With so much ado and scare of the policy, many wondered if it translates to "zero physical cash in circulation".

I understand the cashless policy was introduced to discourage the use of large volumes of cash for daily business transactions in the country. Which is in line with global practice, but i wonder what becomes of the petty traders and corner-shops that verily rake in daily turnovers greater than the limits? Would they have to stack the excesses at home/in their stores (thus inviting thieves)? or would they be compelled to getting PoS terminals, which aren't exactly cheap right now?

A colleague at work was adviced by the bank to use and eletronic channel to transfer the funds he wanted to withdraw or pay 10% of the face value? Imagine!!!

Share your views and experiences here, as for me, my little pocket change no dey affected by the policy!

Very fine

The only thing that is constant in life is change.

very fine but the penalty is authority stealing which is worse than arm robbery.

A step in the right direction. I've been operating mostly cashless for a while now, so it really just makes it easier for me whn I'm in naija.

Its ok

jst had a similar experience with First bank

Its ok, just have to beware of scammers

I'm delighted about this policy from Malam Sanusi.
The Benefits of cashless society are endless.

South Africa & Ghana, Here we come.

I'm loving Nigeria.

I have never been more excited about anything in my life ooo. This is great as a business owner i dont have to hear any stories, I am encouraging my customers to pay with their card, by giving additional discounts. I love this cashless system, where most of my money remains in the bank where it beleongs.

The cash limit policy is a silly idea that had to be watered down considerably to prevent a financial meltdown in Lagos. On the other hand, promoting electronic payment is a progressive (albeit unnecessary) gesture, though they are doing it for the wrong reasons (to prove that their silly cash limit policy is wise). Policy makers everywhere should learn the virtue of humility from this story.

this is a good welcome development but the charges part of it is the danger i forsee there. Let us wait and see .

I AM LOVING MY COUNTRY FOR THIS. I HOPE NOBODY WILL TRUNCATE IT.
MEANWHILE, I HOPE TO BE AT GKFX ALLEN AVENUE IKEJA FOR A SEMINAR ON
THIS ON FRIDAY 6TH APRIL.TIME 10AM. OR VISIT ial.com.ng

With what

So far so good, i think its been pretty good.

@OP, a trader with a DAILY turnover of over 150k cannot be, in my view, deemed 'petty'. He/she should be able to invest in equipment to facilitate the cashless transactions.

doofanc: So far so good, i think its been pretty good.

@OP, a trader with a DAILY turnover of over 150k cannot be, in my view, deemed 'petty'. He/she should be able to invest in equipment to facilitate the cashless transactions.

Actually, its no longer 150k for individuals but 500k.

Am loving it! Using POS, Internet banking to transfer funds. It's cool!

with 500K for individual in a society where people are surviving under $2 a day, thats no more cashless it's business as usual.

It's in d book, revelation says it,imagine ur cash gadget askin u to put ur hand's 666 mark 4 transation or atm ask 4 dat @ ur forehead to process ur tranznt.

nakedall: with 500K for individual in a society where people are surviving under $2 a day, thats no more cashless it's business as usual.

American, Uk and most of the west are cashless, yet they still have people living on less than $2 a day.

Don't be deceived.

emsquare: Am loving it! Using POS, Internet banking to transfer funds. It's cool!

my problem is that they restricted that to only current acct holders,am operating a savings acct whch made it impossible 4 me to do an online transfer. Am nt hapy wt that.

Digriz: my problem is that they restricted that to only current acct holders,am operating a savings acct whch made it impossible 4 me to do an online transfer. Am nt hapy wt that.

U can actually do intra-bank transfer with a savings account but to transfer to other banks requires a current account.

I really hope this works out fine.

This is great as a business owner i dont have to hear any stories, I am encouraging my customers to pay with their card, by giving additional discounts. [img]http://www.demama.info/hjk[/img]

Digriz: my problem is that they restricted that to only current acct holders,am operating a savings acct whch made it impossible 4 me to do an online transfer. Am nt hapy wt that.

Nope you can do online transfers even to other banks, at least i'm sure of diamond and gtb. All you need to do is get their token, a tiny device that generates pin and you're good to go. Ask your bank about it.

i'm missing a few things:- an aggressive drive by the CBN to help/encourage businesses (shops, eateries etc) set up their POS terminals. i was hoping to see a massive deployment of POS terminals especially now that data access has become pretty affordable and most of the POS terminals run on rechargeable batteries

another thing is expanded inter-bank transactions for all cadre of customers. i know GTB, FBN, UBA and a few other banks are leading the way on this but some banks are still foot dragging

i really think the CASH-LESS (not cashless) initiative is a worthwhile thing.

Hello People,

The move towards a cashless Nigeria provides the opportunity to build the critical electronic payment systems and culture that would enable software developers and tech entrepreneurs monetise their products. At the core of the CBN-led initiative to drive towards a cashless society lies the Nigerian Inter-Bank Settlement Systems (NIBSS) Plc.

NIBSS Plc is a company jointly owned by all licensed banks including the Central Bank of Nigeria (CBN) and discount houses. NIBSS has put in place modern world-class infrastructures for handling inter-bank payments in order to remove potential bottlenecks associated with inter-bank funds transfer and settlement. The company also operates the Nigeria Automated Clearing System (NACS) which facilitates the electronic clearing of cheques and other paper based instruments, electronic funds transfer, Automated Direct Credits and Automated Direct Debits.

At the July Developers Parapo, Mr Ade Shonubi, MD/CEO of NIBSS PLC will share with the tech community more insight into what NIBSS does and their plans towards expanding the opportunity for creators of digital content to seamlessly integrate payment options into their solutions.

This should provide the opportunity to get answers to any lingering questions you may have on why electronic payment hasn't quite reach the desired state in this market.
As is our custom, there will be plenty to eat and drink while networking with inspirational players in the Nigerian tech scene.

Date: 27th July 2012
Time: 5.30pm - 8.30pm
Venue: Co-Creation Hub, 6th Floor, 294 Herbert Macaulay Way, Sabo, Yaba.

Here is the invite link to book a space>>>> http://julydevparapo.eventbrite.com/

Developers Parapo is an event where Nigerian web and mobile application developers network, share and gain knowledge required to start and grow viable businesses. We’ll bring industry experts from Nigeria and across the world to the events to share key insights that will grow the Nigerian application development ecosystem. Developer Parapo is an event of CcHub Nigeria (Nigeria’s first open living lab)

www.cchubnigeria.com