| Re: Understanding The Cash-less Policy by King44(m): 5:23pm On Sep 20, 2019 |
pocohantas:
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. +U+CBN+Banks... make I just keep quiet |
| Re: Understanding The Cash-less Policy by Sleevia: 5:24pm On Sep 20, 2019 |
MUHDAI:
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 Iit does not matter. The North can not continue to be treated like babies while their mates in the South are treated like Adults. JAMB and entrance exam cut off marks are higher in the South while very low in the North. What nonsense? 1 Like |
| Re: Understanding The Cash-less Policy by netpro(m): 5:27pm On Sep 20, 2019 |
Sleevia:
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.
I totally agree. But I read that some kind of businesses like Filling station are exempted or given some incentives on this. Also Business accounts has their own limit at 3 million. 1 Like |
| Re: Understanding The Cash-less Policy by olumide4christ: 5:29pm On Sep 20, 2019 |
Nice one, pocohantas!
Many Nigerians do not have the desire & even the ability to understand new policies before screaming and crying foul online.
Thanks for the enlightenment and the educative piece. 1 Like |
| Re: Understanding The Cash-less Policy by Sleevia: 5:44pm On Sep 20, 2019 |
netpro:
I totally agree.
Also Business accounts has their own limit at 3 million. fair enough. 1 Like |
| Re: Understanding The Cash-less Policy by Edu3Again: 5:57pm On Sep 20, 2019 |
JKisOK:
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 Goodness I cant count |
| Re: Understanding The Cash-less Policy by equity1(m): 6:50pm On Sep 20, 2019 |
TRIGITIS:
[s][/s]
Nothing to be understood here. Why should I be charged for depositing into an account?
How can you be preaching cashless economy and be discouraging it at the same time? true true you didn't understand. Your comment said it all |
| Re: Understanding The Cash-less Policy by jossypajay: 7:51pm On Sep 20, 2019 |
thebosstrevor:
What alternative?
The only way is to deposit 450000
2 times if you have 900000 thousand to deposit
when i hear financial inclusion, all i hear is scam.
Suddenly the poor have to pay for the rich corruption. It won't apply. It is cummulative |
| Re: Understanding The Cash-less Policy by smasher1(m): 7:52pm On Sep 20, 2019 |
netpro:
1. Majority of those screaming online don't even earn N500,000 cash daily.
This is the major issue. It's the rich that should be complaining and not the average or below average person.
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. |
| Re: Understanding The Cash-less Policy by titi4fola(f): 9:22pm On Sep 20, 2019 |
pocohantas:
Go back to Romance section. It is not by forrce to comment.
What is insensitive and stupid about this thread? Are you okay? ...nice one! |
| Re: Understanding The Cash-less Policy by blueghost(m): 9:50pm On Sep 20, 2019 |
If they truly truly want to encourage cashless, they should just order banks not to dispense cash above that 500k and they shouldnt put that 7% VAT on online purchases infact they should cancel 1k and 5h note and leave 2h, as the highest denomination. 1 Like |
| Re: Understanding The Cash-less Policy by 2oby: 12:32am On Sep 21, 2019 |
Cashless n u r discouraging depositing in d bank? In my opinion, if they r truly interested in cashless n not fund raising, then depositing should b encouraged n withdrawal should b discouraged more.
Note: a business person finds it hard to reject cash for goods n services offered especially wen d seller or service provider is at d disadvantage.
Our economic expert should know better that this charges will trickle to d bottom ( d masses) cos a good business person doesn't make loss, he will rather spread d loss on his consumer. So it is d consumers that r charged by cbn aside VAT.
FUNNY |
| Re: Understanding The Cash-less Policy by Mryacks: 10:03am On Sep 21, 2019 |
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.
Well explained. |
| Re: Understanding The Cash-less Policy by duwdu: 4:14pm On Sep 21, 2019 |
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.
To me, this is now much clearer - and better understood. Thanks for posting. ........ P34c3 ..... ... |
| Re: Understanding The Cash-less Policy by jytops: 6:16pm On Sep 25, 2019 |
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