hahaahahhahhahahaha

The new system has its advantages and disadvantages. First, it helps eliminate the risk associated with carrying physical cash and also helps reduce customers' traffic in the banking hall. However, subtancial dealing in cash may be inhibited by this procedure.
I f i need to pay for transaction above the minimum N150K, what i need to do is to look for a family friend/colleague that has account in the same bank as me, i transfer money to my friend/colleague's account and he help me withdraw immediately while i also withdraw from my own account too. that is if the money is not too large oooooo.

How come banks charge customers for inter bank money transfer?
Just like simcards were N1000 before foreign competition drove that away.


The new bank policy is just the banks holding on to your money for longer because they dont know
how else to make money.
Block heads.

cashless society is what we want. it works in Europe and i know it 'll work in Africa. lets join hands to promote it, I bet us we 'll enjoy it as time goes on.

sonnie10:

If i am buying from a road side display (dealer), i don't think i would trust him enough to pay into his acct and then wait for 24-48 hours for him to acknowledge the receipt of the money before taking the car. It should be "CASH AND CARRY". Don't be surprise that the vehicle and the seller might not be there when you go back for pick-up. With bank check or draft (not personal checks), all parties are settled instantly.

why do you choose to do business with this type of dealer?

This policy may actually help the auto sector by driving away the kind of "fly by night" dealer you mentioned and allow reputable ones to flourish.

Considering the large transaction values, all reputable dealers must operate a bank acct. Simple. If you don't want to use an acct, go find another business.

1. Mobile money

2. Online transfer platform (inter-bank)

3. Nairaland could set up their own payment platform or mode.

Just my opinion.

Kind regards.

calculusx:

I can't remember when last i was paid in Cash for a Car Purchase. This is simply what i do, irrespective of my customers bank, i operate co-operate account in 3 major banks and if my customer doesn't operate the same bank account with me,i will transfer the money into my aboki's account who operate accounts in about 8 major banks in Nigeria and i get the equivalent back in $$$ which will be credited into my domiciliary account. By doing this, i still go cashless.

In other way round, if I and my customer operate the same account with the same bank, i go cashless by e-transfer or direct deposit into my account in my presence and e-transfer into my aboki's account and get the equivalent back in $$$. For m,going cashless is so simple.

See correct business man, less hassle more profit

This Cash transaction limit policy can be implemented but not imposed since we are far from the 1st and 2nd world countries with enough infrastructure . Nigeria is a country that has adopted the cash system ever since and waking up one morning to say you want to create a cashless economy would be quite unfair. For example in the US, there are many things that cash payments are not common but acceptable such as cars and house mortgages etc, but only maybe 5% of Nigeria's businesses use POS machines. so how's it going to work. And with the network problems that affects even Nigerian Banks , I doubt if its a good idea. For example you go into a restaurant or bar and order for things and at the end of the day, your ATM doesnt work due to network issh, The owners /managers of such organizations dont have Sanusi to blame but you who didnt bring in cash with you.

^^ well they will have to do something about it, when they start losing customers, the only way to make the system better is to try it our first then improve on the hiccups

if the shop blame you for not bringing cash, you are not losing your money, they are losing your custom, another smart shop that has improved or implemented a better system will attract more customers

It will still cost you considering the fact that you need to buy $$$ from the abokis since the bank wouldnt sell it to you except you are buying for BTA and the Aboki's surely want to make profit on every exchange

Getting a good POS up and running in Nigeria will need significant investment-power generation, fast internet connection etc. Even in the developed world with functional infrastructure, some small businesses don't use it due to the cost. Some accept it only from transactions of a certain value. I must add however that it is widely used by most businesses. The point I am making is that given our poor infrastructure, the cost to businesses will be significant. This cost will be passed to customers making things more expensive. Furthermore, private sellers cannot use it. Bank transfer is not always convenient or practical. I may not be comfortable paying money for a car into the account of someone I met online and wait for it to clear before collecting the car. I consider it a big risk, more so in Nigeria. This policy is good but it is more like putting the cart before the horse. Nigeria needs to sort its infrastructure first. What is more, you cvan decree a thing like this. It has to be seen to help not hinder business. People will now adopt it without question.

Dis Guy:

^^ well they will have to do something about it, when they start losing customers, the only way to make the system better is to try it our first then improve on the hiccups

if the shop blame you for not bringing cash, you are not losing your money, they are losing your custom, another smart shop that has improved or implemented a better system will attract more customers

my brother the shop will hold you until you pay cash, especially restaurants/hotels. People who live outside Nigeria are always far removed from reality. There times that for a whole week you can't withdraw cash with your atm because you bank network is down. Trust me, I have seen it happen several times. When ATM's started many people embraced it, but with the attendant problems many people are discarding their ATM Cards.

theres always a way out of every situation.the idea isnt bad and wouldve been welcomed by all if we have good,operating systems like the power sector and telecoms.cos basically,these two sectors can determine the success of failure of anything that has to work with technology.looking at it from another angle,it might possibly encourage government itself to step-up their game.cos the moment its put into implementation,the challenge to make it work will lead to more pressure from these two sectors not to fail.for intance,the introduction of atm/online banking is already improving the telecoms/internet service in nigeria.maybe not up to what we want but rome was not built in a day.

fabienjoe:


Getting a good POS up and running in Nigeria will need significant investment - power generation, fast internet connection etc.

NOT SO WITH MOBILE PAYMENTS

Even in the developed world with functional infrastructure, some small businesses don't use it due to the cost. Some accept it only from transactions of a certain value. I must add however that it is widely used by most businesses.

ARE YOU WILLING TO MAKE THE NEEDED CHANGE OF MINDSET AND ACCEPT IT IN NIGERIA, IF GIVEN VIABLE OPTIONS?

The point I am making is that given our poor infrastructure, the cost to businesses will be significant. This cost will be passed to customers making things more expensive.

NOT SO WITH MOBILE MONEY

Furthermore, private sellers cannot use it.

Bank transfer is not always convenient or practical. I may not be comfortable paying money for a car into the account of someone I met online and wait for it to clear before collecting the car. I consider it a big risk, more so in Nigeria.

EVERYONE CAN USE MOBILE MONEY

This policy is good but it is more like putting the cart before the horse. Nigeria needs to sort its infrastructure first. What is more, you cvan decree a thing like this. It has to be seen to help not hinder business. People will now adopt it without question.

IF YOU DONT MAKE IT COMPULSORY IN NIGERIA, PEOPLE WONT CHANGE

I want to believe that the CBN engaged ThinkTanks to scrutinise every scenario before moving.

Approving billions of naira for NCC to do SIM card registration was because it would benefit mpayment.

I believe the question at at hand is more of :
IF I WANT TO PAY MORE THAN 150K, WHAT ARE MY OPTIONS?

To which answers include:
1. Write a check
2. Bank transfer
3. E-channel xfer (atm/pos/internet)
4. Mobile transfer

1 takes 3 days and is unacceptable for most people
2 requires trust and is subject to delays
3 is subject to infrastructure, network failure, access and education

4 is the answer. It is fast and instant, and anyone with a mobile phone can use it. Whether or not they have a bank account, even with network failure (using sound/nsdt).

Considering the fact that in a country of 160m less than 2m have bank accounts and over 80m have mobile phones, i can see why the cbn is enforcing this move.

Please note that[b] mobile money is independent of any bank or telco[/b] and runs on 3 methods:

1. Near sound data transfer: works on all phones
2. Ussd: like when u want to load credit
3. Java, android or similar app using gprs

By June next year, everything should have fallen into place.

Amen.

http://technologyavenue.com.ng/web3.0/2011/04/26/mobile-money-licence-holders-risk-cbn-punishment/

possible scenarios:

1. If i want to buy a car at cotonou or do cross border xactions:

a. Use forex
b. Use etranzact
c. Use mtn/gtb yello money, airtel zapmoney, glo/fbank mobile money

2. If i want to buy land:

a. Write a check
b. Seller provides suitable acct
c.

3. If i want to shop for a party or whatever at idumota:

a. Mobile money
b. Pos
c.

another way of looking at it:

1. N100M and above - wire xfer/switch

2. N10m - N99m : check

3. N1m - N9m : bank deposit/xfer

4. 151k - N999k : mobile money

5. Below N150k : cash

@ Dis_guy,

I like the way U are looking at the situation as A Glass half Full and not as A Glass that is Half Empty.

Though, imposition is not the way to go, but we should welcome this idea as it will transform us to a better society, too much cash carrying around that leads to more robbery. As an external car dealer, I prefer online, since I get alert on every deposit and do my own transfer to my agent for clearing. Transfer to my Dom. with a Pre-filled forms and found it more convenient than telling me stories about money disappear or one kind robbery at the lot.

i wonder when it became an offence to patronize individuals who want to sell their cars or did i hear you say they can't sell if it is more than #150k and they do not have a bank acct.