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Nairaland Forum / Nairaland / General / Business / Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy (40109 Views)
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Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by 1wolex85: 11:28am On Dec 25, 2016 |
BraniacX:Sir there is 'physical cash shortage'. This doesn't mean the money doesn't exist or has been spent 1 Like |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by floflo12: 11:28am On Dec 25, 2016 |
1wolex85: WE REALLY KNOW YOUR TYPE,PROBABLY BECAUSE YOU ARE NOT IN NIGERIA RIGHT NOW TO EXPERIENCE THE HARDSHIP PEOPLE ARE GOING THROUGH. |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by BraniacX(m): 11:29am On Dec 25, 2016 |
1wolex85: And when those people finish spending the cash, what next? |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by Nobody: 11:30am On Dec 25, 2016 |
segunk1:very funny true talk! i think it is down to illiteracy and ignorance |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by deltateam: 11:32am On Dec 25, 2016 |
patchsk: Its really unnecessary to answer that type of fellow. I now understand how the word 'zombie' came about. Somebody will see black and still argue that it is white. Haba fah! Let him meet better conductor wet go show him his teeth for hand. |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by 1wolex85: 11:32am On Dec 25, 2016 |
BraniacX:See, all they need to do is to attach something important to owning a bank account. Lagos has been doing lassra registration for a couple of years, nobody do am, lake rice come out, those who wanted the rice had to do it. I am thinking of applying for lasg rent to Own scheme, guess one of the requirements? You guessed right, lassra card 1 Like |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by 1wolex85: 11:36am On Dec 25, 2016 |
BraniacX: More people will come to the supermarket with cash, then I will have again to give. It's a cycle, I collect cash from some, give it to others while my account is credited with the corresponding amount and the risk of me taking large amounts to the bank is not there 1 Like |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by BraniacX(m): 11:37am On Dec 25, 2016 |
1wolex85: The money does exist! But it exists in the governments TSA account with the CBN A role once played by many banks but now they only function as middlemen Banks don't have access to that money so they can't withdraw it from the CBN to provide liquid cash for their numerous customers hence my suggestion that the government lend it to them! |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by 1wolex85: 11:38am On Dec 25, 2016 |
floflo12:I live in Festac in Lagos. I have only travelled to Ghana and Togo. 2 Likes 1 Share |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by BraniacX(m): 11:39am On Dec 25, 2016 |
1wolex85: The challenges are real The opportunities remain hypothetical Reality bites so we scream! Understood? |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by Keegan: 11:40am On Dec 25, 2016 |
1wolex85: You have tried so well brother give yourself a break. 2 Likes 1 Share |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by BraniacX(m): 11:43am On Dec 25, 2016 |
tankara1010: His reasoning is not warped and i am a neutral party, check my post on that thread! Racism against self is the worst kind indeed! You and your afonja friend should both be mad at the white animal that wrote that trash! 3 Likes |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by pokipoki: 11:43am On Dec 25, 2016 |
Knowledge9000:People can make payments for goods and services via alternate channels such as POS, Internet banking and mobile banking. You don't have to go to the bank to physically collect cash. 1 Like |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by Originalsly: 11:43am On Dec 25, 2016 |
1wolex85:Why would you not have cash overstocked when you know it is a time of heavy withdrawals? You would be no different from the ATMs. .... crowds would also be at your supermarket waiting. It's all about foresight and preparation. This is not the first year people been rushing ATMs.... the Banks know what tondo..m they just don't want to... think they been trying to let the FG be blamed. |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by remirez07(m): 11:44am On Dec 25, 2016 |
Ogheni go and sleep.. How many bottle did you take? ⚡️ |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by mfm04622: 11:48am On Dec 25, 2016 |
BraniacX: 1. As a worker in the industry, I know what you happening. 2. CBN don't have cash. Most of CBN's cash come from banks themselves. Banks have not been taking cash to CBN. CBN can't just print cash you know. That will lead to inflation. 3. The cash is in towns where there is no cash shortage. Not all towns have cash shortage. Even no all banks in the same town have cash shortage. For example First Bank ATM in Kaduna are paying while some banks in Kaduna are having issues. 4. Give an example of how you expect CBN to solve this problem? 5. Even when banks have cash, you can't just put it in the ATM. You have to sort the cash into ATM fit, teller fit and reject. Try sorting 10m cash and you will appreciate what bank workers go through for you. 6. If banks have been taking cash to CBN, they would have moved cash to where it is needed efficiently. Banks are doing this themselves at huge cost, but still th amount they can move is limited 2 Likes |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by proffemi: 11:48am On Dec 25, 2016 |
1wolex85: Good. Now consider: to withdraw N120k from my ATM to pay artisans, provisions seller, iya alata, etc, it costs me nothing ( if I use my bank's ATM) . But to use electronic banking, I would pay a commission of N105 per transaction . Which option, cash versus electronic, do you think I would prefer for small transactions then? Who then, masses or CBN, is guilty of not being serious about making Nigeria truly cashless? More to the point of your question: how we avoid thia next year is to be much further along the cashless curve. That, contrary to your position, is primarily up to the CBN. I can propose any number of policy adjustments, but I need you to agree first: CBN has not done enough to encourage - and is in fact, arguably discouraging - faster migtation to a cashless system. In the interim, Joe Citizen is entitled to his CBN-fixed N150k per day, and if the banks can't make that happen, they're failing their clients. 2 Likes |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by ibietela2(m): 11:50am On Dec 25, 2016 |
Chuksemi: Where you able to login sef? |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by BraniacX(m): 11:54am On Dec 25, 2016 |
1wolex85: Might work in lagos state true, but what of all those market traders who have no reason to partake in any of these schemes who we need to buy from? So you just create a scheme to involve them? Right and you think the governments duplicity won't be smelled from a mile away? Remember these traders are informal and largely unregulated |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by Nobody: 11:54am On Dec 25, 2016 |
pokipoki: SOME PEOPLE JUST NEED THEIR CASH. |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by Nobody: 11:57am On Dec 25, 2016 |
unmask: He doesn't understand the difference between one needing cash and payment transfers. Some people need to have their cash and you don't have to tell them how to access their funds. |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by BraniacX(m): 11:57am On Dec 25, 2016 |
1wolex85:In a cash scarcity people will come to a market that accepts cashless transactions with cash? Seems you're loosing the thread of this hypothetical scenario, the cash that was initially taken from the supermarket will be spent on those who don't accept cashless transactions so less and less actual cash will come in to the supermarket as time proceeds |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by mfm04622: 11:57am On Dec 25, 2016 |
greenermodels: Your money is fine! Your bank is very capable of paying your money. No bank is presently in distress. However, if we keep shouting about banks having problems, then surely trust in our banks will reduce and there will be be run on our banks and we will all suffer 1 Like |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by Nobody: 11:59am On Dec 25, 2016 |
PUSH1: Agbaya |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by buchai: 12:01pm On Dec 25, 2016 |
I think there is literally war going on between Yoruba people and Igbo people on nairaland everyday the two best brain in Nigeria making selves slaves to northern Nigeria. if one region from the two best region in Nigeria goes to support northerns in power it will be in turn to oppress the other region and there no Jupiter that can bring the two in reconciliation. we should give it a rething if that is big to achieve we should separate one region from the other so that peace will reign. 1 Like |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by Nobody: 12:01pm On Dec 25, 2016 |
mfm04622: You just confirmed there is shortage of cash. Didn't they anticipate there will be shortage of cash to plan ahead of time? Did we witness any of these problems under GEJ? |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by BraniacX(m): 12:04pm On Dec 25, 2016 |
mfm04622: Thanks for enlightening me as you can observe, I'm not an industry insider. So you mean to say if i understand you correctly, that the banking industry is still very much liquid but not all branches of all banks, and that the problem arises from moving cash from a branch were it is less needed to a branch where it is in higher demand If so, shouldn't the industry have prepared for the cash rush during this season beforehand because i am sure they knew what to expect or is there something i am missing? 1 Like |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by Leopantro: 12:05pm On Dec 25, 2016 |
please note the following 1. the shortage of physical cash is deliberate 2. mobile apps of some banks are not working. that is also deliberate 3. non functioning of the ATMs is also deliberate The federal government has directed the CBN to stop printing new naira notes for some time. the CBN has also reduced the amount it gives banks on a daily basis. the queues at ATM will continue into the new year |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by BraniacX(m): 12:06pm On Dec 25, 2016 |
Innomach: I raised this issue with him |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by otokx(m): 12:09pm On Dec 25, 2016 |
The banking system in Nigeria is passing through really bad times. ATM management should be giving to third party companies. No ATM inside UNIPORT has cash on Christmas day, before that the banks did not have cash. This can lead to a popular uprising in a normal society but unfortunately Nigeria is so divided and abnormal. |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by Leopantro: 12:09pm On Dec 25, 2016 |
BraniacX: beautiful, someone is reasoning and asking the right question. the answer = ask the Federal government why it mandated the CBN to restrict cash flow at this point. 1 Like |
Re: Preventing People From Accessing Their Money Via ATM Is An Invitation To Anarchy by FlintGuevara(m): 12:10pm On Dec 25, 2016 |
1wolex85:Oga sit down. Even the so-called banking apps are very unreliable. I have been unable to use my diamond bank app for close to a week now. The banking apps are horrible, ATMs are not dispensing cash, banking halls are crowded and yet you blame we the suffering masses for the bank's inability to discharge its duties. Abeg park well jor. |
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