CBN Reintroduces Cashless Policy - Business (2)

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CBN Reintroduces Cashless Policy - Business (2) - 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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Re: CBN Reintroduces Cashless Policy by frugal(m): 6:33pm On Mar 28, 2017

Good for ecommerce businesses who do cash on delivery. Customers will now prefer paying online rather than doing cash. There are positives too.

2 Likes

Re: CBN Reintroduces Cashless Policy by Nobody: 6:33pm On Mar 28, 2017

Going cashless makes it difficult for you to get robbed of your cash.

2 Likes

Re: CBN Reintroduces Cashless Policy by seunajia: 6:33pm On Mar 28, 2017

This is a great development. It means:

1. Less people in banking halls. Heralding branchless banking.
2. Huge savings on the part of government in printing naira notes.
3. More innovative ideas towards the development of payment applications. And of course job opportunities for developers in payment.
4. Removes the security risk associated with cash.
5. The government control.

FYI, the charges do not apply to online transfer/Internet banking...why should I want withdraw and pay into another account when I can very well do a transfer.

2 Likes

Re: CBN Reintroduces Cashless Policy by daryoor03(m): 6:33pm On Mar 28, 2017

No proper plan in place. Drama upon drama

Re: CBN Reintroduces Cashless Policy by capatainrambo: 6:38pm On Mar 28, 2017

Ferdinandu:
That is the way to go. There is no reason an individual should be carrying above 500k up and down on a daily basis. Use cashless channels to do transactions above 100k.if don't like it then pay the penalty.

I too know nor go kii you, if person carry 1m wati concern you gerrarahia mhen

1 Like

Re: CBN Reintroduces Cashless Policy by KingsJohnson(m): 6:39pm On Mar 28, 2017

Freewoman:
BULLSHIIT, WHEN EVEN TO OBTAIN POS FROM STUPID BANKS FORE BUSSINESS IS LIKE GOING TO HEAVEN

Lol! Nigerians funny die grin

Re: CBN Reintroduces Cashless Policy by automatix: 6:39pm On Mar 28, 2017

WebSurfer:
Probably affecting the super rich Nigerians and companies more in terms of deposits from what i see

Who have above 500k to be depositing ?

my brother, see me see wahala o.

But like they said, cummulatives means you might be affected too. Imagine different sources sent you 100k each and you collected 600k-700k in a roll. They will charege u as well.

1 Like

Re: CBN Reintroduces Cashless Policy by Dinocarex(m): 6:39pm On Mar 28, 2017

What cashless policy are they talking about?
You are charged N65 for using another bank's ATM as opposed to yours!! What nonsense!
Some banks charges N105 for a transaction within the bank eg UBA and CBN is talking about cashless policy.
All these would frustrate the idea of cashless policy!!

2 Likes

Re: CBN Reintroduces Cashless Policy by KingsJohnson(m): 6:40pm On Mar 28, 2017

NubiLove:
Going cashless makes it difficult for you to get robbed of your cash.

Story, you never jam computerized robbers grin

Re: CBN Reintroduces Cashless Policy by Aslawish(m): 6:43pm On Mar 28, 2017

Furthermore, the charges will be applied on the cumulative withdrawal/deposit on all customer accounts per bank, regardless of the channel of deposit/withdrawal and will be implemented accordingly in the following states of the Federation:

This is not possible. They can't said regardless of the channel of deposit/withdrawal.

Because they are trying to discourage people from carrying raw cash hence the introduction of cashless policy.

The charges is for only people transacting with cash not transfers or any other e-channel platform.

So let us not misleading the public with incomplete information .

Thanks all.

1 Like

Re: CBN Reintroduces Cashless Policy by HAH: 6:44pm On Mar 28, 2017

I agree with CBN on withdrawal charges, but do agree on deposit charges, when we are encouraging people to bring m to bank you still want to charge.

Allow to them bring for free and when I want to take charge them

Re: CBN Reintroduces Cashless Policy by Aslawish(m): 6:46pm On Mar 28, 2017

post=55025591:
Whilst we are battling recession Nigeria and her Elites are cooking different means to take away money from her citizens. Nawa naija which way. Below is new directive as the nation goes cashless.

My only question now is it by force to go cashless.

line with the recent directive of the Central Bank of Nigeria (CBN), please be informed that the Cash-less policy has been reviewed further.
Processing charges on cash deposits will be applied on transactions which are above the stipulated limits. These have been revised as follows:

TRANSACTION AMOUNT

APPLICABLE RATE ON DAILY DEPOSIT

APPLICABLE RATE ON DAILY WITHDRAWAL

Individual

Less than or equal to N500,000

No Charges

No Charges

Above N500,000 - N1m

1.50%

2%

Above N1m - N5m

2%

3%

Above N5m

3%

7.50%

Corporate

Less than or equal to N3m

No Charges

No Charges

Above N3m - 10m

2%

5%

Above N10m - N40m

3%

7.50%

Above N40m

5%

10%

Furthermore, the charges will be applied on the cumulative withdrawal/deposit on all customer accounts per bank, regardless of the channel of deposit/withdrawal and will be implemented accordingly in the following states of the Federation:

S/No

States

Go-Live Date

1

Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT

1st April, 2017

2

Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau

1st May, 2017

3

Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba and Nasarawa

1st August, 2017

4

Borno, Benue, Ekiti, Cross-River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara

1st October, 2017

Source: https://www.zenithbank.com/LiveCashless.aspx

Re: CBN Reintroduces Cashless Policy by Aslawish(m): 6:47pm On Mar 28, 2017

post=55025591:
Whilst we are battling recession Nigeria and her Elites are cooking different means to take away money from her citizens. Nawa naija which way. Below is new directive as the nation goes cashless.

My only question now is it by force to go cashless.

line with the recent directive of the Central Bank of Nigeria (CBN), please be informed that the Cash-less policy has been reviewed further.
Processing charges on cash deposits will be applied on transactions which are above the stipulated limits. These have been revised as follows:

TRANSACTION AMOUNT

APPLICABLE RATE ON DAILY DEPOSIT

APPLICABLE RATE ON DAILY WITHDRAWAL

Individual

Less than or equal to N500,000

No Charges

No Charges

Above N500,000 - N1m

1.50%

2%

Above N1m - N5m

2%

3%

Above N5m

3%

7.50%

Corporate

Less than or equal to N3m

No Charges

No Charges

Above N3m - 10m

2%

5%

Above N10m - N40m

3%

7.50%

Above N40m

5%

10%

Furthermore, the charges will be applied on the cumulative withdrawal/deposit on all customer accounts per bank, regardless of the channel of deposit/withdrawal and will be implemented accordingly in the following states of the Federation:

S/No

States

Go-Live Date

1

Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT

1st April, 2017

2

Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau

1st May, 2017

3

Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba and Nasarawa

1st August, 2017

4

Borno, Benue, Ekiti, Cross-River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara

1st October, 2017

Source: https://www.zenithbank.com/LiveCashless.aspx

The bold one is not possible. They can't said regardless of the channel of deposit/withdrawal.

Because they are trying to discourage people from carrying raw cash hence the introduction of cashless policy.

The charges is for only people transacting with cash not transfers or any other e-channel platform.

So let us not misleading the public with incomplete information .

Thanks all.

Re: CBN Reintroduces Cashless Policy by haywhyb(m): 6:51pm On Mar 28, 2017

yinkakani:
Well. . .I see business opportunities, who else is seeing them?

As how bro chat me up 08037797655

Re: CBN Reintroduces Cashless Policy by Earth2Metahuman: 6:52pm On Mar 28, 2017

Emefiele is the worst thing to ever happen to cbn

Re: CBN Reintroduces Cashless Policy by Ikem11(m): 6:54pm On Mar 28, 2017

It's a normal thing in other countries though just that Nigeria is too backward to adopt such policy. But in countries like UK, US.... And so on that's just how banks operate.

Re: CBN Reintroduces Cashless Policy by WebSurfer(m): 6:55pm On Mar 28, 2017

automatix:
my brother, see me see wahala o.

But like they said, cummulatives means you might be affected too. Imagine different sources sent you 100k each and you collected 600k-700k in a roll. They will charege u as well.

i dont think it applys to cumulatives

Re: CBN Reintroduces Cashless Policy by nextstep(m): 6:56pm On Mar 28, 2017

989900:

Furthermore, the charges will be applied on the cumulative withdrawal/deposit on all customer accounts per bank, regardless of the channel of deposit/withdrawal and will be implemented accordingly in the following states of the Federation:

Can someone please explain the above?

Thank you.

Hian! Does this mean that I can't withdraw multiples of under-the-limit

Re: CBN Reintroduces Cashless Policy by nextstep(m): 6:57pm On Mar 28, 2017

989900:

Furthermore, the charges will be applied on the cumulative withdrawal/deposit on all customer accounts per bank, regardless of the channel of deposit/withdrawal and will be implemented accordingly in the following states of the Federation:

Can someone please explain the above?

Thank you.

Hian! Does this mean that I can't withdraw multiples of under-the-limit? This is good sha... as Nigerians will find ways to avoid paying.

The less cash, the better. Just hope a company will come and make anonymous payments possible, so I don't have to give all by details to everybody I need to transact with.

Re: CBN Reintroduces Cashless Policy by sekem: 6:58pm On Mar 28, 2017

Omoluabi16:
Useless policy

How is it useless?

It's simply just a question of migrating allman to internet banking to avoid all those charges.

Re: CBN Reintroduces Cashless Policy by Earth2Metahuman: 6:58pm On Mar 28, 2017

Dinocarex:
What cashless policy are they talking about?
You are charged N65 for using another bank's ATM as opposed to yours!! What nonsense!
Some banks charges N105 for a transaction within the bank eg UBA and CBN is talking about cashless policy.
All these would frustrate the idea of cashless policy!!

exactly my problem with this shithead emeifiele and all his useless policies

He should kuku tell us that we should not use banks anymore.

I took just 30k today and I was charged more than 300n which messed up my account. Funniest part, I couldn't collect the 30k once.

Emefiele is just useless. He got us into this dollar mess also with his useless not thought out policies.

I wonder what nigerians did to deserve such useless capitalist heading cbn.

1 Like

Re: CBN Reintroduces Cashless Policy by automatix: 7:03pm On Mar 28, 2017

WebSurfer:
i dont think it applys to cumulatives

read it again. They mentioned "Cummulatives"

Re: CBN Reintroduces Cashless Policy by ehissi(m): 7:03pm On Mar 28, 2017

Ferdinandu:
That is the way to go. There is no reason an individual should be carrying above 500k up and down on a daily basis. Use cashless channels to do transactions above 100k . if you don't like it then pay the penalty.

Read very well. It says regardless of the channel of withdrawal or deposit.

Channels could be virtual or physical.

It not a cashless policy, it a new set of bank charges......... angry

They wan use people buy houses for Dubai like Buratai..... angry

Re: CBN Reintroduces Cashless Policy by automatix: 7:05pm On Mar 28, 2017

sekem:

How is it useless?

It's simply just a question of migrating allman to internet banking to avoid all those charges.

you are funny. So in your own reasoning, internet banking is not "deposit" or that kind has different meaning?

Re: CBN Reintroduces Cashless Policy by CFC1(m): 7:08pm On Mar 28, 2017

automatix:
you are funny. So in your own reasoning, internet banking is not "deposit" or that kind has different meaning?

does it mean o can now do a foreign online transaction with my mastercard

Re: CBN Reintroduces Cashless Policy by davo90tico(m): 7:16pm On Mar 28, 2017

WebSurfer:
Probably affecting the super rich Nigerians and companies more in terms of deposits from what i see

Who have above 500k to be depositing ?

plenty people oh dem plenty and I am one of them and so are you, so let us praise the lord. right turn, left turn, making melody in my heart, making melody in my heart to the king of kings!

Re: CBN Reintroduces Cashless Policy by automatix: 7:16pm On Mar 28, 2017

CFC1:

does it mean o can now do a foreign online transaction with my mastercard

that depends on your bank. I still with GTB mastercard about 3 weeks ago but for some time now, I have only used Access Visa card.

Re: CBN Reintroduces Cashless Policy by sekem: 7:16pm On Mar 28, 2017

automatix:
you are funny. So in your own reasoning, internet banking is not "deposit" or that kind has different meaning?

Yes

The charges is only on PHYSICAL CASH deposits and withdrawals.

If you don't want to pay the charges, you simple do it through online transactions: internet banking!

Welcome to the New World!

1 Like

Re: CBN Reintroduces Cashless Policy by Ferdinandu(m): 7:17pm On Mar 28, 2017

ehissi:

Read very well. It says regardless of the channel of withdrawal or deposit.

Channels could be virtual or physical.

It not a cashless policy, it a new set of bank charges.........

They wan use people buy houses for Dubai like Buratai.....

My friend it is you that didn't understand. If use ATM, banking hall or different banks to withdraw physical cash totalling up to 500k in a day, then you will be charged. But if you use the web, mobile or ATM to transfer 10 million to another bank account in a day, you will not be charged except maybe the normal N100 inter bank transfer fee.

1 Like

Re: CBN Reintroduces Cashless Policy by MRLANNISTER(m): 7:20pm On Mar 28, 2017

VivaDeAngelo:
Misplaced Priority...... You wake up and make policies that will soothe only the elites sorry the polithiefians and economic buccaneers. What about those guys at the Bank bulk room, what will happen to them? Your guess is as good as mine.
We copy other countries that have developed virtually all their sectors and have multiple employment avenues while we are still faced with large-scale infrastructural deficits mtchewwwwwwww....

How is this against the masses? Do the masses have 500k daily cash. This policy will partly make it more difficult to move stolen cash around in Ghana must go. It will also force fraudsters and politicians to move money electronically so they can be traced.

This is the aim. Not a punishment for poor people. Masses don't move millions.

1 Like

Re: CBN Reintroduces Cashless Policy by Themandator: 7:26pm On Mar 28, 2017

WebSurfer:
Probably affecting the super rich Nigerians and companies more in terms of deposits from what i see

Who have above 500k to be depositing ?

Nope.....they don't touch cash....every thing is transfer ....I don't know why I will carry 500k to deposit ...not possible...token take over

1 Like

Re: CBN Reintroduces Cashless Policy by Chucks1989(m): 7:30pm On Mar 28, 2017

princechurchill:
Bet9ja na una go pay for the charges waiting for weekend to come make i win this 4 mill Easter go hot

Bros share your game win me...my mind dey tell me say we go win am.
07030440589

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