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CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers - Investment (2) - Nairaland

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Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by tk4radi: 1:51am On Jan 25, 2023
Misterc:

Our Nigerian banks are years away from civilization.....
Hence kidnapping as a business is booming mostly up North
My brother..
In the U.S, laundering “dirty” money (another name for “evil money” -- or money gotten from criminality or illegal business) is not easy. -- but in Nigeria,, there is no need to launder anything. Once you get the evil money, just start spending it already.
There is no way to even know whether the money is clean or not
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by tk4radi: 1:55am On Jan 25, 2023
Thanksful:


This is a good suggestion but only an Obi government can consider this. Make sure you don't waste your vote. Also be willing to share this with Obi government at the right time.



..





I pray that the NEXT GOVERNMENT has a Strong And Functional “E-PARTICIPATION PLATFORM” for Citizens..
That's All I Pray For.
Then, lots of Citizens Ideas would be heard and be tested and/or fully implemented.

1 Like

Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by tk4radi: 1:55am On Jan 25, 2023
ACRI:
Sound advice
Thanks.
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by tk4radi: 1:56am On Jan 25, 2023
Mopolchi:
Emefiele is a failure
You wouldn't conclude yet.
There some other “Good Policies” which came from him.
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by tk4radi: 2:00am On Jan 25, 2023
cliqtips:
And you think the government don't know those people involved in both corruption and insecurity.

Even a country allegedly gave them the list of people sponsoring terrorism in Nigeria but what did they do with it.


We are know what we are doing walahi





.


The truth is that..


For the sake of whatever that is good, we need to assume that they really do not know.


(But in reality, we are very much aware that, “They Don't Really Care About Us”.)
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by tk4radi: 2:00am On Jan 25, 2023
Emeka71:
Good idea.
Thanks
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by tk4radi: 2:11am On Jan 25, 2023
tony0806:


It's used in counting Dollar note. Sure of GTB
Almost every “Nigerian Bank” use the machine for Counting Dollars.
Thus, the U.S Government knows which Exact Bills are in Circulation even Outside of the U.S..

But these “Special Money Counters” are not actually directly connected to the computers, and thus, they do not create a “downloadable file” attached to each completed transaction, which states the Serial-Numbers of all the bills that went through with each particular transaction.

This particular additional function which I explained above, is what the CBN should introduce.
Such attached downloadable files would be very useful in tracking and tracing evil money.
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by tk4radi: 2:21am On Jan 25, 2023
lessonotes:
What we need right now is innovation in the area of e-naira. The cashless policy is coming in full swing. Whoever innovates now and has traction will be the new fintech billionaires.

Innovations like using nfc's to make payments for keke marwa rides, paying aboki's at stalls and paying our old women in the markets with these devices. I repeat the cashless policy has come into full swing. New Billionaires are ready to be born



We cannot wait to have widely-accepted “cashless” means of paying for very small amounts.. (as low as N50.)


And which wouldn't use “EXCESS BANK CHARGES” to discourage its use.
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by tk4radi: 2:23am On Jan 25, 2023
olahero:
Mtchew
I know say you no even read am.


So commott
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by tk4radi: 2:24am On Jan 25, 2023
HNICEARTH:
Available in most nigerian banks, but only deployed to count USD.
Nice suggestion


Thanks so much for the appreciation..




Almost every “Nigerian Bank” use the machine for Counting Dollars.
Thus, the U.S Government knows which Exact Bills are in Circulation even Outside of the U.S..

But these “Special Money Counters” are not actually directly connected to the computers, and thus, they do not create a “downloadable file” attached to each completed transaction, which states the Serial-Numbers of all the bills that went through with each particular transaction.

This particular additional function which I explained above, is what the CBN should introduce.
Such attached downloadable files would be very useful in tracking and tracing evil money.

1 Like

Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by tk4radi: 2:27am On Jan 25, 2023
PARADIZEPRIEST:
NAIJA CASH MONGERS YOU PEOPLE ARE INSANE. WHY DO YO STILL CARRY HEEPS AND STAKES OF CASH WHERE OTHER NATIONS ARE DOING E-BANKING,MOBILE APPS AND MOBILE MONEY. FROM INSANE BDCS TO INSANE DRUGTRAFICKRS,CHANGE YOUR EVIL WAYS OF LAUNDERING DRUG MONEY. angry
In Nigeria,, there is no need Sef of Laundering anything.
The security on money is not “tight” enough.
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by tk4radi: 2:40am On Jan 25, 2023
PerfectMan24:
Politicians have their printing machines. Na poor people de suffer for this part of the world.
It's well.



Government is supposed to be the wide bridge between the Rich and the Poor.
The Gap between the Rich and the Poor is really very wide, but the Government is also supposed to be the wide and easily accessible bridge in-between the wide gap, so that many people can comfortably use the bridge, and be communicating across the bridge (and even along the bridge too) and feel so safe and secured and comfortable.

But in Nigeria, the Government are actually pretending to be the bridge, but the bridge here is very narrow, and blocked off at both ends.. Access to this bridge is highly controlled, and very much partial and biased.
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by olaeffect(m): 2:49am On Jan 25, 2023
Misterc:

Our Nigerian banks are years away from civilization.....
Hence kidnapping as a business is booming mostly up North

That is where you guys miss it.
Our banks are actually one of the best in the world compared to the dilapidated infrastructure that is available in Nigeria.
The technology that our banks have cannot even be handled by our CBN and security agency put together.
Ordinary reportable transactions of N5m and N10m that the banks report to CBN and NFIU is not even being fully utilized.
Is it our Nigerian police that does not even have an online real time data base of stolen cars that have been reported in every police station that you will flag bank notes for?
I wonder why Nigerians always think too highly of our government at the detriment of Nigerian banks.

These same banks just spent billions few years back in acquiring BVN machines and did a fantastic job in capturing Nigerians without bribe and tipping (can you say the same for the NIN capturing by FG), now you want them to buy serial number capturing note counting machines, that even most banks in UK, USA, and Canada cannot afford.

You guys just want to destroy banks in Nigeria.
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by tk4radi: 5:40am On Jan 25, 2023
olaeffect:


That is where you guys miss it.
Our banks are actually one of the best in the world compared to the dilapidated infrastructure that is available in Nigeria.
I would start by saying: “Thanks so much for the ‘insider’ contributions”..


The technology that our banks have cannot even be handled by our CBN and security agency put together.
The original post is actually supposed to be meant for the CBN (and by extension -- The Police), and that is, if they themselves are ready to upgrade far beyond whatever they think they are currently doing at the moment.


Ordinary reportable transactions of N5m and N10m that the banks report to CBN and NFIU is not even being fully utilized.
The NFIU in particular is one useless Unit (or office, or agency, or whatever they intend it to be). As for the CBN, of a good CBN-Governor who has the strong will to do what is right for the National Growth, without much penchant for revenue drive and personal gains, then the CBN will grow far beyond whatever we are currently witnessing.


Is it our Nigerian police that does not even have an online real time data base of stolen cars that have been reported in every police station that you will flag bank notes for?
The Nigerian Police is too analogue.
Yes we know.

THEY NEED TO BE FULLY DIGITISED, BOTH IN THEIR ESTABLISHMENT AND IN THEIR FUNCTIONS..
They need a dedicated Police Intranet.
They need to have and operate a lot of databases, both with the CBN/banks, NCC/Network-Providers, and whole lot of Databases..
But unfortunately, they have none of these.
If The Nigerian Police becomes fully digitised, then, flagging notes won't be a big deal for them.

There was this other thread that made front-page on Nairaland, about the Standadization of the Nigerian Police (or something of that nature), where I argued that the Police needs Digitisation more..
But some people argued that digitisation of the Nigerian Police is not the main problem with the police, that the main problem is the police officers themselves..
But the truth is, the Nigerian Police system is too analogue, and thus, it is not bringing out the best in the police officers, no matter how hard they might be trying.
(See the thread here: https://www.nairaland.com/7511911/igp-standardizes-police-investigation-process#119756050)


I wonder why Nigerians always think too highly of our government at the detriment of Nigerian banks.
It is only “Patriotism” and “Having Great Hope In Our ‘Only’ Dear Country And Nation”,, that a lot of us still think this much of our Government.
We still hope that one day, a Government which is equal to the task will be in place.
In fact, A Government that is “More Than The Task” will definitely come into place ONE DAY.
It is not at the detriment of the banks.
The banks are trying, but the Government Environment in which they are operating, is not bringing out the best in them.
I guess you are aware that fraudulent activities that are perpetrated by bank-insiders are as a result of these lapses in Government which the bank-insiders had observed as a leaking-hole, and tried to cash-in upon.


These same banks just spent billions few years back in acquiring BVN machines and did a fantastic job in capturing Nigerians without bribe and tipping (can you say the same for the NIN capturing by FG), now you want them to buy serial number capturing note counting machines, that even most banks in UK, USA, and Canada cannot afford.
Talking about the NIN, it was supposed to be the most important database in Nigeria (even ahead of the BVN and the INEC’s PVC), but shamefully, it is another effort in futility.. A Very nice policy on paper, but poorly implemented -- thanks to the type of Government we currently have.
And about the usage of such machines in other countries,, well, it won't be a bad idea if Nigeria becomes the first that gets this into practice, and have other countries copy from it.


You guys just want to destroy banks in Nigeria.
This last line is not true, that is, if it happened to be what you took home from the whole of this topic which we are discussing here.
Like I said earlier, the thread is more about the CBN and the Police to sit up.
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by tk4radi: 5:43am On Jan 25, 2023
..c
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by HNICEARTH: 6:31am On Jan 25, 2023
tk4radi:


Thanks so much for the appreciation..




Almost every “Nigerian Bank” use the machine for Counting Dollars.
Thus, the U.S Government knows which Exact Bills are in Circulation even Outside of the U.S..

But these “Special Money Counters” are not actually directly connected to the computers, and thus, they do not create a “downloadable file” attached to each completed transaction, which states the Serial-Numbers of all the bills that went through with each particular transaction.

This particular additional function which I explained above, is what the CBN should introduce.
Such attached downloadable files would be very useful in tracking and tracing evil money.

If you take a careful look at the e-receipt print out, you will notice that it captures each of the serial number of Bills issued out. It mustn't necessarily be connected to a computer for downloadable files coz the machine is a computer on it's own. It has it's own storage and receipts can always be printed out for reference, though I dont have an idea how long and how much data it can hold.
Aside the above function you talked about, it also detects stained and defaced currency.
It's about time we move from that analog to the digital
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by Mopolchi: 8:05am On Jan 25, 2023
tk4radi:
You wouldn't conclude yet.
There some other “Good Policies” which came from him.
Which one in particular that stood the test of time? I am itching to hear.
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by AceRoyal: 3:43pm On Jan 25, 2023
tk4radi:
..









This is just me here, sitting down quietly and thinking aloud, ...AND TRYING TO OFFER SOME HELP TO THE EXISTING SYSTEM...

Bro I'm following you.
Please let's chat on whatsapp via the number 07053331484.

Thanks

I may not be too correct on this, but I know that this very innovative technology is obtainable and achievable.

It will go a long way in curbing a lot of economic vices, and as well as social vices too.



.
Re: CBN Should Direct Banks To Use Digital Money-Counters Which Read Serial Numbers by tk4radi: 6:03am On Jan 26, 2023
Lalasticlala, Seun, Nlfpmod

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