Deep Sight:

Thank you joor.

Can you imagine the Policy? ? ? If I want to withdraw N1 Million I will have to pay 85k as penalties!

Gosh!

Lemo, however, pointed out that the limit was not total as those who wished to withdraw more than the stipulated amount could do so, but for a fee.

He said, “There is no way we can run an efficient economy if we don’t develop e-Payment transactions. We spend billions of naira every year on cash printing. [size=16pt]In fact, we spent over N34bn printing cash last year. We can’t continue to incur such costs.
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“Banks also spend too much time processing cash. This makes them to focus more on minor functions at the expense of major ones. Banking is not about processing cash. Let them do proper intermediation by ensuring that the bulk of their transactions are more efficient and cost-effective.”

He disclosed that the apex bank had already put in place measures to match the ATM deployment of Mexico by deploying over 100,000 Point of Sales terminals by 2012.

“By 2015, we hope to be where Brazil is by deploying additional 350,000 PoS terminals. Remember that we are also making it biometric so that everyone, including those who cannot read and write, will be covered,” he added.

The deputy governor, however, noted that the CBN was only announcing a policy that would start next year, adding that “you have to guide and manage the industry such that the needed infrastructure will be put in place to ensure a smooth take-off.”

He said that the CBN, in collaboration with the banks, had set up a committee to ensure error-free, end-to-end e-Payment transactions.

Dis Guy:

Chams, interswitch and many more already provide the service, if the infrastructure is not there these guys would have been out of business and many upcoming service companies wont even bother

people already sit at home to conduct internet transactions in Nigeria. . . .

pluto04:

There is nothing wrong with this policy. I think all the required infrastructure are already in place. The missing piece is forcing people to change their attitude to cash which I believe is what Sanusi is trying to achieve.

For those shouting electricity, check out the following:The cost of these devices is similar to what people spend on mobile phones. [/b]Also if you can use mobile phone, you can use this devices. I know one Nigerian card company that deployed services based around similar devices as far back as 2006.

Some people will be shouting impossible while others will be making a lot money by positioning themselves for the takeoff of the policy. I don't think the opinions expressed on nairaland matters in anyway. If CBN and the banks have agreed, it only needs the support of the FG and I don't see FG support being witheld.