Mynd44:

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Go over the counter to withdraw enough cash, leave ATM for small boys

psucc:
The truth is that the banks are now selling cash to POS operators and making brisk cash in the process.

Every industry in Nigeria has its own fraud signature

talk is cheap.

I just laugh at the ignorance when some people say bankers give the cash to pos operators and that's why there is no cash available. Do these banks produce the notes? The truth is that
1. CBN has purposely and silently reduced the amount of cash in circulation for monetary reasons.

2. The cash in circulation doesn't get into the banks as deposit anymore but are hijacked by pos operatives.

Customers don't bring cash to the bank and can gradually has reduced cash in circulation and you somehow blame the banks in all these
Ask the average slaughter houses, the petrol stations and the market women near you when last they deposited any substantial cash in the bank

meum:
The masses blamed Meffy back then. Isn’t it okay to blame Cardy?

This is a policy issue so no CBN governor should be held unaccountable. You can see how everyone criticized the new cybersecurity charges and how swiftly the government backtracked, that's what is called a democracy.

I don't think Cardoso has done much to warrant negative criticisms but people should feel free to criticize Cardoso as they did Emefiele, as long as it's constructive.

Make that thing go chop your card for weekend because of N100..

Blaze14k:
It's been long I used the ATM or visit the bank. Last time I went to the bank I wanted to take all the money in my first bank savings account and these people said I can only withdraw 5k omo na so I kuku leave the money for them till now. Mind this wasnt the first time I tried. The whole is so annoying

And you didn't transfer your money?

kalufelix:
Make that thing go chop your card for weekend because of N100..

Archangels2:
I just laugh at the ignorance when some people say bankers give the cash to pos operators and that's why there is no cash available. Do these banks produce the notes? The truth is that
1. CBN has purposely and silently reduced the amount of cash in circulation for monetary reasons.

2. The cash in circulation doesn't get into the banks as deposit anymore but are hijacked by pos operatives.

Customers don't bring cash to the bank and can gradually has reduced cash in circulation and you somehow blame the banks in all these
Ask the average slaughter houses, the petrol stations and the market women near you when last they deposited any substantial cash in the bank

You have said it all.

These people blaming banks reason like goats. The POS operators are the ones that empty the ATMs whenever banks load cash leaving others stranded

Olachase:
what you just said is pure lie, pos charge #100 for 5k

50 in some areas

Well we keep chanting cashless policy like it is something bound to happen overnight. I hope you and I haven't forgotten in a hurry the Emefiele cashless Nigeria. A cashless economy will mean massive investment in the digital space, I don't mean handing bags to people all in the name of regulations. We are talking of 24/7 data connectivity especially in remote areas. Well until we dream of that day we all should rest. I will never forgive Emefiele for grounding my business because of his cashless Taboo o

psucc:
The truth is that the banks are now selling cash to POS operators and making brisk cash in the process.

Every industry in Nigeria has its own fraud signature

Nigeria is a fu..kin failed state. I swear it hurts me when I think of this nonsense. How can u go to a bank u can't get cash neither inside the bank or at the ATM machines. But when u go to POS operators they have the cash to sell to you and they do this legitimately. Even the fraudulent government acknowledge the POS operators. Is this not the evidence of a failed state? The collapse banking system is what gave birth to POS. I hate this corn tree, no one is even talking. Rather the government are there selling us out. 90 billion to personal Hajj pilgrimage. Trillions to Costal road that has no economy benefit (instead it will be a new Haven for kidnappers and terrorists) The useless government don't see it necessary to fight insecurity but anything that will make them get extra cash for themselves will surely fly. Fuel has increased, light also increased. Make una continue I know the revolution is near.

providencia:


And you didn't transfer your money?

Don't want ATM card for the account cos it's where I keep my money for agent stuff. So I moved some cash and 50k was left there.

The cashless policy in Nigeria is a sham.

Electronic banking and POS withdrawals ti take over

No one needs an ATM machine for now.

Mynd44:
.
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Is there regular power supply and good network to aid mobile or internet banking?
When those two are fixed, banking ll be so smooth.

Who sponsored this post first?

Mynd44:

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Very uninformed speculative post.

CBN is simply trying to control inflation by controlling money (cash) in circulation. Both o. the goods side and forex. Nothing more nothing less.

In time past during PDP. Banks do move cash with bullion van around town with security patrol. Also putting cash on the atm. The reason was because people deposit money in the bank and withdraw via atm. When you entr the bank you will see teller counting cash with teller machines. To today there Are no more.

I will ask you this question. When last you saw bullion van and security personal on the street?

It was long gone to pos operator. Fuel is expensive and transportation is expensive. Who will go to bank and waste his time when he or she can deposit via pos?

People don’t put money in the bank anymore but give it to pos. Some even sell it to pos.

The money in circulation is between pos and the people. But I still don’t think thats the reason for inflation.

And the news is even sponsorerd! Encouraging people to join their POS business 😂 😂 😂 Make una go load money for una ATM machines crim#nals

Olachase:
what you just said is pure lie, pos charge #100 for 5k

In Portharcourt it's N200 for 5k

I prefer POS operators anyday any time. Them dey carry money come give me. Wetin concern me with ATM.

I love the convenience.

I can't remember the last time I deposited money in the bank. As for ATM, the monthly ATM card charges nkọ? isn't it enough to maintain the ATM machines +

Zonefree:

If there are truly limited cash in banks, where are pos operators getting cash for transactions?

Filling stations deposit cash in the bank almost every day, but, banks sell the cash to pos operators, the reason ATMs are not functioning.

Even filling stations and businesses now sell cash to pos. I was in one eatery the other day and I saw them giving their cash made that day to pos person. PoS now go from business to business offering to buy their cash. People have lost faith in the banking system. Can’t remember the last time I went to bank to deposit cash.

unless u have an Atm as ur next door neighbour I don't see why people should leave pos vendors a stone throw away for an Atm a mile away.

Omo it's crazy

meobizy:
If you read that post, you are jobless and broke. The moderator wey collect money post am no read am too.

Banks sponsored this post
They’re pushing back against the CBN
Complain directly to the governor during your CEO meetings with him
But if the people want cash, give them their cash, no questions asked before we turn into Lebanon or Argentina and people will start keeping cash at home

I interviewed most PoS operators I use their service. They have formed an alliance with market traders to collect their cash and transfer to them for a fee. So most of the cash from filling stations, supermarkets, shops, restaurants etc do not go to the bank anymore as someone claimed. It's on record that 95% of cash in Nigeria is not within the bank space, they are hoarded outside the banks.

I think banks also like it cos it cost then more to operate ATM as cash dispenser. Some of these banks have FinTechs or FinTech arm that runs PoS business for them so they have tried to also gain from the chaos.

What do you mean by fintech arm?

Jeboy:
I interviewed most PoS operators I use their service. They have formed an alliance with market traders to collect their cash and transfer to them for a fee. So most of the cash from filling stations, supermarkets, shops, restaurants etc do not go to the bank anymore as someone claimed. It's on record that 95% of cash in Nigeria is not within the bank space, they are hoarded outside the banks.

I think banks also like it cos it cost then more to operate ATM as cash dispenser. Some of these banks have FinTechs or FinTech arm that runs PoS business for them so they have tried to also gain from the chaos.

psucc:
The truth is that the banks are now selling cash to POS operators and making brisk cash in the process.

Every industry in Nigeria has its own fraud signature

Sure

psucc:
The truth is that the banks are now selling cash to POS operators and making brisk cash in the process.

Every industry in Nigeria has its own fraud signature

Every industry in Nigeria has its own parallel market otherwise called black market!