olajigaolamide:
Why won't they suspend it when it affect their interest. The house of representatives is only existing to serve itself and not the public

How does the charges help the public?

Freehuman:
That cashless policy could have turned everything around in 2023 election tribunals.
Imagine a scenario where all a lawyer needs to do to support his claim that a politician was involved in votes buying is to present the politician's bank details showing history of numerous 5000 Naira transfers on election day.
Secondly, how do they bribe those in rural areas. If it didn't threaten the existence of the selfish legislature at Abuja, it would be a welcomed development.

So in your small mind, a politician who is ready to buy votes cannot afford the 5% withdrawal charge?
OR
You think bullion vans will charge the 5% to transport cash around?

LMAO

Olominira:
Nearly everything in this life has advantages and disadvantages, in making decisions we must make sure that advantages overweight its disadvantages. This is my personal observation about the cashless policy;

1. More than 40 percent of Nigerians do not handle such cash in 6 months

2. The policy would help government monitor financial services by the companies that evade taxes, judges, civil servants, politicians etc that are are involved in corruption.

3. It would drive fintech startups that are capable of generating thousands of jobs, easy transactions for businesses etc. In China it's very possible not to touch cash for a whole year as everyone uses either wechat or alipay. However, Nigeria is confronted with shortage of electricity.

4. It would save government money used in reprinting dirty money in circulation.

Lastly, Nigerians must come to term that the country is not working at the moment and for the country to work we must be ready to make some sacrifices. Also, government should try and carry the citizens along by highlighting the benefits of new policies.

We don't need any further highlightenment, these cashless policy are so tailored in away that suite & benefit the banks majorly ... charges on withdrawal of certain amount still ok but charges on deposit makes no logical sense, its quite contradictory, one disuade customers while the later promote cashless
why can't cbn come up with policies that will review interest rate for loans n deposits ... these are the things that will banking n bring positive impact on business & customers. the only thing our govt & there agencies seems to be good at is avenue to tax & milk nigerians, it important to raise revenue buh what benefits are they giving back, nothing is working.

Olominira:
Nearly everything in this life has advantages and disadvantages, in making decisions we must make sure that advantages overweight its disadvantages. This is my personal observation about the cashless policy;

1. More than 40 percent of Nigerians do not handle such cash in 6 months

2. The policy would help government monitor financial services by the companies that evade taxes, judges, civil servants, politicians etc that are are involved in corruption.

3. It would drive fintech startups that are capable of generating thousands of jobs, easy transactions for businesses etc. In China it's very possible not to touch cash for a whole year as everyone uses either wechat or alipay. However, Nigeria is confronted with shortage of electricity.

4. It would save government money used in reprinting dirty money in circulation.

Lastly, Nigerians must come to term that the country is not working at the moment and for the country to work we must be ready to make some sacrifices. Also, government should try and carry the citizens along by highlighting the benefits of new policies.

do manage this token of appreciation for your sensible post

DaSleak:


https://www.google.com/amp/s/punchng.com/cashless-policy-reps-ask-cbn-to-suspend-charges-on-deposits/amp/

Mumu cbn wants to kill businesses of majority of Nigerian entrepreneurs, the political class will not be much affected because they will loot money but am concern with the young guys out there after serving their apprenticeship for like 7 to 8 years Oga settle them do transactions with the banks charges wil be higher than the profit that means business closing, infact cbn is stupid and wicked

docadams:


Does individual transaction exceed N500000? People are commenting anyhow.

. The way it seems now.If you as an individual wants to withdraw or deposit 500k,you can split it.let's say,you can withdraw,400k and withdraw another 100 k,same as deposit.And yes,it can exceed 500k if you are splitting it.

JONNYSPUTE:
Cashless banking is good but are we ready for it?

There were so many policies we weren't ready for in this country and cried bitterly about, but, after implementation, we are making strides, albeit not giant, with them.

ubcandid:


There were so many policies we weren't ready for in this country and cried bitterly about, but, after implementation, we are making strides, albeit not giant, with them.

..True

Confuse people

JONNYSPUTE:
. The way it seems now.If you as an individual wants to withdraw or deposit 500k,you can split it.let's say,you can withdraw,400k and withdraw another 100 k,same as deposit.And yes,it can exceed 500k if you are splitting it.

Why indulge in such a stressful and potentially risky practice when you can easily make transfers either by using a mobile app or doing such in the banking hall? You self check am.

krendo:


How does the charges help the public?

So how are the Rep also helping the public?

docadams:


Why indulge in such a stressful and potentially risky practice when you can easily make transfers either by using a mobile app or doing such in the banking hall?

You re right and that was why I said initially that cashless is better just that we are still developing. I personally do cashless.

Olominira:
Nearly everything in this life has advantages and disadvantages, in making decisions we must make sure that advantages overweight its disadvantages. This is my personal observation about the cashless policy;

1. More than 40 percent of Nigerians do not handle such cash in 6 months

2. The policy would help government monitor financial services by the companies that evade taxes, judges, civil servants, politicians etc that are are involved in corruption.

3. It would drive fintech startups that are capable of generating thousands of jobs, easy transactions for businesses etc. In China it's very possible not to touch cash for a whole year as everyone uses either wechat or alipay. However, Nigeria is confronted with shortage of electricity.

4. It would save government money used in reprinting dirty money in circulation.

Lastly, Nigerians must come to term that the country is not working at the moment and for the country to work we must be ready to make some sacrifices. Also, government should try and carry the citizens along by highlighting the benefits of new policies.

you spoke intelligently however ur submissions were abstract to our demography.. Let's say all social amenities were inplaced do u think the government will need to do any convincing?? Advanced countries do little or no thorough consultations just propositions if we may...

Nigeria is a country where u kill or be killed.... U virtually provide everything for urself... Eg, electricity, water, healthcare, security, roads, the list goes on.... The countries u referenced based on ur own peripheral knowledge has long passed that stage... Nigeria can't attain their feat if we can't have a common goal and people with intent to only be selfless servants...

We can speak all the grammars but the reality will always be a constant... No good show of example, no transparency, no accountability, no genuine show of selflessness u can forget it... It's natural No one can fight fate...


Fix the anomalys u won't need to impress or con anyone to present progressive issues...

They should wait make I pay my sch fees first

The senate too should follow suit immediately to stop the CBN

Bunnatex:
I've emancipated to read between lines and critically analyze the moves of our politicians. Ultimately in their interests.
Who does the move affect more? If they adopt internet banking it will be easy to track their looting.
Before we support or oppose the move let's first know who benefits from the said policy and who doesn't...

You get brain bro

They are all fighting for their pockets. .

In that case, they should make sure POS are available in all markets and business areas if they want to implement it fully.

With these explanations, I think the policy is fair to some extent.

Read this and try to understand exactly what the CBN and govt meant by CASHLESS POLICY!

1. A lot of fake news is trending and seemingly intelligent people are falling cheap for the lies bandied about the new Central Bank of Nigeria charge policy on deposits.

2.I am only playing my part to educate people like you and others on certain things about governance.

3.Now, people should not mind all those road side gist they are hear about the new CBN charge on deposits.

4.This is how it applies.

5. The charges apply daily and not per transaction.

6. You can only deposit up to ₦500,000 daily. If you exceed it, the amount in excess will be charged for that day.

7. Let me paint this scenario for you.

8. Mr. A has ₦10,000,000.00 (ten million naira) only he wants to deposit in a Bank tomorrow, Thursday, 19 September, 2019.

9. Mr. A can only deposit ₦500,000.00 (five hundred thousand naira) only for that day without him being charged 2%.

10. If he deposits the whole ₦10,000,000.00 Mr. A will be charged 2% of the total deposit he made for the day.

11. That is to say if Mr. A for instance deposits ₦5,000,000.00 and another ₦5,000,000.00 that same day on two occasions, his total deposit for the day will be summed up and 2% charge deducted from the account.

12. That is to say ₦200,000 (Two hundred thousand naira) only will be deducted from him for that day for depositing ₦10,000,000.00 for the day.

13. However, if Mr. A goes to a Point of Sale (POS) merchant to pay that money to his account that is, the ₦10,000,000.00 he will not be charged this 2%.

14. Likewise if the money is transferred to him through mobile transfer, he will not be charged the 2%.

15. The money is only charged on Over-The-Counter (OTC) transactions.

16. The federal government is trying to discourage carrying huge amount of money around.

17. If you must deposit the ₦10,000,000.00 without incurring the 2% charge, it is best you deposit it ₦500,000 every day until you pay in the ₦10,000,000.00 without incurring the charge.

18. Please be guided henceforth.

DonTattaglia:
Obviously d policy does not favor them.Its not as if they are fighting for d interest of common man.

That's it o, they are fighting for themselves

Bunnatex:
I've emancipated to read between lines and critically analyze the moves of our politicians. Ultimately in their interests.
Who does the move affect more? If they adopt internet banking it will be easy to track their looting.
Before we support or oppose the move let's first know who benefits from the said policy and who doesn't...

The reality is that it doesn’t affect the majority of Nigerians. Those who have more than 500,000 cash to lodge are in the minority. They should pay the price if they can’t adjust to electronic transfers.

"suspend the cashless policy program" they said

.....so that our 'ghana must go bags' will keep exchanging hands

No doubt the policy is a good one but we don't have what it takes to adopt this kind of policy yet. We can't just adopt a policy because it's working for another country

JONNYSPUTE:
. The way it seems now.If you as an individual wants to withdraw or deposit 500k,you can split it.let's say,you can withdraw,400k and withdraw another 100 k,same as deposit.And yes,it can exceed 500k if you are splitting it.

Baba, if you like split it by 5k, once it exceeds 500k CASH DEPOSIT in a day, they'll take the 2%. Same with the withdrawal and its percentage... Withdraw 100k into 6 places from the counter in a day, their 3% sure for them

CBN, whose your daddy?

The way I see the recent CBN policy is slightly fair but I believe the charges should only be for the withdrawal and not for deposits!

DonTattaglia:
Obviously d policy does not favor them.Its not as if they are fighting for d interest of common man.

You just took the words out of my mouth.

Olominira:
Nearly everything in this life has advantages and disadvantages, in making decisions we must make sure that advantages overweight its disadvantages. This is my personal observation about the cashless policy;

1. More than 40 percent of Nigerians do not handle such cash in 6 months

2. The policy would help government monitor financial services by the companies that evade taxes, judges, civil servants, politicians etc that are are involved in corruption.

3. It would drive fintech startups that are capable of generating thousands of jobs, easy transactions for businesses etc. In China it's very possible not to touch cash for a whole year as everyone uses either wechat or alipay. However, Nigeria is confronted with shortage of electricity.

4. It would save government money used in reprinting dirty money in circulation.

Lastly, Nigerians must come to term that the country is not working at the moment and for the country to work we must be ready to make some sacrifices. Also, government should try and carry the citizens along by highlighting the benefits of new policies.

Your very correct but you need to wake up from your slumber because we are under the apc govt they don't give a damn about her citizenry only pdp is known for carrying her citizenry along. Case study: when GEJ was planning on removing subsidy there were memos, advert all over the places to educate Nigerians.
A quick question, did we accept him on subsidy removal? NO! But app came on board, hike pump prices yet still paying subsidy.
Mr/ma'am let's just forget this country, it's dead a long time ago.

Olominira:
Nearly everything in this life has advantages and disadvantages, in making decisions we must make sure that advantages overweight its disadvantages. This is my personal observation about the cashless policy;

1. More than 40 percent of Nigerians do not handle such cash in 6 months

2. The policy would help government monitor financial services by the companies that evade taxes, judges, civil servants, politicians etc that are are involved in corruption.

3. It would drive fintech startups that are capable of generating thousands of jobs, easy transactions for businesses etc. In China it's very possible not to touch cash for a whole year as everyone uses either wechat or alipay. However, Nigeria is confronted with shortage of electricity.

4. It would save government money used in reprinting dirty money in circulation.

Lastly, Nigerians must come to term that the country is not working at the moment and for the country to work we must be ready to make some sacrifices. Also, government should try and carry the citizens along by highlighting the benefits of new policies.

Anything that will take money from the pockets of citizens now is not welcomed... Common small minimum wage govt has not still started up till now... Rather they av increased tax and electricity bill from next year... My brother check ur conscience... Haba... Until we die?

I know you are super busy. So I will keep this short.
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My goal is to get as many responses as possible and share my learnings with the internet community.
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