Logobenz:
I can do 10m with my Diamond app daily because i know i can,also I do a different type of business/trade.
I import from developed countries,not buy goods in petty petty quantities in Aba markets.
Those kind of people buy from people like us and they carry a lot of cash!It is convenient for them that way.
I am tired of going back and forth.let's see how it pans out in those areas.

In logobenz book it is more convenient to be carrying millions in two Ghana must go upandan market or between customers than in a phone. There must be something I'm missing about the convenience and safety of lugging huge sums of money about.

Logobenz:
20% in profits daily?
Jesus Christ!Na cocaine them dey sell for the shop

Most community pharmaceuticals out here make 30% profits retailing on all stocks. Imagine running 3 of such with a net take home of roughly 200 each.

Thegamingorca:




Most community pharmaceuticals out here make 30% profits retailing on all stocks. Imagine running 3 of such with a net take home of roughly 200 each.

My man the gamingorca pushing that codeine

Thegamingorca:




Most community pharmaceuticals out here make 30% profits retailing on all stocks. Imagine running 3 of such with a net take home of roughly 200 each.

How do you know this sir?
I am not talking of in house pharmacies in hospitals since we know they hike prices of the roof!
Do normal pharmacies outside hospitals make that much on a daily?
I am not in any health related business but I know a thing or 2 about business and 20% net profit sounds hard to believe.
I might be wrong though.

ornicus:


In logobenz book it is more convenient to be carrying millions in two Ghana must go upandan market or between customers than in a phone. There must be something I'm missing about the convenience and safety of lugging huge sums of money about.

you are missing my point.
I Said to the people that do that,making them carry money in phones can be difficult cause I did that too some years back in cemetery market,Aba as a young boy looking for headway.so I know how those kind of people think and operate.
If you reach South one day,holla at a nigga make I take you go Aba make you see what I am saying.
These people will want to buy from you and dump a lot of money on you putting you in risk.

TRIGITIS:
[s][/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?

Exactly!

Bro are you say those pp over there don't pay custom duit and VAT hmmmm

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.

Logobenz:
you are missing my point.
I Said to the people that do that,making them carry money in phones can be difficult cause I did that too some years back in cemetery market,Aba as a young boy looking for headway.so I know how those kind of people think and operate.
If you reach South one day,holla at a nigga make I take you go Aba make you see what I am saying.

Na resistance to change. One can make same arguments against GSM vs nitel before adoption.Phone can die anytime, they can steal your phone, etc.

These people will want to buy from you and dump a lot of money on you putting you in risk.

That format where they pay you late and Rob you later that night. All this cashless has led to sharp reduction in home invasions.

When you divide that 20% profit into salaries, rent, office maintenance, gas, and others you'd realize that the 4k each day is a burden. Remember the business has to pay tax too.

In a country where the budget for the legislature is rubbing shoulders with that of the police force, this is the wrong policy.

Thegamingorca:



If you earn 700k gross daily and atleast 20% of that is profits and you are still complaining of 4k charge. Then problem dey.

Come to think of it. 4k times 30 days. Poco dat is big money to government oh

In future time some of us here we earn more than this
so take Ur shit some were else

netpro:
1. Majority of those screaming online don't even earn N500,000 cash daily.

2. Any individual earning 500,000 cash daily should have a business account. His limit will become 3 million daily.

Even a stripper does not earn 500k per night in raw cash. Even church offering goes to business account and it is weekly.

Have u asked Ur self how the implementation of this have an effect to Ur life.

Do u make up to 5hk a Mouth

Realdeals:
Good one, most Nigerians have resistance to changes or new policy that does not provide instant benefits.

This should be the third time the government is try to implement the policy fully and to now imagine that those whose daily cash transaction is not up to 100K are making the loudest noise and complaint is appalling.

pocohantas:


The directive is only on own bank. It doesn't apply when you use another bank's ATM

i think you do not understand what i have been writing down

even though banks do have their atm all over the places in the main cities, the main reason why i can use another bank atm is because of convenience

Now cbn brought a law that if a customer want to use another bank atm, the bank will charge the customer a service fee of 65 naira if the customer uses that atm more than 3 time

but what banks are doing is charging customers that do not bank with them 65 naira for just using their atm once.

(if i bank with gtb and decides to use zenith banks atm for convenience sake, i will be charged 65 naira for just using the atm once, that is against cbn directives)

Edu3Again:
Whenever they budget money to be spent most of it goes to the North.

Now they want to collect money, most of it is collected from the South.

Our of 6 states mentioned, 4 are from the South.

This is simply a disguised Islamic tax on non-Muslims.

You really mean 5 out of 6 states actually.

Five of the six states earmarked for implementation come from the South.

The only Northern state for implementation is:
1. Kano

Meanwhile, the policy will swing off in five states of the South:
1. Ogun
2. Lagos
3. Abia
4. Anambra
5. Rivers

Have u actually done a trans and is not complete
Do u expect me to give you my goods and I haven't seen any alert bro
We have to get some many shit right in this country first
Starting from our internet connection
Let 4G be 4G
Thanks

Logobenz:
Cashless
policy means you should transfer from one account to another tariff free,rather than deposit cash.
Stop talking like this. I no see wetin concern corrupt officials here

thebosstrevor:


i think you do not understand what i have been writing down

even though banks do have their atm all over the places in the main cities, the main reason why i can use another bank atm is because of convenience

Now cbn brought a law that if a customer want to use another bank atm, the bank will charge the customer a service fee of 65 naira if the customer uses that atm more than 3 time

but what banks are doing is charging customers that do not bank with them 65 naira for just using their atm once.

(if i bank with gtb and decides to use zenith banks atm for convenience sake, i will be charged 65 naira for just using the atm once, that is against cbn directives)

Wow! Now I get you. Thought you were against the charges even after exhausting your lifeline. Yes, it is against the directive and I am surprised to read this.

I would like to add that it isn't until you use "Zenith" more than 3 times. If you have used Polaris, Union and FBN once each, Zenith would count as the 4th- so charges will apply. Hope this wasn't your case.

pocohantas:


Wow! Now I get you. Thought you were against the charges even after exhausting your lifeline. Yes, it is against the directive and I am surprised to read this.

I would like to add that it isn't until you use "Zenith" more than 3 times. If you have used Polaris, Union and FBN once each, Zenith would count as the 4th- so charges will apply. Hope this wasn't your case.

And once it's not your bank, you can only do 10k max withdrawal per transaction. They must to hammer that 65k.

ornicus:


And once it's not your bank, you can only do 10k max withdrawal per transaction. They must to hammer that 65k.

Lmao. These banks are crazyyyy!

pocohantas:


Wow! Now I get you. Thought you were against the charges even after exhausting your lifeline. Yes, it is against the directive and I am surprised to read this.

I would like to add that it isn't until you use "Zenith" more than 3 times. If you have used Polaris, Union and FBN once each, Zenith would count as the 4th- so charges will apply. Hope this wasn't your case.

infact, i am even against the charges,

atm and online banking services are suppose to be value added benefits for customers but here in Nigeria since the body protecting customers is docile, the banks have continue to rip off Nigerians but then again banks want people to come bank with them.

What is iniquitous about Bank Charges in Nigeria however, is the compulsory nature of many of them; their many titles & how most of d charges apply regardless of your banking habits. You can deposit N1millon into a current account in Nigeria, don’t use...
The account at all but come back in 5yrs to meet Thousands has been deducted in numerous charges by the bank.
CBN is headed by a Banker who is sympathetic to his constituency (commercial banks) & their need for more profit. Hence even d restrictions imposed by Sanusi that reduced d burden of charges have been reversed by Emefiele...
Next Level Intro... Legal Robbery

EYITEELOG:
What is iniquitous about Bank Charges in Nigeria however, is the compulsory nature of many of them; their many titles & how most of d charges apply regardless of your banking habits. You can deposit N1millon into a current account in Nigeria, don’t use...
The account at all but come back in 5yrs to meet Thousands has been deducted in numerous charges by the bank.
CBN is headed by a Banker who is sympathetic to his constituency (commercial banks) & their need for more profit. Hence even d restrictions imposed by Sanusi that reduced d burden of charges have been reversed by Emefiele...
Next Level Intro... Legal Robbery

Nigerian banks are not creative...these monies can be collected in a manner that the client gets some form of value.

Mopolchi:
The CBN policy will discourage savings! Banks will have little or no money to lend and for investment. Small scale industries will suffer heavily.

The CBN can encourage cashless policy through raising the interest paid on savings and increase incentives in using cashless payment options.

man I suppose u are an economist cos it is only an economist that sees things both ways. This policy is driven by some bigwigs in d banking industry. Then again who benefits more from this policy is it d govt, d dmbs or d ordinary man.

no matter how small u made the charges look theft by trade is still theft those are unnecessary charges they should make rooms for those excess deposit and stop trying to scam people, banks are already making profit by giving out the deposited money as loans etc raking in huge profit is that not enough

u said it's just 20 naira times that #20 by the numbers of people who make deposits above that stipulated amount daily,monthly and yearly per bank n c how much they are going to rake in at the end of the day, this is just too much

Mrquote:
Bro are you say those pp over there don't pay custom duit and VAT hmmmm

how many times have you read on the news that customs impound cars in the north like they do in south west cities and Benin express way?

King44:
no matter how small u made the charges look theft by trade is still theft those are unnecessary charges they should make rooms for those excess deposit and stop trying to scam people, banks are already making profit by giving out the deposited money as loans etc raking in huge profit is that not enough

u said it's just 20 naira times that #20 by the numbers of people who make deposits above that stipulated amount daily,monthly and yearly per bank n c how much they are going to rake in at the end of the day, this is just too much

I didn't make the charges look small, I only explained the policy. You all should stop transferring your aggressions on me. I am not CBN or their rep. I am not immune to these charges either.

The money isn't going to the bank. It goes to CBN. At least you know who to face now.

its high time we start learning crypto currencies. thats just the sure way now. . . intelligent g_boys n hackers use crypto.

netpro:


Do you transact over N500,000 in cash daily and those your clients can't do transfer to you?

For your info the charges only applies to CASH.

So what if someone transfers 550k to my bank account electronically, will this charges apply?

Sleevia:
So what if someone transfers 550k to my bank account electronically, will this charges apply?

NO

Mrquote:
In future time some of us here we earn more than this
so take Ur shit some were else

Once you start making 500,000 daily, the charges will be peanuts.

As we do say "big man, big wahala".

Sleevia:
So what if someone transfers 550k to my bank account electronically, will this charges apply?

No. If the person transfer electronically, it will not be charged for any of you.

If he paid cash, the charges will be for the amount above the 500,000.

ornicus:


My man the gamingorca pushing that codeine

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.

it is not safe anywhere bro. But maybe, the probability of finding such a car in Lagos is much higher than Kano, hence, Lagos attracts more attention

netpro:


No. If the person transfer electronically, it will not be charged for any of you.

If he paid cash, the charges will be for the amount above the 500,000.

Thank you. I do not do cash business. All my transactions are electronically. When I go to the bank, I see people bundle of money... and I shake my head. One reason is if they are rob now, they will say na village people, neglecting their own stupidity.

But I read that some kind of businesses like Filling station are exempted or given some incentives on this.