Richy4:
If Nigeria introduce cashless policy, it has a lot of advantages..
<< Before thieves will come into your home to steal, they will give it a second thought except they were coming for your pot of soup...
<< The Nigerian bank will sit-up.. to tackle fraud and online fraudulent activities,.. They will be one step ahead of the perpetrators...
<< There will be more forensic accountants than ordinary teller staffs... which means when your money misses it's way, It will be like a speed of lightning to track down and recover..
<<People will travel without fear of high way men and women because they have got no money on them...So yea it's good..

Another advantage

One chance robber can only collect 20k and your phone from you. (No more using PoS to withdraw all your money).

Hoarding by our politicians with be difficult.

Kidnappers will have lesser ransome.

All your transactions will be tracked.

Money laundry will be curbed.

But POS people go suffer oh (una doh oh).

The policy has a good intentions but will adversely affect small businesses and POS operators who only carry out POS transactions without other business attached to it, many will be packing. Traffic sellers will surfer more, Banks will be richer. Old and illiterate business men and women will surfer because most villages do not have bank.

entrep88:

Where POS go see Bulk Cash? Are you aware they also run out of cash?

pls was he able to finally answer this very good question?

sircatherine45:


at this age, you are still using that stupid FCMB bank? guy delete the app and close your account,that bank is a stupid bank. use stanbic or zenith for your businesses.

lolzzz.. I tire ooo my brother.

[quote author=seanwilliam post=118981156]

you’re also wrong. Before the policy , not everyone can use ussd or bank transfer, you can always use your card at the pos to transfer, you will be debited including charges.

E.g an old man who has atm card and wants to transfer or pay for goods ofover 20k but doesn’t know how to use bank app or ussd , what he needs to do is to go to pos , the money will be debited for his atm card including charges .


No one needs more than 20k cash per day .

The 20k cash will cover petty petty spending like buying maggi, paying tfare , paying your barber etc.


Honestly this is a welcome development. [/quote
Speak dor urself,i need more than 20k a day most days

don4real:
5% unless corporate company which is 10%

even at that it's still ridiculous, is the CBN trying to make money for the banks? If they are trying to track money, the age of that has passed, they can't no one can but they can mitigate it, but that penalty, Nigerian will get around it.

bdon123:




Speak dor urself,i need more than 20k a day most days

why do you need more than 20k cash? For what ?

This post no make sense. Don't forget that the pos operator also need to go to the bank and withdraw the amount of money he or she would use for transaction for the day. With the limit placed by CBN, the pos guy can't go beyond the limit and such, he is also affected by the policy.

Dsalvo:


20k a day bro not 100k.

I mean inside the bank

highness25:
I mean inside the bank

Even if you go in the bank and take 100k then that is is for you for the week. Every banked name has a BVN.

100K is what you are cumulatively allowed for the week while it is 500m for corporate organization.

Dsalvo:


Even if you go in the bank and take 100k then that is is for you for the week. Every banked name has a BVN.

100K is what you are cumulatively allowed for the week while it is 500m for corporate organization.

Is that not madness?

adekennis:


He cant be charged for withdrawal below 100k across counter. He can simply register business name and have access to 500k cash weekly.. There are many loopholes if you read through the policy very well.

But wouldn't he pay commission in percentage of that 500k cash weekly?

bdon123:
Guy be progressive for the greater good.

Shopping, use you card to pay. Services, use transfer to pay.

Unless a POS operator why do you want to be insistent on carrying cash around?

Are you an 80 year old illiterate man unable to use modern tech?

highness25:
Is that not madness?

No. It is an attempt to modernize Nigeria progressively because where we are is shameful and a disgrace.

Young folks like us should drive the change and explain it to others. When I am in the UK I rarely carry cash. What I always have are my credit or debit cards and my Oyster card.

Debit and credit card pays for everything to include even newspapers.

Oyster is a travel card you use on the london underground, overground and buses. Preload it with cash from you debit card and you simply tap the barrier to enter rail Stations or Oyster machine on buses to travel to your destination.

I think this whole thing is an issue of exposure TBH

The way we do things in Nigeria leaves so much room for inneficiency, corruption, economic stagnation, waste, duplication. Of effort etc.

We endure with regressive practices for far longer than desirable and useful whereas forward movement ad progress is always the target of developed nations.

It is a laudable policy. Probably best thing Buhari government has done for a while. My problem is why this did not come much earlier and is now coming towards the end of Buhari's tenure.

thebosstrevor1:


If a Customer uses POS to pay for 100k, The money is going to the Market woman's bank account

Do you find it hard to understand or is it that you don't or never lived in Nigeria? Market woman buys goods and foodstuff from village markets in cash and brings to town to sell. Townspeople transfer 100k into her account and she goes to bank to withdraw the 100k less 5% thereby losing much money. How does her business survive?

Dsalvo:



No. It is an attempt to modernize Nigeria progressively because where we are is shameful and a disgrace.

Young folks like us should drive the change and explain it to others. When I am in the UK I rarely carry cash. What I always have are my credit or debit cards and my Oyster card.

Debit and credit card pays for everything to include even newspapers.

Oyster is a travel card you use on the london underground, overground and buses. Preload it with cash from you debit card and you simply tap the barrier to enter rail Stations or Oyster machine on buses to travel to your destination.

I think this whole thing is an issue of exposure TBH

The way we do things in Nigeria leaves so much room for inneficiency, corruption, economic stagnation, waste, duplication. Of effort etc.

We endure with regressive practices for far longer than desirable and useful whereas forward movement ad progress is always the target of developed nations.

It is a laudable policy. Probably best thing Buhari government has done for a while. My problem is why this did not come much earlier and is now coming towards the end of Buhari's tenure.

We too like copy copy from oyibo without discrimination. Have we reached the stage of UK in technology and infrastructure? Do you manufacture a single atm, pos or any part of the telecommunications systems in Nigeria. What if suddenly you can't get parts or equipment? Then everything will suddenly collapse. Our telecommunications infrastructure, power supply, economy etc has not reached that stage yet. WE ARE NOT AN INDUSTRIAL ECONOMY!!!

We need original thinking and home brewn solutions, not indiscriminate copying.

In the 1980s, Fela sang:

" TEACHER, TEACHER, ABI NA LECTURER BE YOUR NAME...MAKE YOU NO TEACH ME AGAIN, THE PERSON WEY YOU TEACH FINISH YESTERDAY DON DIE TODAY...ME AND YOU NO DEY FOR THE SAME CATEGORY!!!

But still we are not ready to learn

holocron:


We too like copy copy from oyibo without discrimination. Have we reached the stage of UK in technology and infrastructure? Do you manufacture a single atm, pos or any part of the telecommunications systems in Nigeria. What if suddenly you can't get parts or equipment? Then everything will suddenly collapse. Our telecommunications infrastructure, power supply, economy etc has not reached that stage yet. WE ARE NOT AN INDUSTRIAL ECONOMY!!!

We need original thinking and home brewn solutions, not indiscriminate copying.

In the 1980s, Fela sang:

" TEACHER, TEACHER, ABI NA LECTURER BE YOUR NAME...MAKE YOU NO TEACH ME AGAIN, THE PERSON WEY YOU TEACH FINISH YESTERDAY DON DIE TODAY...ME AND YOU NO DEY FOR THE SAME CATEGORY!!!

But still we are not ready to learn

We can't copy from Oyinbo blindly without recognizing where we are yet many changes can be implemented but for the stubbornness, rigidity and resistance to change of many Nigerians.

You cannot deny this. Driving down one way has never stopped because Nigerians refuse to stop doing it. Some changes must be enforced.

Not rocket science restricting options so that Nigerians have no choice but to accept and utilize cashless transaction more.

We have the facility to cope with that and can make necessary tweaks to deal with anticipated increased use of cashless transactions.

KennethEnyi:





You’re very stupid


Read and comprehend
Ode

Thank you for calling a spade a Spade.

Lies, how much will pos people will withdraw from bank dey do business and when d limit of withdraw is 20k, so how can he or she maintain there customers

thebosstrevor1:
Most POS operators are concerned about the new CBN cashless policy, I personally think they shouldn't stress themselves and I think the new CBN policy is a good one for them.

Since a cashless policy is the primary goal of the CBN, if you are a pos operator, you can use this to your advantage, now that the government is encouraging a cashless system that means more business will come your way.

for instance, if someone wants to pay his children's school fees, that person can walk to any POS operator and do that, and you will be able to charge your usual transaction fee

if someone wants to pay for goods and they are far away from an atm or bank, they can now use your POS services to do that transaction

if someone wants to transfer money from their atm to their family member in another location, then it is easy for them to use your POS

people that want to receive cash can also use your POS service, they will transfer the money they need to your account and you give them cash while you take your commission

The CBN cashless policy will bring more customers to your POS Business, now people will be able to pay for anything through POS and you will cashout, you will get more customers than ever before.

Anyway, just see the big picture, fantasize, dream and think of how much money you will make from CBN cashless policy.

You don't understand. Do you think the CBN would be do dumb to encourage Nigerians being defrauded by POS agents to leave us in their hands? Do you know how much we pay to those guys just to withdraw 1k? How about when we get debited and never get paid all in the name of "bad network". My own money and a lot of other people is cooling in some people's account all in the name of bad network.

If you want to understand what cashless means, go find out about MPESA in Kenya. I could live for a month without touching paper money and I never went to the POS for withdrawal. I simply transferred from my bank to my phone number which serves as an account and if I needed to pay for anything anywhere in Kenya, I transfer to the person with zero contact with the POS. if the CBN tries to leave us in the hands of those POS guys (which I'm sure they wouldn't), we will kick. Cashless is the best if properly planned. MTN has started a similar thing with the Kenyan MPESA called MOMO. I hope it is promoted. I hate POS with passion. This cashless policy should do justice.

Some people talking rubbish here did not really realize that some POS operator are self employed,do you people know how many people are working and earning money becoz of pos business,do you people even realize,the hardship and suffer people will be in if not for POS business,and some are here talking rubbish becoz maybe your not into POS business..The stupid policy will end up making things even worst...some people will leave POS business making unemployment even higher,some local market woman on there 70s or 60s who never know about the digital world will suffer,100k per week for individual is fucking small...Yes am a POS operator and i earn my living from there and am self employed becoz of the POS business

thebosstrevor1:


Let me explain

If you are going to make payment through the pos for lets say school fee.

the POS operators deduct the school fees plus commission from your atm, he doesnt have to deal with cash.

Also If a POS operator wants to deal with cash, he can also hoard money( save money) and dispense out to those who want withdrawal for a fee

looks like you dont know much about the pos bussiness. How will the POS folks get cash to process cash withdrawals seeing the daily atm withdrawal limit??

THE POLICY IS AIMED AT ENDING POS BUSINESS DON'T FORGET THAT THE MAXIMUM NAIRA DENOMINATION WITHDRAWABLE WILL BE 200 NAIRA NOTE. SO, THE ONLY OPTION TO ACCESS HIGHER DENOMINATION WILL BE FROM TRADERS COS THE CHARGES OF OVER THE COUNTER WITHDRAWAL WILL MAKE THE BUSINESS RUN AT A LOSS. GOD PLEASE GIVE US LEADERS FOR THE MASSES

THE POLICY IS AIMED AT ENDING POS BUSINESS DON'T FORGET THAT THE MAXIMUM NAIRA DENOMINATION WITHDRAWABLE WILL BE 200 NAIRA NOTE. SO, THE ONLY OPTION TO ACCESS HIGHER DENOMINATION WILL BE FROM TRADERS COS THE CHARGES OF OVER THE COUNTER WITHDRAWAL WILL MAKE THE BUSINESS RUN AT A LOSS. GOD PLEASE GIVE US LEADERS FOR THE MASSES
[color=#000099][/color]

Dsalvo:



No. It is an attempt to modernize Nigeria progressively because where we are is shameful and a disgrace.

Young folks like us should drive the change and explain it to others. When I am in the UK I rarely carry cash. What I always have are my credit or debit cards and my Oyster card.

Debit and credit card pays for everything to include even newspapers.

Oyster is a travel card you use on the london underground, overground and buses. Preload it with cash from you debit card and you simply tap the barrier to enter rail Stations or Oyster machine on buses to travel to your destination.

I think this whole thing is an issue of exposure TBH

The way we do things in Nigeria leaves so much room for inneficiency, corruption, economic stagnation, waste, duplication. Of effort etc.

We endure with regressive practices for far longer than desirable and useful whereas forward movement ad progress is always the target of developed nations.

It is a laudable policy. Probably best thing Buhari government has done for a while. My problem is why this did not come much earlier and is now coming towards the end of Buhari's tenure.

you people have killed POS business

thebosstrevor1:
Most POS operators are concerned about the new CBN cashless policy, I personally think they shouldn't stress themselves and I think the new CBN policy is a good one for them.

Since a cashless policy is the primary goal of the CBN, if you are a pos operator, you can use this to your advantage, now that the government is encouraging a cashless system that means more business will come your way.

for instance, if someone wants to pay his children's school fees, that person can walk to any POS operator and do that, and you will be able to charge your usual transaction fee

if someone wants to pay for goods and they are far away from an atm or bank, they can now use your POS services to do that transaction

if someone wants to transfer money from their atm to their family member in another location, then it is easy for them to use your POS

people that want to receive cash can also use your POS service, they will transfer the money they need to your account and you give them cash while you take your commission

The CBN cashless policy will bring more customers to your POS Business, now people will be able to pay for anything through POS and you will cashout, you will get more customers than ever before.

Anyway, just see the big picture, fantasize, dream and think of how much money you will make from CBN cashless policy.

Why use POS when I can use USSD or banking app? Also remember the telecoms have been given licences for mobile banking.

thebosstrevor1:


Let me explain

If you are going to make payment through the pos for lets say school fee.

the POS operators deduct the school fees plus commission from your atm, he doesnt have to deal with cash.

Also If a POS operator wants to deal with cash, he can also hoard money( save money) and dispense out to those who want withdrawal for a fee

What you are missing is that, what the POS agent has been doing is now being encouraged to be done by all individuals and organisations, thereby making that school fees you made an example of to be transfered directly by the individual to the school account, the only POS operators that will benefit massively are those in business areas that deal in small cash sales from lots to of customers and end up having huge sums to be deposited in their account. Making them to have huge sums at hand they can then use for those who need withdrawals.

Dsalvo:


Shopping, use you card to pay. Services, use transfer to pay.

Unless a POS operator why do you want to be insistent on carrying cash around?

Are you an 80 year old illiterate man unable to use modern tech?

D current country we live in,is run by cash.Most Tins i pay cash.xcept fuel n supermarket.

Most of you are dumb.
There is a waiver for POS operators in the missive distributed; go and check it.
It will even favor POS business more.
The government even earmarked it there.

See the attached file

thebosstrevor1:
Most POS operators are concerned about the new CBN cashless policy, I personally think they shouldn't stress themselves and I think the new CBN policy is a good one for them.

Since a cashless policy is the primary goal of the CBN, if you are a pos operator, you can use this to your advantage, now that the government is encouraging a cashless system that means more business will come your way.

for instance, if someone wants to pay his children's school fees, that person can walk to any POS operator and do that, and you will be able to charge your usual transaction fee

if someone wants to pay for goods and they are far away from an atm or bank, they can now use your POS services to do that transaction

if someone wants to transfer money from their atm to their family member in another location, then it is easy for them to use your POS

people that want to receive cash can also use your POS service, they will transfer the money they need to your account and you give them cash while you take your commission

The CBN cashless policy will bring more customers to your POS Business, now people will be able to pay for anything through POS and you will cashout, you will get more customers than ever before.

Anyway, just see the big picture, fantasize, dream and think of how much money you will make from CBN cashless policy.

If I can do the transfer with my phone what will take me to POS operator to do that? Daily withdrawal limit is 20k and if the POS operator withdraws that from the bank and one persn also comes to withdraw 20k so he will only have one transaction for the day. For the transfers, people normally do it with their phone. The patronize POS cos of the withdrawal.

thebosstrevor1:


Let me explain

If you are going to make payment through the pos for lets say school fee.

the POS operators deduct the school fees plus commission from your atm, he doesnt have to deal with cash.

Also If a POS operator wants to deal with cash, he can also hoard money( save money) and dispense out to those who want withdrawal for a fee

How can I have ATM card and cannot still do transactions on my phone??

bdon123:

D current country we live in,is run by cash.Most Tins i pay cash.xcept fuel n supermarket.

That is you. Most things I do not pay cash. I use my card at supermarket for shopping.

I pay for meat and fish at cold stores with my card. Bars and restaurants I use my card.

Even fast food like chicken republic, Mega Chicken, Mr.Biggs etal I used my card.

Shopping online I use my card. What sort of stubborn life are you living bro? If non-cash payment options were absent then I can understand you.

As it is, you just appear a rigid and change-resistive nigga.