Mayflowa:


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?

Yes sir. I understand you now

[quote author=blackberlin post=46523524]I know Buhari has not performed up to expectations and as a matter of fact, I have flogged the APC on countless topics, but this move by banks is a no-no!

Instead of banks to start getting edgy because of FX scarcity and the state of the economy, they should start getting more innovative. What are those things that can be done to reduce the rate of withdrawals? How can they corner the BDC business from the Abokis they have relied on for so long? How can they utilize the readily available workforce in a productive way to improve the customer base? These are the vital questions they need to ask themselves. . .

One of the issues of the Nigerian business environment is lack of innovation. The same banks are too scared to give out loans without collateral, thus limiting the amount of investments they have in the people and their own profit.

Instead of running around trying to reduce the rate at which people withdrawal, let them try to increase the rate at which people deposit.

Nobody ever won a fight by dodging punches, you win by throwing stronger ones.[/quote

It seems that you are concerned about this economic problems but you do not seem to understand how banks work. Banks get their funds through 3 major sources ; government patronage, foreign and local investors and customers deposits. Government suddenly withdrew all their monies from the banks and foreign investors withdrew their investments due to govt control of forex. Banks are left with depositors funds snd they want to hold on that. Presently, they are lacking enough funds to go into long term projects. Some state governments are also owing some banks. Can you see how harsh govt economic policies affect all the socioeconomic sectors of a nation? Some handout graduates are accusing me of lack of comprehension.

eleojo23:
This will only work if the banks fulfil the following conditions.
1. Install more ATM's
6. Increase the ATM daily withdrawal limit to above N1 Million

when you withdraw up to N1 million from ATM and the money stack in a bag,bros i tell you, your life is in danger before getting to your final destination,now country is HARD, BOYS ARE NOT SMILLING.

DikSin:


Ode. Receive brain!

Ur a slowpoke


Are u pained

[quote author=santos2020 post=46524897] when you withdraw up to N1 million from ATM and the money stack in a bag,bros i tell you, your life is in danger before getting to your final destination,now country is HARD, BOYS ARE NOT SMILLING. [/quote

Do you mind them? ATM that one can queue for more than one hour before one could withdraw 50000. Armed gangs would have stationed their members at every corner before one finishes transaction.

My oh my. We are indeed heading for the abyss. Instead of increasing liquidity we are further throwing road blocks in the way of investment and enterprise. They think by making it harder to access cash, prices and inflation will fall. This is jaundiced thinking because the reason we are here is because productivity is low, earnings are low. And when your earnings are low, you should work harder. What the hell do you work with if not money. In the States their response to the worst economic downturn in history was to liquidate banks and 'force' money into the hands of people. This government sef eh, just staggering.

The "OLODO" bankers committee should first check the value of the Naira (10,000) before proposing this naïve initiative.

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

They are responding to government's policies, haba, you too are slow. Government sets the pace of everthing. They should reverse TSA until the economy starts moving again. You don't create hurdles in a contracting economy, period, think man, think.

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

the push for a more cashless society is never Buhari's policies, I have been in this industry, and I can tell you, banks have always advocate for a more cashless transactions to reduce cost. What we are saying is, there is cash in the atm machines, there are pos in the superstores, theres is Internet banking for transfers.

So the less you come and do physical withdrawal the better for banks. Though I wish they can say it, in Nigeria Language

proeast:
His policies, actions & inactions are at the root cause of the economic implosion. The dullard is responsible!

Don't mind the Mr I Too Know who clearly lacks deductive reasoning. Withdrawal of federal government funds has made banks broke, and this new proposal of theirs is a cost-cutting measure.
Buhari is an illiterate.

The idea is not to increase the use of ATM frequently, the idea is to go cashless. Every market woman can have a POS, POS are given free of chrg, jus request frm ur bank. Every bank also has internet banking facility, so make ur huge payments via transfers. The N10k can sort out petty purchases.
I think its way to go. This will also ensure that the huge cash outside the banking sector is mopped up and used effectively to build up the economy.
When u keep ur money at home, it does nothing for the economy, but in the Bank, it builds the economy..
So, its way to go. Alot of countries are cashless, infact if u travel abroad, Nigerians are the ones who still make heavy cash transaction. Good morning

ZUBY77:


ATM is not the target here, it's Internet banking.

With ds yeye internet we get hmmmm.
Canada Plane oya gbera.

AkumahTalk:
The "OLODO" bankers committee should first check the value of the Naira (10,000) before proposing this naïve initiative.

Can you imagine. They should remove ALL restrictions. Lion dey pursue you, you dey apply brake.....your name na sorry?.

jomoh:




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?

You still didn't address what will be done with the sacked workers. Maybe there should be a program where they are taught on how to survive on the #23000 allowance as teachers? I think that would be better.

[quote author=MRSALT post=46524743][/quote]

On the contrary, Sir, I understand how banks work more than you. When did the "government suddenly withdraw all their investments?" Please tell me what those investments were and when they suddenly withdrew ALL of them. Secondly, do not keep making mention of those things we already know, investors did this, that and so on... we already have an idea of what banks are going through, so please just stop that.

Every big business makes plans for political risks (those risks that are brought about by change in government policies), so why should the banks' only resolution be to limit withdrawals to N10,000 per day?

If you think that's the solution, then maybe those "handout graduates" are better than you afterall.

luciouscookie:

Let's blame Gej then.

must u blame somebody else for your problems u can solve or problems u created. whether u like it or not u r part of Nigeria's problem with ur blaming/accuser mentality

cjrane:
[size=14pt]I am just enjoying how Buhari has been scattering Nigeria in the name of sham change.

Ibrahim Babangida once said he regretted annulment of June 12th because it made a major group feel unwanted as Nigerians.

Muhammad Buhari's stock in trade is seeking out vicious strategies to alienate and marginalize whole sections of Nigerians.

I am just watching him in HD to see how he ends. Buhari's regime and utterances will eventually enter history as "How to destroy a nation with unguarded bigotry"[/size]

Ur problem is ur inability 2 understand simple write up. Shame on u?

They know that ATM and net aplications have peaked. How many more artisans will be sacrificed for banking industry jobs. The 'private' man remains the biggest job creator and the biggest contributor to the future economy. And he remains a cash carrying man. Now they hold him responsible for job losses and altar him to curb inflation, why.

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.

we are finished under Mr integrity pls don't mention Greece when I hear that name fear grips me.

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.

I love the way you just added 'Salt' to your analysis. Perhaps, courtesy of your Monica...Nice 1 bro.

oluyale:


the push for a more cashless society is never Buhari's policies, I have been in this industry, and I can tell you, banks have always advocate for a more cashless transactions to reduce cost. What we are saying is, there is cash in the atm machines, there are pos in the superstores, theres is Internet banking for transfers.

So the less you come and do physical withdrawal the better for banks. Though I wish they can say it, in Nigeria Language

Make i ask you? If you want to buy like $10,000 from MALAM,then you transfer the naira to the malam's account ,he will now give you the $10,000. And you go.now MALAM walk to the bank to withdraw the cash to buy dollar form a senegal or ghana coustmer who want to SELL dollar to him, and BANK told him that he cannot withdraw more than 10,000naira .if you are the malam what will you do

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

Meaning Banks will be running Generators 24/7 to keep the Internet and ATM running too which is not possible my guy....

"Electronic?!!" Is that no deduced from ELECTRICITY. Where de electricity dey. A very stoopid decision if carried out. CBN should throw the trash idea where it belongs. Nigerians trying to copy what obtains in the USA and Europe with our 2000 megawatts or power for 170m people.

Nonsense policy.

deb:


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.

OK I will list out many factors affecting graduates that wants to be self sufficient but are not able to be
1. High cost of rent
2. High cost of electricity/darkness
3. High tax rate with nothing in return from the government
4. High cost of materials/resources

Now if there was a loan or grant to work with many may survive but people are expected to start from the scratch in an economy that even those that have plenty are complaining. Some companies are closing down on a monthly basis or reducing their staff strength so as to continue to be in business. We just shout entrepreneur but we don't really know what it takes. All these challenges are not fault of this government but they need to take responsibility and work towards making things better.
A graduate that came upon some funds and have plans of opening a mega unisex saloon in my area can't because we have not seen light in almost 3 years. In my house alone we spend almost 300k for fuel yearly so as to get light in our house and the generator works for just 5-7 hours per day. Now imagine what such graduate will spend to run his business on light alone in a year especially now that fuel has increased.
Where I worked before I resigned we are supposed to pay almost 90k for electricity monthly as a result of the increase in electricity tariff but there was hardly light. We see NEPA light only towards the end of the month when they go around cutting wires. And we also spend nothing less than 30-40k for fuel. If you are involved in the running of a business or accounting department of a business you will understand what am saying.

Buhari said change.....
Finally to me dat "change" means "scatter".

emperorchedda:
Banks are too profit oriented that they can sack all their workers just to make profit

The essence of every business is to make profit man. You will do the same.

Chineke! Scammers go be like.. .....Ope oooooo!! Igbawo lama send next blast?? ?

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.

When former CBN governor Sanusi was given the same bank federal government money to sustain them and even sack some MD due to their mismanagements people complain, had they paid back the money? Now the goverment needed its money being used by some individual as a fixed deposit in bank people complain. Let the bank do the real banking business instead of using FG money and bragging of huge profit in doing nothing.

We go de watcham ...eego de go

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

Your No 6 suggestion does not make sense to me. The bank customers will not be protected if the daily ATM withdrawal limit is increased. You are forgetting about armed robbers, one chance robbers and kidnappers that can take your ATM Card and force you tell them your PIN nos. Will you be happy if they are able to withdraw over one million from your account? Banks have a way of protecting their customers. To me, the limit should not go above N100,000

santos2020:
when you withdraw up to N1 million from ATM and the money stack in a bag,bros i tell you, your life is in danger before getting to your final destination,now country is HARD, BOYS ARE NOT SMILLING.

murmee:
Your No 6 suggestion does not make sense to me. The bank customers will not be protected if the daily ATM withdrawal limit is increased. You are forgetting about armed robbers, one chance robbers and kidnappers that can take your ATM Card and force you tell them your PIN nos. Will you be happy if they are able to withdraw over one million from your account? Banks have a way of protecting their customers. To me, the limit should not go above N100,000

You guys made an important point. My mind didn't go there. Indeed two heads are better than one

Forget!!! It can't even be true!

N10,000??

They might as well say that nobody can withdraw cash again.

10k cannot fill some car tanks. Saloons now are about 7k plus to fill.

It's not possible