Eaglemoney:
What alternative channels are you talking about. There is still no better explanation for the policy. All I see is more money from my pocket to the Bank.
@EagleAdekoya.

Shortcodes (like *737# for gtbank), ATM transfer, POS, Mobile apps, Internet banking, third party services like quickteller, etc.

pocohantas:
Why are people attacking me.
Am I Emefiele, his wife or mistress?
I have not even eaten today o

stop defending your employers

Logobenz:
This is just aimed at making more people have bank accounts.smart move by CBN.
Boosting clientele for retail/commercial banks.
If you are a dummy,this is the meaning of what I said;
If you take 5m cash to go purchase from your customer/supplier in balogun market,he will decline that you should do a transfer instead since he won't want to pay 3% of 2million as charge,that is if he runs a business account or 3% of 4.5m for savings account.
Then the 5m naira cash holder will be forced to go open an account of his/her own and do a transfer instead.
Multiply this by the total number of people like him or her and see the large number of people that will be brought into the banking dragnet with just a single policy
No one cares about the risk in carrying cash,they just want you to use a bank ffs so they can secure more customers

You cannot force loyalty. Rather than open bank accounts, people will keep cash at home.
If someone comes to buy something with 5m and you refuse, the guy next door will collect the cash and sell to him.

How much do you pay for interbank transfer charges?

AZeD1:

Don't you pay for interbank transfers?

thebosstrevor:


stop defending your employers

Do I work in CBN? Are you sure I won't give you my CV like this?

pocohantas:
Earlier on I saw a thread on the cash-less policy, though it had so many wrong information.

Please lets get some things clear while reacting.

A:- The policy is aimed at reducing (not ELIMINATING) physical cash in circulation. This will encourage more electronic-based transactions.

B:- The charges are on the EXCESS of the amount. Not the principal (for lack of better words).
-The charges are 3% on withdrawals and 2% on lodgments for INDIVIDUAL accounts.

-5% on withdrawals and 3% on lodgments for CORPORATE accounts.

-The CUMULATIVE limit is N500,000 for individuals and N3m for CORPORATE accounts.


C:- Unlike stamp duty charges that hits the beneficiary’s account directly, the cash-less charge on DEPOSITS is borne by the depositor. Except you are also the depositor.

ii:- The charge on WITHDRAWALS is borne by the account holder.

D:- The policy was only REINTRODUCED, it has been there before, but was halted at some point. The pilot stage of cashless policy (withdrawals) took off in Lagos on March 30, 2012 and spread out to some major states (Abia, Ogun, Rivers, Anambra, Kano & FCT) by October 1, 2013.

E:- It is a CUMULATIVE DAILY LIMIT on all CASH transactions. So, don’t pay in N500,000 and come back with N50,000. Use alternative channels.

ii:- The charges applies to all transaction that involves CASH- irrespective of the CHANNEL. This includes ATM and 3rd party cheques cashed over the counter. However, 3rd party cheques above N150,000 can no longer be cashed over the account.

F:- The policy has taken off in major states as at Sep 18th, 2019. You don’t know this because you probably do not have N500,000 to withdraw or deposit- CASH.

G:- The Reps have however told the CBN to pause on its implementation.


IT IS NOT ALL BAD NEWS AS THERE IS AN ADVANTAGE IN THIS POLICY FOR ALL PARTIES INVOLVED

-For Consumers: Increased convenience, lesser risk of cash-related crime, access to out of branch services, more banking services option and financial inclusion.

-For Corporations: Faster access to capital, reduced cash leakages and cash handling cost.

-For Government: Increased tax collections and economic development, greater financial inclusion.


EXCEPTIONS TO THIS POLICY
The policy applies to all accounts with exception to Government revenue generation accounts, Embassies, Primary Mortgage institutions and MFBs.



NOTE: You can avoid these charges by using alternative channels. Please contact your financial service provider for these channels.

Nice post

ornicus:
the convenience of cashless transactions is bae
no going to bank to withdraw cash - you make the payments directly. no queue in bank, no risk of someone following you and robbing you and records of every transaction.

all this talk about failed transactions - na noise. my failure rate is less than 5%
earlier this year i was at LG, making a very very big purchase. i dey fear say transaction would fail and i would be chasing bank upanddan - but it went straight , no story.
i sent money to a partner - large amount - also no story. no i am in the bank, no traffic, just sit at your phone and punch it in. in the same way, when it is time to collect on a loan - if a person is saying you gave me 200k, when you actually gave 300k, you can confirm immediately

na the same transfer them take hook useless police and lastma
las las - buhari will push every policy that has been setup which we have been pussyfooting around.
i really do not understand where the complaints are coming from.
if your time is valuable to you and you don't like stress, you will love cashless. no story about change. no story about i dont want this dirty money. and there is always a paper trail for your own audit

Of course you won't see anything in it because it isn't affecting your interest na.
Will a trader or distributor in balogun,idumota,trade fair etc say So?
They get their patronage mostly from people who cant operate these phones well due to undereducation or so..So it's going to be hard for real.
Note that this isn't a policy to make anyone convenient but to rake in more customers for banks.
Capitalist move from this vantage point

Logobenz:
did I say the will refuse to collect a deposit above 500k?
I said the will charge you on any excess of 500k daily.
So if you deposit your 900k per day they will charge you on the 400k as deposit charge na

ok. I dont trust nigerian banks

atm laws says three time withdrawal then you charge customers

bank atm, after every withdrawal they charge you

obailala:
Why should any normal person need to be forced before knowing they should stop carrying huge amounts of cash all over the place? As a business involved in sales, simply get a POS. As an individual, simply do an online transfer. We always lament over irrelevant things in Nigeria.

POS/Web transactions cost about 2.5% + 100 naira capped at 2000.

I worked in fintech before I left Nigeria and I personally know folks who's business is cash based and I can tell you it's a terrible policy.

AZeD1:


You cannot force loyalty. Rather than open bank accounts, people will keep cash at home.
If someone comes to buy something with 5m and you refuse, the guy next door will collect the cash and sell to him.

and pay 3% to deposit the money so he can pay his suppliers?no papi,no next door neighbour smart enough business wise will do it,unless of course it's drug business where profits are very huge.
No one will pay 3% of his supposed profit on bank charge

Logobenz:
and pay 3% to deposit the money so he can pay his suppliers?no papi,no next door neighbour smart enough business wise will do it,unless of course it's drug business where profits are very huge.
No one will pay 3% of his supposed profit on bank charge

That's why everybody will buy safe and keep at home.

Sterope:
How much do you pay for interbank transfer charges?

N52.

If you think it's small, next time you go and buy something, pay an extra N52

pocohantas:
Earlier on I saw a thread on the cash-less policy, though it had so many wrong information.

Please lets get some things clear while reacting.

A:- The policy is aimed at reducing (not ELIMINATING) physical cash in circulation. This will encourage more electronic-based transactions.

B:- The charges are on the EXCESS of the amount. Not the principal (for lack of better words).
-The charges are 3% on withdrawals and 2% on lodgments for INDIVIDUAL accounts.

-5% on withdrawals and 3% on lodgments for CORPORATE accounts.

-The CUMULATIVE limit is N500,000 for individuals and N3m for CORPORATE accounts.


C:- Unlike stamp duty charges that hits the beneficiary’s account directly, the cash-less charge on DEPOSITS is borne by the depositor. Except you are also the depositor.

ii:- The charge on WITHDRAWALS is borne by the account holder.

D:- The policy was only REINTRODUCED, it has been there before, but was halted at some point. The pilot stage of cashless policy (withdrawals) took off in Lagos on March 30, 2012 and spread out to some major states (Abia, Ogun, Rivers, Anambra, Kano & FCT) by October 1, 2013.

E:- It is a CUMULATIVE DAILY LIMIT on all CASH transactions. So, don’t pay in N500,000 and come back with N50,000. Use alternative channels.

ii:- The charges applies to all transaction that involves CASH- irrespective of the CHANNEL. This includes ATM and 3rd party cheques cashed over the counter. However, 3rd party cheques above N150,000 can no longer be cashed over the account.

F:- The policy has taken off in major states as at Sep 18th, 2019. You don’t know this because you probably do not have N500,000 to withdraw or deposit- CASH.

G:- The Reps have however told the CBN to pause on its implementation.


IT IS NOT ALL BAD NEWS AS THERE IS AN ADVANTAGE IN THIS POLICY FOR ALL PARTIES INVOLVED

-For Consumers: Increased convenience, lesser risk of cash-related crime, access to out of branch services, more banking services option and financial inclusion.

-For Corporations: Faster access to capital, reduced cash leakages and cash handling cost.

-For Government: Increased tax collections and economic development, greater financial inclusion.


EXCEPTIONS TO THIS POLICY
The policy applies to all accounts with exception to Government revenue generation accounts, Embassies, Primary Mortgage institutions and MFBs.



NOTE: You can avoid these charges by using alternative channels. Please contact your financial service provider for these channels.

SINCE MOST OF THE VIABLE BUSINESS IN NIGERIA ARE LOCATED IN THE SOUTHERN PART OF NIGERIA ESPECIALLY LAGOS, PORT HARCOURT, ONITSHA, ABA ETC

IT IS ANOTHER STRATEGY BY THE NORTHERN POLITICAL LEADERSHIP TO TAX THE RICH TO FILL THE PURSE OF THE FEDERAL GOVERNMENT CONTROLLED NORTHERN LEADERSHIP

islandmoon:
introduce it in northern states also, they voted in this government, you can not tax us in Lagos state , Rivers state and share it for people who didn't pay as monthly allocation, I'm yet to understand why it is saver to drive a car without custom duty in Kaduna and Kano than Lagos and Ogun.
northerners should start paying vat, taxes , custom duties on car, we are no slave.

This is actually a developmental policy. It is implemented in the more developed of Nigeria. The truth is that few people from North can understand this, that's why they start from places that really have poeple that could learn adapt and teach the others.
Personally...
I love it

casdoruche:
The OP try but

Why write the advantages and leave out the disadvantages.

The tax ish should start from politicians. Na them they lead. Let them lead by example.

Is not only when it comes to tax that every NIGERIAN is involved but to implement minimum wage and reduce their baseless salaries na wahala.


We no want. Let them explain the way previous taxes have been used.

I know all these things. As at yesterday, I wasn't for the policy, I am still not for it. I believe we are not ripe to explore this.

The only reason I took my time to write this thread was because of a previous thread that graced FP. People were obviously misinformed on how it applies. I did this, lest they get into "trouble".

That said, I am trying to compile a list of all charges across various channels and how it will affect businessmen (plus the way forward). Na laziness to research all hold me. This one came off my head, so it was easier.

No vex ehn. I am Nigerian, for Nigerians.
#OneLove

AZeD1:

That's why everybody will buy safe and keep at home.

Bros stop being defensive on some thing that's almost impossible.
So let's say the trader accepts the cash.how does he now pay his suppliers?by chartering a bullion van to take the money to his supplier's premises so as to avoid 3% excess limit deposit charge ABI?something that could have been transferred for N65?
Do you know most companies won't even accept cash from retailers/distributors due to inconvenience in conveying the money and also taxation policies?
FIRS wants to know how much a business is moving at all times so it can be effectively taxed na
Also you talk of safes,are you sure you know how much they cost?
Are you in business sir?

@pocohantas

It is a CUMULATIVE DAILY LIMIT on all CASH transactions. So, don’t pay in N500,000 and come back with N50,000. Use alternative channels.

For all good intents and purposes but the above contradicts the supposed benefit below.

For Consumers: Increased convenience, lesser risk of cash-related crime, access to out of branch services, more banking services option and financial inclusion.

If for example I have N600,000 to deposit as an individual, I would have N100,000 undepositable for the day. I'll then run the risk of having the N100,000 stolen or lost before the following day.

TRIGITIS:
[s]
You mean charging me for depositing into an account is encouragement? Pls how? If you talk about charging on cash withdrawal I understand but deposit? Get out.

Abi na for my hand I go do the transfer ni?

[/s]

abdulazeez1002:
The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit a cash of N501,000.00. N1,000.00 is in excess of the limit. The bank will charge you 2% of N1,000.00 which is N20.00.

But there is nothing good about it

What is not good about this for God's sake? Una just like governments to force new policy or technology down your throats before you accept it.
The same way you rejected voters card readers for many years. The same way you reject state police for many years until now that insecurity wanted to consume everyone. The same way una rejected electronic voting system until now that some are desperate to hijack power again!
Carrying huge cash around is risky to your own life

musicwriter:
@pocohantas



For all good intents and purposes but the above contradicts the supposed benefit below.



If for example I have N600,000 to deposit as an individual, I would have N100,000 undepositable for the day. I'll then run the risk of having the N100,000 stolen or lost before the following day.

Use alternative channels.

Logobenz:
Of course you won't see anything in it because it isn't affecting your interest na.
Will a trader or distributor in balogun,idumota,trade fair etc say So?
They get their patronage mostly from people who cant operate these phones well due to undereducation or so..So it's going to be hard for real.
Note that this isn't a policy to make anyone convenient but to rake in more customers for banks.
Capitalist move from this vantage point

A business man complaining about capitalism

Wetin we no go hear for NL

Oga there are cheap techno phones. Stop insulting people. The same people that can use whatsapp to share messages cannot learn to use banking apps?

The guy who drives a truck to my house with water, I pay him his 2k5 by transfer. I pay my mechanic, plumber, artisan by transfer. I pay Uber riders by transfer. If you don't have a smart phone, you can use text. I did this last weekend when all swift platforms were not working.

Stop being a typical Nigerian who always finds some excuse to celebrate difficulty and inconvenience. Don't worry, you can always settle your customs guys with dollars

islandmoon:
introduce it in northern states also, they voted in this government, you can not tax us in Lagos state , Rivers state and share it for people who didn't pay as monthly allocation, I'm yet to understand why it is saver to drive a car without custom duty in Kaduna and Kano than Lagos and Ogun.
northerners should start paying vat, taxes , custom duties on car, we are no slave.

I want to believe all Nigerian race to business in every part of the Country

abdulazeez1002:
The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit a cash of N501,000.00. N1,000.00 is in excess of the limit. The bank will charge you 2% of N1,000.00 which is N20.00.

But there is nothing good about it

3% Mr oga. It's deposit that attracts 2%. Let's be guided pls

pocohantas:
Earlier on I saw a thread on the cash-less policy, though it had so many wrong information.

Please lets get some things clear while reacting.

A:- The policy is aimed at reducing (not ELIMINATING) physical cash in circulation. This will encourage more electronic-based transactions.

B:- The charges are on the EXCESS of the amount. Not the principal (for lack of better words).
-The charges are 3% on withdrawals and 2% on lodgments for INDIVIDUAL accounts.

-5% on withdrawals and 3% on lodgments for CORPORATE accounts.

-The CUMULATIVE limit is N500,000 for individuals and N3m for CORPORATE accounts.


C:- Unlike stamp duty charges that hits the beneficiary’s account directly, the cash-less charge on DEPOSITS is borne by the depositor. Except you are also the depositor.

ii:- The charge on WITHDRAWALS is borne by the account holder.

D:- The policy was only REINTRODUCED, it has been there before, but was halted at some point. The pilot stage of cashless policy (withdrawals) took off in Lagos on March 30, 2012 and spread out to some major states (Abia, Ogun, Rivers, Anambra, Kano & FCT) by October 1, 2013.

E:- It is a CUMULATIVE DAILY LIMIT on all CASH transactions. So, don’t pay in N500,000 and come back with N50,000. Use alternative channels.

ii:- The charges applies to all transaction that involves CASH- irrespective of the CHANNEL. This includes ATM and 3rd party cheques cashed over the counter. However, 3rd party cheques above N150,000 can no longer be cashed over the account.

F:- The policy has taken off in major states as at Sep 18th, 2019. You don’t know this because you probably do not have N500,000 to withdraw or deposit- CASH.

G:- The Reps have however told the CBN to pause on its implementation.


IT IS NOT ALL BAD NEWS AS THERE IS AN ADVANTAGE IN THIS POLICY FOR ALL PARTIES INVOLVED

-For Consumers: Increased convenience, lesser risk of cash-related crime, access to out of branch services, more banking services option and financial inclusion.

-For Corporations: Faster access to capital, reduced cash leakages and cash handling cost.

-For Government: Increased tax collections and economic development, greater financial inclusion.


EXCEPTIONS TO THIS POLICY
The policy applies to all accounts with exception to Government revenue generation accounts, Embassies, Primary Mortgage institutions and MFBs.



NOTE: You can avoid these charges by using alternative channels. Please contact your financial service provider for these channels.

Total garbage people are saying what they don't know on this platform

thebosstrevor:


ok. I dont trust nigerian banks

atm laws says three time withdrawal then you charge customers

bank atm, after every withdrawal they charge you

This is for remote-on-us transactions. There is no charge when you use own bank's machine. Correct me if I am wrong.

cashless policy my shi.t. they are bank driving policy in other not to employed labour. go to banks today you will see that the keep reducing their workers everyday. this aim is to further sack more people.

last time they told us everything 3 withdraw from ATM bank charge. but now it's on every withdrawal. next same thing will happen to this too

islandmoon:
introduce it in northern states also, they voted in this government, you can not tax us in Lagos state , Rivers state and share it for people who didn't pay as monthly allocation, I'm yet to understand why it is saver to drive a car without custom duty in Kaduna and Kano than Lagos and Ogun.
northerners should start paying vat, taxes , custom duties on car, we are no slave.

You are slaves lol.


Sorry, I just wanted to know how good that feels like to say

maasoap:


What is not good about this for God's sake? Una just like governments to force new policy or technology down your throats before you accept it.
The same way you rejected voters card readers for many years. The same way you reject state police for many years until now that insecurity wanted to consume everyone. The same way una rejected electronic voting system until now that some are desperate to hijack power again!
Carrying huge cash around is risky to your own life

Thank you jare. That was why Evans was targeting his kinsman. Because they do plenty of cash transactions. Anyone doing cash is easily marked and trailed and robbed. Happened in festac last year. We witnessed one three years ago in Orile.some guy from Badagry with millions in cash in his car. Boys on okada Cordoned off the road. Bullets everywhere

Do you know how much you will be paying if you deposit or withdraw?

AZeD1:

N52.

If you think it's small, next time you go and buy something, pay an extra N52

in least than 3 months GTB notified me that I have been charged over 4k for using ATM transactions from other bank.

but the CBN said in every 3 withdrawal
awkward I tell you.

islandmoon:
introduce it in northern states also, they voted in this government, you can not tax us in Lagos state , Rivers state and share it for people who didn't pay as monthly allocation, I'm yet to understand why it is saver to drive a car without custom duty in Kaduna and Kano than Lagos and Ogun.
northerners should start paying vat, taxes , custom duties on car, we are no slave.

This is a primitive thinking bro