following conditions.
1. Install more ATM's
2. Constantly load the ATM with cash so that it doesn't run out.
3. The network on the ATM must NEVER go offline.
4. Remove charges for using another banks ATM
5. Increase the ATM daily withdrawal limit to above N1 Million





Hmmmm then Thieves will also increase .......

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Mayflowa(m): 7:28am On Jun 13, 2016
TPAND:
This is not well thought of.. Nigeria is not technologically ready to run a full-scale cashless environment.
Many traders don't even know what the POS is

So the use of ordinary atm is now a technological advancement? People withdrawing less than 10k are mostly youths and students, so they can fit in.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by eleojo23: 7:30am On Jun 13, 2016
ForcefullBULL:

Even in America, you dont withdraw money from other ATMS for Free
OK. They should reduce the charge.

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by nkpommpko(m): 7:30am On Jun 13, 2016
People its time to create your own business, farming, akara and puff puff business etc. because as was predicted, computers are taking over your jobs.

2 Likes

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Empredboy(m): 7:31am On Jun 13, 2016
MRSALT:
Buhari has finally destroyed the most robust economy in Africa just within one year. Some people will come now and say former administration is the cause. But in the history of Nigeria, there are times we had no foreign reserve and the sell of crude oil was as low as $35 dollars per barrel, yet banks did not regulate the amount of cash an individual could withdraw. May Nigeria never go Greece way. If you do not understand, the banks are indirectly saying 'there is no money' because people are withdrawing cash from their accounts in order to buy dollars from the black markets . Now, banks have no dollars to sell and they have no cash to give you.
tell us the period when there was no rserve and crude oil was $35 at the same time. Did u read the news at all? Its say TSA is the major reason why banks have financial problem. If u are an economist or accountant u will know that the banks are not PRUDENT and they are not truly showing the true reflect of our economy. An adage says "a financial house is the reflection of an economy" meaning our banks are claiming they were wealthy like barclays bank yet they can't lead money to geninue business men and women instead they loan it to politicians who they aid to do money laundry and steal from govt. Why wont they declare abnormal profit? Now is when we will know a real bank cos they will be made to work for money and not collecting awuf money. Please leave the President out of this

2 Likes 1 Share

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by plendil: 7:31am On Jun 13, 2016
eleojo23:
Bad idea.
This will only work if the banks fulfil the following conditions.
1. Install more ATM's
2. Constantly load the ATM with cash so that it doesn't run out.
3. The network on the ATM must NEVER go offline.
4. Remove charges for using another banks ATM
5. Increase the ATM daily withdrawal limit to above N1 Million

Not really ATMS per say, (though its still better than queuing in overcrowded banking halls). The idea is to explore all e-hcannels, POS, etc.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by MRSALT: 7:32am On Jun 13, 2016
[quote author=gwine0047 post=46523952]


Your level of comprehension is too low to be taken seriously. Read it again, then read it again and again. Then, relax and read it for the last time[/quote

The bankers committee has been in operation for over a decade. Why do you think they are taking these decisions now?. Do you know why Sanusi could not implement cashless economy? Opposition then from Lagos was vocal that Nigeria economy has not sophisticated technology to handle that. As at that time, a dollar was exchanging for 184 naira. How then could you reduce daily maximum withdrawal from 500,000 naira to 10,000 knowing that our economy is cash based. If someone want to sell a bag of ugu leaf, you pay him with check? Or ugu sellers will get POS machine. For those talking about ATM machine, how much is daily maximum withdrawal from ATM? Can ATM pay 1 Million naira? At present, someone will queue for one hour in ATM just to withdraw 50000 naira. All the bankers want is to reduce great outflow of cash from the banks. Period.

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by jomoh: 7:32am On Jun 13, 2016
eph12:

So what do you think can be done to prevent people from loosing their jobs? Or you not concerned about that?



This is actually a very welcomed development.

The banks and CBN can start a mobile money campaign and other alternative money settlement platforms like online Paypal and the likes. All this will help push our cashless policy a bit further.

My problem and fear is how the "to-be-sacked staffs" can be absorbed into the society without loosing their source of income. Nigeria for what we are known for, we never have a succession plan to cater for the fallout of such things. For example, the "to-be-sacked staffs" can be the first starters of such initiatives. also their should be a period for experimenting for easy transition instead of the sudden change.

I will also advocate for the cutting down of our currency denominations like the N1000, N500 and N200 note. serious economies dont use such. the highest euro note you can find i think is 100euro the higher for Dollar is $100 the highest Pounds sterling is 50pounds. So what are we doing with N1000, N500 and N200 notes that encourage armed rubbery, corruption using cash, money rituals. Imagine if the maximum we have is N100 will the likes of Saraki be able to keep N300million in his house?

1 Like 1 Share

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by eleojo23: 7:32am On Jun 13, 2016
plendil:


Not really ATMS per say, (though its still better than queuing in overcrowded banking halls). The idea is to explore all e-hcannels, POS, etc.
Hmmmm...OK.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by TPAND(f): 7:33am On Jun 13, 2016
Mayflowa:


So the use of ordinary atm is now a technological advancement? People withdrawing less than 10k are mostly youths and students, so they can fit in.

I said Nigeria is not technologically ready and her people are not well informed for such policies. You question does consonate with my comments

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by redcliff: 7:37am On Jun 13, 2016
mikolo80:
is Buhari a member of bankers committee. Why do you not read bfor you comment. It was in the first two lines. You cannot possibly be that lazy

Read his comment properly and understand. He talked about cause and effect

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by linusbnn(m): 7:37am On Jun 13, 2016
mikolo80:
is Buhari a member of bankers committee. Why do you not read bfor you comment. It was in the first two lines. You cannot possibly be that lazy


You did not read where they wrote to reduce staff/expenses?. If the economy is good,bank will employ more to capture the mrkt.

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by ForcefullBULL: 7:37am On Jun 13, 2016
eleojo23:

OK. They should reduce the charge.
N65 is not too much i think.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by johnaruson(m): 7:37am On Jun 13, 2016
MRSALT:
Buhari has finally destroyed the most robust economy in Africa just within one year. Some people will come now and say former administration is the cause. But in the history of Nigeria, there are times we had no foreign reserve and the sell of crude oil was as low as $35 dollars per barrel, yet banks did not regulate the amount of cash an individual could withdraw. May Nigeria never go Greece way. If you do not understand, the banks are indirectly saying 'there is no money' because people are withdrawing cash from their accounts in order to buy dollars from the black markets . Now, banks have no dollars to sell and they have no cash to give you.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Mayflowa(m): 7:38am On Jun 13, 2016
TPAND:


I said Nigeria is not technologically ready and her people are not well informed for such policies. You question does consonate with my comments

I understand you. I mean there is no much technology here. People especially are already using atm in Nigeria. Right now, it will be totally enforce to use atm if you need to collect less than 10k.

Once you come to the bank once and you are refused, you will learn how to use atm just like we all can use phone. Do u understand me now?

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by Nobody: 7:38am On Jun 13, 2016
This is what u get when a stacked illiterate becomes the president. undecided undecided

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by truthspeaks: 7:39am On Jun 13, 2016
Do we have a govt? U call those bunch of confused clown figure-heads a govt? Pls take it dat Nigerian is being run on some invisible auto-pilot n thr z no govt
Btruth:
Unbelievable! And what are they doing with all the "chinko" ATM machines that they have in all their banks? What are they doing concerning loading just one out of eight ATM machines at their banks?

Banks are taking more peace out of their customers in this country and government seem not to be doing anything about it.

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by todaluv(m): 7:39am On Jun 13, 2016
with d country situation nw, banks ar nt perfoming like b4, our politician embrace dollar in order to save dere head if naira fall, standard of living is decreasin, our presidnt nd is minister ar nt gettin it ryt. may God hlp us in dis country
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by idupaul: 7:42am On Jun 13, 2016
eleojo23:
This will only work if the banks fulfil the following conditions.
1. Install more ATM's
2. Constantly load the ATM with cash so that it doesn't run out.
3. The network on the ATM must NEVER go offline.
4. The network for internet banking must never go offline.
5. Further reduce charges for using another banks ATM
6. Increase the ATM daily withdrawal limit to above N1 Million

You still don't get it ..all they are saying is that they no longer have cash which means they want people to trade with digital numbers which means installing more ATM is out of it
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by eluquenson(m): 7:43am On Jun 13, 2016
Customers should embrace e-channel banking.

1 Like

Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by DikSin(m): 7:44am On Jun 13, 2016
ishowdotgmail:
Is my Birthday today.....

Show me some likes please Nairalanders

Ode. Receive brain!
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by doofanc: 7:45am On Jun 13, 2016
Everyone is assuming it would cost less to deploy full electronic channels in our current economic climate. But have they done an economic analysis? A cost benefit analysis?

Don't be surprised that employing tellers may actually be more cost-effective than going full electronic.
Re: Banks Move To Limit Over-the-counter Withdrawals To N10,000 by AreaFada2: 7:45am On Jun 13, 2016
eleojo23:
This will only work if the banks fulfil the following conditions.
1. Install more ATM's
2. Constantly load the ATM with cash so that it doesn't run out.
3. The network on the ATM must NEVER go offline.
4. The network for internet banking must never go offline.
5. Further reduce charges for using another banks ATM
6. Increase the ATM daily withdrawal limit to above N1 Million

You are very funny. Bankers are codedly saying " kosi owo". They know lots of customers don't use ATM. Goal is to generally drastically reduce cash withdrawal.
Things are so expensive now and business is generally bad that cash deposits have reduced. Who never chop go put money for bank? grin

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