electhnd:

Yes it's high, when they frustrate them now, and dey drop their POS............. When will you get your cash from

The place pos dey get cash from, i will get from there.

blowjohn:


Bank staff sell the money to the POS instead of giving it to them the normal way. Ur talking as if u don't know what's happening. PoS agents are buying 10k notes at 12k at least

Since you know what's happening, did you witness any bank staff selling money to POS operators? Where did you witness it and who was the bank staff?

collins2good:
The place pos dey get cash from, i will get from there.

Why haven't you been going there all this while to get money?

lexy2014:


Why haven't you been going there all this while to get money?

Where did i mention in my comment that i use pos to withdraw, i only said there charges are just too much and i withdraw from keystone bank atm yesterday. I cant see myself supporting wickedness

gaddafe:


Go to your bank and make enquiry. It is usually free

Free?!
Okay, thanks I would ask.

Someone told me 10k for promo, when I showed up, he changed his mind to 25k (I didn't preper for 25k so I left), came online only to see 30k to 100k on Jumia.

obi58:


You're just a clown.....

The reason for the whole new naira regime is to reduce Nigerian's overdependence on cash.

Abroad people don't move about with much physical cash when 99% of their transactions are paid for by card or transfer.

The demand for cash far exceeds supply that is why banks have difficulty in keeping their ATMs loaded.

It is the same problem with the new notes. Yes there is politics involved in it without a doubt but the fundamentals are the same. Government wants more people to go cashless. Now even if you load 20m in your ATM POS agents are on standby to withdraw all the money. I hear that now they even pay multiple people to go to the ATM and withdraw on their behalf. In addition they also have multiple cards all in a bid to bypass the CBN restrictions. As a result an ATM that could have served 500 people will end up serving just 50 people meanwhile not enough deposits are coming in because people are hoarding their cash either to use themselves or to sell to pos agents who of course will sell at ridiculous rates to Nigerians who no dey hear word. Even major cash depositors like fuel stations are not allowed to go and deposit their monies at the bank at close of business because POS agents are there to buy their cash! Banks thus are put Inbetween a rock and a hard place of limited supply and unlimited demand for cash!

If majority of small businesses start accepting transfers or get a POS for their business payments or get a QR code which a customer can scan and make payment, gradually demand for physical cash will reduce over time and with the reduction in demand, all those stockpiling their cash will release same into circulation.

Things are difficult right now in some areas crazy sef but I believe we are on the right track. Government should allow this scarcity to remain until after election after which they can relax some controls. There should be an expansion of network capacity by banks to accommodate the increased transfers which is sure to occur to ensure more customer buy in, improved service and reduced transfer issues which is the major reason why people distrust transfers.

Finally a task force should be setup to monitor cash pos operators to check their excesses and avoid over exploitation of the people. It's crazy for people to have to pay 1000 or 2000 naira to withdraw 10000 naira!

You can't enforce cashless policy overnight. How much electricity do you generate and distribute? A country in total darkness wants to implement cashless policy. Really laughable.

Let's test your theory. Because Pos agents are withdrawing their own money from ATM then the banks should rather save the available cash in their vaults and render their machines inoperative. Smh.

So many of my transactions from Gtbank to Access took 72 hours to complete using my app in the last one month but according to you we should live or pretend to live like those in US and Canada.

Before the Naira design max withdrawal from ATM was 120K. Now, max withdrawal is 20K. By all means CBN should guarantee that #20K daily withdrawal to any bank customer with cash in the bank. Up Till few days before the deadline banks were paying out old notes while they kept selling new notes to the highest bidder.

A governor should be setting up tax force to check banks and not Pos if they want to effect change. Bankers are selling cash to customers.

obi58:


You are right but we must start somewhere. Truth be told the banks did not expand their network capacity in anticipation of increased card usage and mobile transfers with the advent of the Cashless policy.

Exactly, they didn't expect things to go this way but the truth is that banks have been facing this issues for a few years now, they do experience network downtime a lot but never thought of addressing the issue by increasing their network capacity. CBN didn't plan this well, they are supposed to make sure banks can handle increased card usage and mobile transfers before embarking on cashless policy, but I guess in a way we can call what's happening now a beta test

Johnrake69:


You can't enforce cashless policy overnight. How much electricity do you generate and distribute? A country in total darkness wants to implement cashless policy. Really laughable.

Let's test your theory. Because Pos agents are withdrawing their own money from ATM then the banks should rather save the available cash in their vaults and render their machines inoperative. Smh.

So many of my transactions from Gtbank to Access took 72 hours to complete using my app in the last one month but according to you we should live or pretend to live like those in US and Canada.

Before the Naira design max withdrawal from ATM was 120K. Now, max withdrawal is 20K. By all means CBN should guarantee that #20K daily withdrawal to any bank customer with cash in the bank. Up Till few days before the deadline banks were paying out old notes while they kept selling new notes to the highest bidder.

A governor should be setting up tax force to check banks and not Pos if they want to effect change. Bankers are selling cash to customers.

Like I said before our over reliance on cash is the major problem.

I agree with you that Banks should have done more preparation in anticipation of the kickoff of this policy after all this policy was first initiated 10 years ago and with proper planning most of these challenges would have been addressed.

That said you cannot discountenance the fact that we live in a highly flawed society permeated by corruption at all levels. With galloping inflation and the harsh economic realities coupled with the highly restricted supply of new notes to the banks how do you not expect a bank manager (unless one with the fear of God) to fall to temptation when someone walks up to him and promises to offer him a healthy commission if he can source for cash for him? If he needs 10m to effectively load his ATMs and pay customers for the week and instead is supplied 1m what do you expect him to do? He has to make some difficult choices and definitely people will suffer. If unfortunately his principles can be bought he will sell to the highest bidder.

lexy2014:


Since you know what's happening, did you witness any bank staff selling money to POS operators? Where did you witness it and who was the bank staff?

No need to reply to u.

The bank managers efcc are arresting for hoarding of cash, what do u think they are hoarding them for?

Go after the bank managers dolt.

blowjohn:


No need to reply to u.

The bank managers efcc are arresting for hoarding of cash, what do u think they are hoarding them for?

Simple question u can't answer. did you witness any bank staff selling money to POS operators? Where did you witness it and who was the bank staff?

collins2good:
Where did i mention in my comment that i use pos to withdraw, i only said there charges are just too much and i withdraw from keystone bank atm yesterday. I cant see myself supporting wickedness

Did you see any mention of POS in the question I asked you?

Why haven't you been going there all this while to get money?

lexy2014:


Simple question u can't answer. did you witness any bank staff selling money to POS operators? Where did you witness it and who was the bank staff?

Refresh ur nairaland and read about bank staff jumping fence to escape the wrath of customers.

Slowly read it o.


Infact someone in tje comment section said ....


This guys were selling new note little by little before me last week and collecting commission.
They heard money only to wait for a buyer not minding what Nigerians are going through.

blowjohn:


Refresh ur nairaland and read about bank staff jumping fence to escape the wrath of customers.

Slowly read it o

Since you read it, then you shouldn't have a problem answering the questions.

did you witness any bank staff selling money to POS operators? Where did you witness it and who was the bank staff?

gaddafe:


Go to your bank and make enquiry. It is usually free

Thanks for the tip.
I enquired at the bank and they really gives it for FREE if you have a very active business current account.

lexy2014:


Did you see any mention of POS in the question I asked you?

Why haven't you been going there all this while to get money?

I dont know the there u are talking about, all i know is that i have been getting my money from the bank.

electhnd:

And if POS operators goes under ground, the masses will suffer more, because no network

they are chasing shadows they should go and check all the bank vaults the new currency is there for their evil election...

This Edo state governor na useless man o,na mumu man...ur problem is it pos or banks ??...

Are( Nigerians ) doing business with pos operators or banks....

collins2good:
The place pos dey get cash from, i will get from there.

from businessmen and women, from market women,....... Can I be capable to do all these stress daily?

blowjohn:


What are u saying?
Do u know the maximum u can withdraw in the bank??
Don't u know that the highest they can give u is 20k.

Some banks even give only 10k.

Be like say u no sabi wetin dey happen

then Stop complaining about pos den

KushLyon:


There are banks around but most of the ATMs are no longer dispensing cash by that time of the evening and the few that are still dispensing have a huge crowd around them

Your bank are not dispensing, and you are complaining about pos charge,

Voiceofthestree:


You deh mad i quote you....

Then stop complaiming about pos people and their charge, they are not your problem

If u need money, go to your bank stop complaiming about pos high charge

electhnd:

Then stop complaiming about pos people and their charge, they are not your problem

If u need money, go to your bank stop complaiming about pos high charge

Hungry Pos operator is over no more over charge you to hungry die

electhnd:
then Stop complaining about pos den

.

Am in full support of POS.
I can't be queuing up for hours because of 10k at the ATM

electhnd:

Your bank are not dispensing, and you are complaining about pos charge,

Yes I'm complaining about POS charge because the POS operators are the reason why ATMs ran out of cash. Imagine a POS operator having multiple debit cards and using family and friends to take position on the queue. I'm trying to withdrawing 5k but they are withdrawing over 100k and still collect over 20% charge on each withdrawal and now you're saying I shouldn't blame them