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Update On Nationwide Implementation Of Cashless Policy - Business - Nairaland

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Cashless Policy Will Only Affect 10% Of Nigerians / Polaris Bank's Notice Of Cashless Policy Implementation / CBN Suspends New Cashless Policy (2) (3) (4)

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Update On Nationwide Implementation Of Cashless Policy by Sojebrand(m): 10:05pm On Mar 19, 2017
I Received This Email From My Bank Yesterday

1 Like

Re: Update On Nationwide Implementation Of Cashless Policy by Alert(f): 11:04pm On Mar 19, 2017
It's live in Abuja from April 1st.......watching
Re: Update On Nationwide Implementation Of Cashless Policy by Donald7610: 7:13am On Mar 20, 2017
Better
Also if Ipob welcome this idea
It will drive economy for better
They run the economy with business

1 Like

Re: Update On Nationwide Implementation Of Cashless Policy by Ngasky(m): 7:14am On Mar 20, 2017
Who will benefit from this excess charges govt or banks?
Imagine apart from obnoxious bank charges banks to be charging for depositing and also withdrawal.
Does the crises in the banking sector reach this level that not only government but even individuals should bail them out?
Go to any bank to transact you will see the way bank officials would treat you like a trash and you expect the same people they look down on to pay their salaries?
I have no sympathy for any bank staff

5 Likes

Re: Update On Nationwide Implementation Of Cashless Policy by awoo47: 7:14am On Mar 20, 2017
Dis is saddening i will pay #400k for withdrawing 5m. How many companies does cashless transaction those dat use pos complain of very bad nd unreliable network even bank transaction sef dey charge money. Infact let's just shutdown dis country angry angry embarassed embarassed

4 Likes

Re: Update On Nationwide Implementation Of Cashless Policy by yorex2011: 7:14am On Mar 20, 2017
Would really love to fry yam with this.. But yam too expensive these days

2 Likes

Re: Update On Nationwide Implementation Of Cashless Policy by emmaelectelect(m): 7:14am On Mar 20, 2017
Agree this policy for withdrawals but not for deposits
Re: Update On Nationwide Implementation Of Cashless Policy by Tintinnoty(m): 7:14am On Mar 20, 2017
Is Nigeria really ready for this policy?
Re: Update On Nationwide Implementation Of Cashless Policy by stevenson007: 7:17am On Mar 20, 2017
RUBBISH
Re: Update On Nationwide Implementation Of Cashless Policy by whela(m): 7:17am On Mar 20, 2017
Right thing at the wrong time

1 Like

Re: Update On Nationwide Implementation Of Cashless Policy by BabaCommander: 7:18am On Mar 20, 2017
angry
Re: Update On Nationwide Implementation Of Cashless Policy by dhamstar(m): 7:18am On Mar 20, 2017
USELESS PEOPLE! INSTEAD OF FORMULATING POLICIES THAT WILL STRENGTHEN THE NAIRA, THEY KEEP CHURNING OUT ANTI- POLICY...DUMB HEADS IN CBN...
Re: Update On Nationwide Implementation Of Cashless Policy by sakalisis(m): 7:19am On Mar 20, 2017
Okay
Re: Update On Nationwide Implementation Of Cashless Policy by loomer: 7:19am On Mar 20, 2017
Make una explain this cashless policy for me biko
Re: Update On Nationwide Implementation Of Cashless Policy by mccoy47(m): 7:20am On Mar 20, 2017
So businesses dat make cash sales of more than 5million a day would hv to lose 100k to dis policy? undecided

Sometimes I wonder wether emeifele went to evenin school!! angry

18 Likes

Re: Update On Nationwide Implementation Of Cashless Policy by Jerryojozy(m): 7:20am On Mar 20, 2017
Okay. let's every transaction be cashless sef even buying akara.

Genius J
Re: Update On Nationwide Implementation Of Cashless Policy by emoch(m): 7:20am On Mar 20, 2017
Right move, wrong timing
Re: Update On Nationwide Implementation Of Cashless Policy by dammytosh: 7:23am On Mar 20, 2017
mccoy47:
So businesses dat make cash sales of more than 5million a day would hv to lose 100k to dis policy? undecided

Sometimes I wonder wether emeifele went to evenin school!! angry

Use POS or transfer.

Which one is 5million cash ?

6 Likes

Re: Update On Nationwide Implementation Of Cashless Policy by Mojibola(m): 7:23am On Mar 20, 2017
Banks be looking for way to deduct your saved money by all means, tiff people.
Re: Update On Nationwide Implementation Of Cashless Policy by itiswellandwell: 7:24am On Mar 20, 2017
This won't still work. For them to have reviewed it again means, low rate of withdrawal and deposit must have been recorded. People won't want to give bank such for whatever charges.

This will still be reviewed.
Re: Update On Nationwide Implementation Of Cashless Policy by deeduke1(m): 7:25am On Mar 20, 2017
After recovering so much from anti-corruption war, they still want to recover more from we ordinary citizens too. Okay o, watching in 3D

4 Likes

Re: Update On Nationwide Implementation Of Cashless Policy by peekay007: 7:25am On Mar 20, 2017
na everything dey make front page?? i couldn't Mess (Fart) last Night, it will make front page. i don tire for this Nairaland self. undecided

1 Like

Re: Update On Nationwide Implementation Of Cashless Policy by Tazdroid(m): 7:29am On Mar 20, 2017
This cashless policy may not endure in the long run considering a large percentage of Nigerians who are uneducated and are cash-oriented.

I may be wrong though
Re: Update On Nationwide Implementation Of Cashless Policy by otitokoroleti: 7:30am On Mar 20, 2017
Very very bad policy!
Banking with Strong Microfinance is the real deal for now!

1 Like

Re: Update On Nationwide Implementation Of Cashless Policy by Dexema(m): 7:30am On Mar 20, 2017
It's the right policy but at the wrong time, well there will always be losing parties in any policy implementation.
#killcorruption
Re: Update On Nationwide Implementation Of Cashless Policy by chiraqDemon(m): 7:32am On Mar 20, 2017
So if my company wan withdraw 50m them go chop 5m?
Jesus is Lord
What sorta crap is this??
U put money them charge u, now come comot wetin u put them still de charge.....thank God me nor dey dia but this doesnt make sense according to my understanding
Please somebody should explain this better for me o
Re: Update On Nationwide Implementation Of Cashless Policy by Nobody: 7:33am On Mar 20, 2017
dhamstar:
USELESS PEOPLE! INSTEAD OF FORMULATING POLICIES THAT WILL STRENGTHEN THE NAIRA, THEY KEEP CHURNING OUT ANTI- POLICY...DUMB HEADS IN CBN...
chiraqDemon:
So if my company wan withdraw 50m them go chop 5m?
Jesus is Lord
What sorta crap is this??
U put money them charge u, now come comot wetin u put them still de charge.....thank God me nor dey dia but this doesnt make sense according to my understanding
Please somebody should explain this better for me o

Well, it seems that the policy will not apply to internet transactions....

And it is better. I won't want to be carrying N50million on my person in these recession times! I would rather transfer via internet.

MODIFIED

From the CBN website...

Why the Cash Policy?

The new cash policy was introduced for a number of key reasons, including:

To drive development and modernization of our payment system in line with Nigeria�s vision 2020 goal of being amongst the top 20 economies by the year 2020. An efficient and modern payment system is positively correlated with economic development, and is a key enabler for economic growth.

To reduce the cost of banking services (including cost of credit) and drive financial inclusion by providing more efficient transaction options and greater reach.

To improve the effectiveness of monetary policy in managing inflation and driving economic growth.



In addition, the cash policy aims to curb some of the negative consequences associated with the high usage of physical cash in the economy, including:

[b]High cost of cash: There is a high cost of cash along the value chain - from the CBN & the banks, to corporations and traders; everyone bears the high costs associated with volume cash handling.

High risk of using cash: Cash encourages robberies and other cash-related crimes. It also can lead to financial loss in the case of fire and flooding incidents.

High subsidy: CBN analysis showed that only 10percent of daily banking transactions are above 150k, but the 10percent account for majority of the high value transactions. This suggests that the entire banking population subsidizes the costs that the tiny minority 10percent incur in terms of high cash usage.

Informal Economy: High cash usage results in a lot of money outside the formal economy, thus limiting the effectiveness of monetary policy in managing inflation and encouraging economic growth.

Inefficiency & Corruption: High cash usage enables corruption, leakages and money laundering, amongst other cash-related fraudulent activities.
[/b]

Source : https://www.cbn.gov.ng/cashless/

4 Likes 1 Share

Re: Update On Nationwide Implementation Of Cashless Policy by 0955eb027(m): 7:37am On Mar 20, 2017
Welcome to Nigeria!

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