The recent cashless policy rolled out by the CBN is a welcomed development as it will severely reduce corruption by public officers.

Kickbacks and bribes are not done through bank transactions. Civil servants and elected officials get bribed with cash.

Why in God's name will you need more than 500k cash on you ? I only use electronic platforms when settling bills and debts as a receipt is digitally generated .

Only crooks deal in cash.

You plebs complaining about the policy, have you had any transaction above 500k?

These are good points but the problem is, if this policy is against the very rich, it has backfired. The unbanked population in Nigeria is still very high. And these are the people that go to markets to buy things in cash and trade. Remember that the informal economy in Nigeria is large. Who are the people that make up this economy? MSMEs, middle-income and others! So hurting 70-85% of Nigerians because of a few rich folks is not be the way to go and the timing is even wrong.






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GenSpecifics:
The recent cashless policy rolled out by the CBN is a welcomed development as it will severely reduce corruption by public officers.

Kickbacks and bribes are not done through bank transactions. Civil servants and elected officials get bribed with cash.

Why in God's name will you need more than 500k cash on you ? I only use electronic platforms when settling bills and debts as a receipt is digitally generated .

Only crooks deal in cash.

You plebs complaining about the policy, have you had any transaction above 500k?

Goldencheese:
These are good points but the problem is, if this policy is against the very rich, it has backfired. The unbanked population in Nigeria is still very high. And these are the people that go to markets to buy things in cash and trade. Remember that the informal economy in Nigeria is large. Who are the people that make up this economy? MSMEs, middle-income and others! So hurting 70-85% of Nigerians because of a few rich folks is not be the way to go and the timing is even wrong.






....we help businesses prepare their business plans, financials, carry out their feasibility surveys and generally support them through diverse business development services. You can try us today.

Any one that can conduct any transaction above 500k is not poor by Nigerian standards ...

If they claim to be petty traders and still generating in excess of 500k they are probably fronting and are using their business a front for illegal ventures

Just asking, what if the money was saved up in bits and was to be used to purchase goods and had to be paid into an account? Do you remember the story of the woman selling at the Bar Beach with millions?

GenSpecifics:


Any one that can conduct any transaction above 500k is not poor by Nigerian standards ...

If they claim to be petty traders and still generating in excess of 500k they are probably fronting and are using their business a front for illegal ventures

Goldencheese:
Just asking, what if the money was saved up in bits and was to be used to purchase goods and had to be paid into an account? Do you remember the story of the woman selling at the Bar Beach with millions?

You can receive payments via USSD short codes and POS.

What business will generate over 500k a day and still be termed petty trade? Note also that the policy places a limit of 3million for business accounts...

Can you tell me how a non business person can generate legally 500k daily in today's Nigeria?

Most of the people screaming online don't even do a half a million naira transactions.

Anyone generating a cashflow of 500,000 in raw cash should have a business account. That way his limit will be 3 million.