This post was sponsored by which cow?

People still use atm terminals?

Mynd44:

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Op wey be moderator, you sef dey pay for sponsored post? No be juju be this?...seun take time ooo.

santaclaws:


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 had done much to warrant negative criticisms but people should feel free to criticize Cardoso as they did Emefiele, as long as it's constructive.

People also criticised the "Subsidy is gone" move. But they did not backtrack? Dictatorship?

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

pure lie , pos charge is free for 5k....

Don't be daft ....no fuel station deposits Money to banks again since the cashless, all they do is give out to POS agents with additional charges thereby reducing their stress of visiting banks for deposits, same thing with supermarkets too so as it stands, bank now have limited deposit which has reduced cash availability drastically.

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.

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.

Na sabotage dey kill this country. E fit be same reason why Naija no get 24 hours light because filling station dem and generator sellers dem go close shop.

Another topic suppose be why filling stations no dey sell kerosene again.

Make banking cabals Sha no tamper with opay, monie point and palmpay, they are the only banks in Nigeria right now

To get the answer to why banks have limited cash is very simple. Just ask yourself a simple question: How long have I gone to a regular bank to make a cash deposit If we can answer this question correctly, then we will desist from blaming banks and pos operators. Whether we like it or not, the truth is that there's a shift in the banking system. Gone are the days when people travel far distance to make cash deposits in the bank. Every shops and kiosks are now bank of sort. No sane person will take the trouble of trekking a distance to go make cash deposit to the banks when you can easily achieve same result just within your neighborhood with a little fee which might not even be up to what you could spend transporting yourself to the bank. The market woman will be so happy to have someone coming to her business place to pick up her cash and transfering same into her account, saving her the stress and time of going to the bank. This is the reality. And there's nothing anybody can do about it so long as the fintech banks are in existence.

Mynd44:

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Rubbish!

Banks already have multiple ATMs in different locations that they are not loading. So what's that got to do with 25% import duties?

There are no cash in circulation but POS merchants magically have cash for transactions everyday.
Oh well...
The main reason that people are no longer patronizing those banks is that there are no guarantees that the funds will be
available on request. It is easier for them to process cash deposits but not cash withdrawals. Who is fooling who? Only unserious
business people will deposit to the bank---If not non-availability of cash, it will be network issues that last a few hours.
/

Exactly oo

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

Thats not true, thats just beer parlor talk. Let me give you a practical example. You are a butcher selling meat, after daily sales, u sold 50k worth of meat. You can't go to the bank by 4 cos they already closed. But there's a POS guy in that market that will collect the funds from you, transfer into your account, what's the need of going to the bank? The POS guy meets your convenience. The bank on the other hand know this so they charge the POS operators 7% per every 1000 transaction done so it's a win win. They do not need to sell cash to them.
The 2nd reason why ATM does not pay is that CBN is not printing enough cash. You heard emefiele spent billions to print millions so the cash no dey. You think POS people are cashing out? My fiend go to Brass-nembe where I served, Akassa the POS guys there done build house dey even run bunkering. I made millions there as a copper running POS biz and the access bank people been dey always para for us cos funds do not get to the bank

ORANGESUPER:


POS Operators get most of their cash from petrol filling stations, motor parks and market place deposits

That's what most people don't know. The people withdraw from POS and spend at market places, POS operators go back to the market places and buy the cash and the cycle continues.

MasterofNL:


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

They even have WhatsApp groups where they inform each other the particular ATM that is dispensing.

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

maybe in ur room...

4k here is 200

The post haven't said anything! Is it everyday they import ATMs? Even at that they do collect maintenance fee!
Cash in circulation? Where are the POS getting money from? Most of those POS belongs to bank workers so what are we saying?
If people are not taking money to bank, blame Emefiele for that!

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

How are banks selling cash ?? Ask yourself can a bank debit a customer more than his/ her threshold which is 500k individual and 5m company and this is the customer entitlement for the week. There is deliberate shortage of cash supply from CBN to encourage cashless policy. Learn from the write up

ValCon888:
I'm not in Nigeria, so I cannot relate. Still, from here, it's obvious the CBN has ordered a directive to mop up excess liquidity in circulation. And that is the reason why physical naira is hard to come by.

Nonetheless, most Nigerians are unaware of their rights. A typical Nigerian will open an account, pay different types of bank charges, and yet cannot withdraw their hard-earned funds from the bank ATM.

That by itself is a breach of contract, and the customer has every right to sue that bank for the non-performance of their obligations.

Where do you suggest citizens should take their case to? Supreme court or labour court?

Long story. Evolve or fade is the name of the game.

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.

i am a pos merchant, for the past 2yrs, I have never been to the bank to collect cash as there re business men giving me for free as deposits, I do get bulk cash everyday without leaving my shop. Only mumu pos buy cash these days

budaatum:


Digital money is the next evolution of money, and bank notes would soon be as dead as cowrie shells, it seems.

Lower your voice, sir. You don't want to hint them about the 'new world order' and it's single currency which is already largely in circulation but a lot us happening before their eyes but wide awake, they are still sleeping

Lolzzzz

There is a BIG MISCONCEPTION IN THIS POST


WHATS THAT!!

banks dont care if you're using your money or not before they give it off as Loans. Lolzzzz


Fractional reserve banking AUTOMATICALLY HAPPENS TO ALL DEPOSITS... whether it's physical cash deposit or electronic transfer

https://www.nairaland.com/8080394/nigerias-inflation-what-uba-gtbopay

The money multiplied IS MORE THAN the actual physical cash because of these bank credits!


it has been happening right before your very own eyes.

That's why there is cashless policy in every country that uses fractional reserve banking, including the United States: TO HIDE THIS FACT from people that don't wanna know Truth


It's a dirty game people

airsaylongcome:


People also criticised the "Subsidy is gone" move. But they did not backtrack? Dictatorship?

Whatever you call it, it's between you and your government, you can hold them accountable...

Whois:
We need to embrace cashless policy

Haven't we......
Wake up

Mynd44:

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Emefiele already told us in February CBN is going ahead with its cashless policy and irrespective of the success or otherwise of the currency redesign, there will be less cash in circulation and they will encourage Nigerians to adopt cashless transactions.

This is the main reason

The other reason is that people no longer take money to banks because of their experience during the failed currency redesign

The third reason is that the nano banks and POS operators have been saving people the stress they normally go through in banks for a fee that could have been transportation if they go to bank, so most people simply go to them instead of the banks

The way the writer strategically avoided this general knowledge baffled me. I however concluded that the post is obviously sponsored by POS operators.

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

Mynd44:

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learn how to be precise.i stopped reading

Pure lie! Absolute lie.
So baffled that at this time and age people are still lying even when the evidence are visible to the blinds. If there is cash supply shortage, where do the POS operators get the ones there are dispensing from?

Why do we have POS surrounding the Banks and ATM stands with cash but the Banks and ATM are empty?

Tinybabs:

How are banks selling cash ?? Ask yourself can a bank debit a customer more than his/ her threshold which is 500k individual and 5m company and this is the customer entitlement for the week. There is deliberate shortage of cash supply from CBN to encourage cashless policy. Learn from the write up

Story! Story!! Story!!!

43Ronin:

Thats not true, thats just beer parlor talk. Let me give you a practical example. You are a butcher selling meat, after daily sales, u sold 50k worth of meat. You can't go to the bank by 4 cos they already closed. But there's a POS guy in that market that will collect the funds from you, transfer into your account, what's the need of going to the bank? The POS guy meets your convenience. The bank on the other hand know this so they charge the POS operators 7% per every 1000 transaction done so it's a win win. They do not need to sell cash to them.
The 2nd reason why ATM does not pay is that CBN is not printing enough cash. You heard emefiele spent billions to print millions so the cash no dey. You think POS people are cashing out? My fiend go to Brass-nembe where I served, Akassa the POS guys there done build house dey even run bunkering. I made millions there as a copper running POS biz and the access bank people been dey always para for us cos funds do not get to the bank

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.

POS now go to filling station ⛽ to buy Cash and transfer through their POS to them

When you go to the island or Ikoyi ATM are paying regularly

Mynd44:

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ATM in Nigeria not paying is another sign of a dying country.
It's like the main business of banks in Nigeria is keep stolen oil money for politicians. A friend living abroad mistakenly lost access to his Union bank mobile app.
It's more than nine months of promise after promise by Union Bank mobile banking staff to enable the customer rest,