dessz:
it won't affect me the highest I have ever withdrawn is #200k. that day till I got home everybody looked like a robber.

you cracked my ribs out

coolcharm:
I woke up to an e-mail from my bank this morning, notifying me of the Nationwide Implementation of Cashless Policy.

After going through the mail, and studying the charges imposed on daily cash deposits and withdrawals, I felt Not this time!

This doesn't look good. As a nation, we are quick to adopt and implement pro government policies but sluggishly slow in considering pro people polices.

I understand this rates do not apply on electronic bank transfers, but it is too harsh!

Who takes the percentage? What will it be used for?

While the charge for deposit might be questionable, I see nothing wrong as regards the charge on withdrawals, cashless policy has a lot of positives.

Then they've gotta get rid of those fvcking daily, weekly and monthly transfer limits.

coolcharm:
I woke up to an e-mail from my bank this morning, notifying me of the Nationwide Implementation of Cashless Policy.

After going through the mail, and studying the charges imposed on daily cash deposits and withdrawals, I felt Not this time!

This doesn't look good. As a nation, we are quick to adopt and implement pro government policies but sluggishly slow in considering pro people polices.

I understand this rates do not apply on electronic bank transfers, but it is too harsh!

Who takes the percentage? What will it be used for?

They'll use it to pay our politicians

Activa:


It costs money to process cash.

Those who bear the cost of processing the cash take the charges. It costs money to print, transport, store, count and handle currencies.

Use of cash also tend to encourage corruption and crime like robberies. Use of cash creates the need to look for change or round up prices of goods and services. Let's support this cashless policy. It's good for all of us.

Use electronic transfers or cheques if you want to dodge the charges or do transactions that are lower than the limits. You have other payment options.

I don't see any big deal here.

sir you are not wrong but consider people who are living in rural area. Most dont own phone. Its nice idea for a city

May God help us.........

Parisfran:


Lol. You didn't read that it will start taking effect from 1st of April in certain states?

When the policy starts taking effect, try the first drama you wrote there if you won't get charged. Go and open a corporate account to be doing your millions with.

A lot of big traders in the market collect mobile transfer. They don't like POS and no time to be carrying 2million naira cash around.

For your mind now,am a trader,so an individual cannot carry cash in millions again ni or wat? There's no drama anywhere, for instance I have 3 different accounts with a particular bank, and av also got accounts with like 8 other banks, so my one naira wont enter all these nonsense bank's hands. For your information, i once worked in d bank and I understand all the stories n excuses they may want to telme about what they are trying to achieve.For me, its simple, they just want to make more profits for the useless banks in 9ja since their profits have started dropping or stagnating at best. Its not about trailing any fraud, if they want to catch fraudsters, they should start with most of the banks' directors who give out loans to their cronies,families n friends,without meeting the minimum lending criteria.Banks in US are opening more e-channels and closing down useless banking halls,to optimize their costs,banks in 9ja are opening more banking halls,yet want people to use electronic channels, yet want to charge people for carrying cash.Awon were dede.Why are they not giving people incentives to use electronic channels, like if you use electronic channels,you'd earn more interest on your deposit, etc and if you withdraw via e-channels, you also earn something. Yeye banking system.Dont even telme about cash handling costs, or holding costs, etc.

Sebastine1994:


sir you are not wrong but consider people who are living in rural area. Most dont own phone. Its nice idea for a city

The people in those areas do cash businesses below those limits.

Ngasky:
This policy is double edged sword. Pay for deposits and also pay for withdrawal.
I supposed the government wants to encourage cashless society but no nation can exist without money.
The withdrawal charges are somehow understandable but deposits? It baffles me.
Imagine a market trader who was lucky to have a transaction of 1.3 million during the day decided to deposit the money with the bank later in the day and you ask him to forfeit about 20000 you are sending him away from the bank.
I supposed what people need to do is to open at least 20 bank accounts with different banks so as to avoid these charges.
Secondly, who will benefit from these charges? The banks or the government? If it is the government it is somehow understandable but if it is the bank this is a NO NO policy. I dont want the bank to benefit any extra deductions apart from their stupid multiple ambiguous wording charges they are currently charguing with their poorly services and dismal customer service

Why would u as a business man accept such type of a huge cash to be on you. The world is going digital, so if u are a business man why not tell your customers to pay into your account directly seems u deal in expensive goods item.
A lot of people who collect such huge cash in the past have been robbed, so people are deviating from such.

We have useless leaders. Who will always do the last thing first.

If u are not a thief , drug Barron or currupt politician .
I don't know why you should deposit or withdraw more than 500k cash

this will not be good news to my importers at alaba international market. A place where u can sell everything inside a 40feet container in a day.
My Igbo brothers are in deep shit

CBN o ga ooo

Meanwhile

budusky05:


Who told u

budusky05:


That the probe with us, u think those guys are backward, missed it. They do transfer more better than you.

its not one of the widespread fallacy aboit hausas


its a reality



the average hausa or fulani cattle rearers and farners


don't know what an iPhone is how much more how to use it


m saying the population of those who can conveniently use e-banking is far lower than those who can in rural areas

Evaberry:
..

dis people have come again with their stupid policies

this cbn dude needs a brain reset

I can bet my ten cents you know nothing about this policy but you 're reseted to criticize this government good or bad. No developed country carry cash the way Nigerians carry cash around. Cashless policy is a very good thing but idiots like you think they know better.

I see nothing wrong with this policy.

dessz:
it won't affect me the highest I have ever withdrawn is #200k. that day till I got home everybody looked like a robber.

Looked like everybody dey eye you.

Government using sense to make citizens pay indirect tax to cover up looted/looting cash and yet no development . What do they do with this monies? Kwontinu

Xtfield:
I see nothing wrong with this policy.

. A lot of things is wrong with this policy most especially if you are a businessman that transacts with non educated people.
But look at me, I have multiple bank accounts.

maasoap:

Looked everybody dey eye you.

why dem no go eye me (in falz's voice : I dey smell envy I detect malice)

Afoochekk1914:
you cracked my ribs out

super glue is # 50 I will glue it back.

henryhemon:


I can bet my ten cents you know nothing about this policy but you 're reseted to criticize this government good or bad. No developed country carry cash the way Nigerians carry cash around. Cashless policy is a very good thing but idiots like you think they know better.

I just have a question for you sir

Is Nigeria a developed country

Do you know how much hardship this will inflict on traders, business men and women and other People

Nigeria is not developed enough for this.
This is just misplaced priority.

henryhemon:


I can bet my ten cents you know nothing about this policy but you 're reseted to criticize this government good or bad. No developed country carry cash the way Nigerians carry cash around. Cashless policy is a very good thing but idiots like you think they know better.

I just have a question for you sir

Is Nigeria a developed country

Do you know how much hardship this will inflict on traders, business men and women and other People

Nigeria is not developed enough for this.
This is just misplaced priority.

and because you see F close to moniker u assume I don't know anything about the policy.. like u trying to say I'm not intelligent enough to understand it

bloody morafu..cking sexist

philfearon:

Because you are thinking in the now only and you are not putting in consideration your potentials to exceed your current level of earning...
Too bad!!

You missed the point.

Not only politicians steal.

Rich4god:
wch stealing would it eradicate. Someone that stole #5b won't mind the charges of #200m as long as he gets the money to the safe destination.

This policy might look like it is NOT favourable, but let's look at the bright side.

1. There is a HIGH cost of transporting cash that will be reduced as a result of this policy (that means government and businesses can save money)

2. Government will print less cash while saving the money (it might surprise you that the cost of printing N50 note is higher than N50. In fact it is almost the same cost to print N1000 note)

3. Incidences of arm robbery will be reduced.


But this does not mean that government should not provide reasonable incentives for people to adopt it. While the sanctions of additional fees might be imposed, there is need for Government to work with private stakeholders in the payment sector like www.VoguePay.com and the rest to set up easy solutions for payment.

I expect that on a massive scale of enlightenment on mobile money, POS and web payment options for businesses in this cities.

Activa:


It costs money to process cash.

Those who bear the cost of processing the cash take the charges. It costs money to print, transport, store, count and handle currencies.

Use of cash also tend to encourage corruption and crime like robberies. Use of cash creates the need to look for change or round up prices of goods and services. Let's support this cashless policy. It's good for all of us.

Use electronic transfers or cheques if you want to dodge the charges or do transactions that are lower than the limits. You have other payment options.

I don't see any big deal here.

So how does the cashless policy operates