I don't want to write long episode, but we should just understand that this policy is counter productive. While will I want to deposit cash at the bank when I know I won't be able to withdraw it at will? This will be the new reality -- hoarding cash.

The person that created a frontpage thread yesterday saying that the policy will benefit POS operators has never done POS before. Many POS operators will close shop very soon because you cannot meet up. While running a POS stand I had 15 ATM cards yet it wasn't enough at 200k limit per day for each card.

Modified:
Let me make a little clarification. Why 200k/day per card withdrawal is not a big deal is because most Mastercard has 1miliin POS limit per day. So you can withdraw 200k at the ATM and 1 million at the POS. But limiting both POS and ATM to 20k, have you wandered how you'll be able to pay for your groceries at the mall and for your fuel at the station? You won't be able to pay for things online with your card as well. Transfer is good for scammers.

We will have no option than to adopt mobile transfer. Now the problem is, many banks limit their mobile transfer to 200k because of fraud. Now they will have to throw caution to the wind and give yahoo boys a field day by increasing their transfer limit.

Secondly, when you do transfer you have to wait till your recipient sees alert which might take eternity sometimes. What about fake alert? What about rural dwellers that battle bad network or do not have the capacity to use USSD?

Well said,APC government wants to kill all the small businesses

Victorblaze14:
Well said,APC government wants to kill all the small businesses

With the level of inflation now, I wonder what 20k can do for anyone. I wonder whether we can pay bus conductor with transfer. Imagine buying different things from different market women and paying all of them with transfer