₦airaland Forum

I no know book:
The Onitsha man knows more about money that you will ever know and has handled much more money than you will ever dream of. It is the truth, so, if you want to joke, why not tell stories about yourself?

IT will no longer be business as usual for bankers and their customers in Kano, Anambra, Abia, Rivers, Ogun and the Federal Capital Territory (FCT), as electronic platforms take the centre stage of banking activities in those states beginning from Monday.

Already, banks are sensitising customers for take-off of the Central Bank of Nigeria’s cash-less policy in the five additional states, with some of them sending text messages to account holders alerting them on new cash deposit and withdrawal benchmarks as well as other requirements of the scheme.

Although the Lagos pilot project, which began a year ago, is still fraught with challenges, ranging from poor ICT infrastructure to network ‘downtimes’ associated with poor quality of GSM services, among other bottlenecks, the CBN governor, Mallam Sanusi Lamido Sanusi, had insisted that the project would be extended to these states in preparation for a nationwide rollout. The focus, however, is on key commercial and urban centres of Onitsha, Kano, Port Harcourt, Abuja and Aba.

The apex bank cited heavy cash transactions in many of the states’ market or urban centres as the compelling reason for taking the scheme in the areas. But it is feared that the banks will still have to grapple with the traditional banking habits and, sometimes, low literacy and awareness level of the majority of businessmen in some of those states, many of whom are yet to understand the details despite the CBN’s campaign.

A big chunk of the rural population in communities that feed into the commercial/ urban areas in most of the selected states remain semi-literate, sometimes completely operating outside of the formal banking system.

“For this reason, we are educating our customers, said an official of one of the new generation banks in Lagos.

Asked to explain what the policy portends for those that would, henceforth, need banking services in the designated areas, she said new cash deposit and withdrawal benchmarks of N300,000 (for personal accounts and N3 million (for corporate accounts) will now be applied in the affected areas.

Also, third-party cheques in excess of N150,000 can no longer be “cash-drawn” over the counter, even as she explained that “although you can use your ATM card to do transactions on a Point of Sale (POS) machine and other electronic/internet channels, you can no longer do more than N150,000 cash withdrawal with your ATM card in a day.”

Meanwhile, World Bank’s Payment Systems and Remittances Specialist, Carlo Corazza, said ‘revolution’ in global payment system has resulted in great savings, which are significant for development purposes.

Corazza made the disclosure at the conference on cash-less initiative, organised by DeNovo Limited and Reach Legal Consulting, in conjunction with the CBN, in Lagos.

“Going electronic,” he said, “can save about 75 per cent of costs usually associated with cash-based regime, which is huge, especially in this era of stretched resources, urging stakeholders to support the scheme.

According to him, the system has also lowered the costs associated with physical barriers in international trade, making it easier for access to financial services in various countries, another positive signal in international cooperation.

But Deputy Governor, Operations, CBN, Tunde Lemo, who was represented by the Director of Banking and Payments System Department, Dipo Fatokun, said the initiative became necessary, given the fact that an efficient payment system enhances financial inclusion, effective transmission mechanism of monetary policy and overall financial stability.

“This is because the cost of cash and associated risk of a cash-driven economy to Nigeria’s financial system were high and in response to these challenges, CBN and the Bankers’ Committee initiated the ‘Cash-Less Nigeria’ project with the pilot run in Lagos and now to be extended to five additional states- Abia, Anambra, Ogun, Kano, Rivers and Abuja by July 1.

“Just this month, we went live on cheque truncation nationwide, thereby making cheque payments to clear within a clearing cycle of T+1. The CBN has licensed about 18 mobile payment operators to offer payment services via the mobile phone that over 100 million Nigerians carry.

Fatokun added that the cash-less policy was designed to promote financial intermediation and inclusion, minimise revenue leakages and increase revenue generation, as well as reduce incidences of robbery and amount of cash payments in the system by encouraging electronic payments.

The policy on withdrawal allows individual customer to make cumulative withdrawal of N500, 000 daily across the counters and the ATM. “Withdrawal above this limit will attract the payment of a processing fee of three percent for the amount above the limit,” the official said.

“Corporate customers are allowed to make cumulative withdrawal of N3, 000,000 daily. Withdrawal above the limit will attract a processing fee of five percent.

“The policy on lodgment allows individual customer to make cumulative lodgment of N500, 000 daily. Lodgment above the limit will attract a processing fee of 2 percent above the limit.

“Corporate customers are allowed to make cumulative lodgment of N3, 000,000 daily. Lodgment above the limit will attract a processing fee of three percent above the limit.

“I need to make it clear that it is the account to which withdrawal and lodgment is made that bears the processing charges and not the individual that receives or deposits the cash.

“Cumulative withdrawal/lodgment means the totality of all withdrawals and lodgments across all the customer’s accounts in the bank.”

VAQAXY: More pictures of ongoing works in Onitsha city. The other lanes has been re-layed with ashphalt while the far right lane presently being laid with street lights.

ak47mann: second onitsha business park completed by peter

lorretta u: that's not true.
Tuface is the king
They are the princes
Heir apparent

1MCN: The list has been slimmed down this time around. In the last election it was 63 for a single ticket. But this does not show confusion. One thing is, Anambra politics is the biggest state politics in Nigeria. Bigger than some countries in Africa. And Anambra is the state with the highest number of resourceful people in Nigeria (dont just argue it, am not from there. If you doubt it just name 10 most popular Igbomen, Nigerians, you know in every field of life and I tell you, you may just be naming 6 Anambra indigenes!)
The real contestants there are Ngige and Charles, and maybe Ekwunife. Although Ngige was good, but I just wish Charles Soludo will emerge. He needs to come build the commerce potential in Onitsha and Nnewi. And repatriate Igbo traders billowing the economy of Lagos and Kano. Ngige will develop Anambra but Charles will develop not just Anambra but the East.

Longeria: Popular man indeed. Okorocha thinks Igbos of today are the type he can trick into his bag of deceptions. Only him in APC yet campaigning for Apga. This is a man who led many people to form a party called Action Aliance ( AA) before you say Jesus is Lord he dump them back to PDP from PDP to ANPP back to PDP from PDP to ANPP back to PDP from PDP to Apga from Apga to where thunder will certainly fire him. I'm an Imolite, we voted Apga because of Ojukwu, if his thought it was his popularity why didn't he contest for DOUGLAS HOUSE he is occupying now through boko haram ANPP, We are not fools and can never be fooled by his fool.ani style gangsterism.

Obiagu1: Sorry folks, you can argue till the end of the world but the only viable discussion will remain: Achebe is the Father of African Literature. No other name will be associated with Father of African Literature.

The more Wole Soyinka disputes this fact, being a writer himself, the more people see him as a very jealous man.

No one crowns people with such titles as King of this, Father of that. People just get associated with such titles and that perception remains till the end.

To Wole Soyinka, sorry, you were never associated with King or Father of anything and don't fight someone, when he is dead, because you were not recognized as such and you can't force people to recognize you.
Go and erect a statue of your Nobel price in your room and sleep with it, at least you got sometime to keep you company in your lonely room.




Cheers!

Obiagu1: Sorry folks, you can argue till the end of the world but the only viable discussion will remain: Achebe is the Father of African Literature. No other name will be associated with Father of African Literature.

The more Wole Soyinka disputes this fact, being a writer himself, the more people see him as a very jealous man.

No one crowns people with such titles as King of this, Father of that. People just get associated with such titles and that perception remains till the end.

To Wole Soyinka, sorry, you were never associated with King or Father of anything and don't fight someone, when he is dead, because you were not recognized as such and you can't force people to recognize you.
Go and erect a statue of your Nobel price in your room and sleep with it, at least you got sometime to keep you company in your lonely room.



This one got me threw on the ground. hahahahahahahahhaha
Cheers!

all4naija: Is it not the single statement he made once that was replicated by different news media online? You are very myopic my friend.

shymexx: Discuss their works(art) and not their popularity. Soyinka got to the pinnacle of his career and won the most prestigious and celebrated award in his field. And he has a right to his opinions - he mastered the art and I'm proud of him.

The only people chest beating on here are you and your ilk. The man said the truth and nothing but the truth!! I'm proud of his African/black consciousness!

Crayola1: The sad part is that we have people on here who talk as if they are knowledgeable but quickly prove how that is not the case.

Mandela doesn't know Achebe.
exhibit A: photo of Achebe and Mandela talking

It was europeans that called Achebe the father of modern african literature.
Exhibit B: A south African woman and Nobel winner bestowed upon him that title.

Achebe is a nobody.
Exhibit C: his name trended on twitter, with posts from Mexico to China lamenting the loss. Influx of tributes and etc.

Sometimes (if ever) NL and reality are not one in the same at all and its good to remember that fact.

shymexx: There's a difference between "celebrities" and "art." Stop disrespecting the man's legacy.

I bet if Forbes were to do a version about the most powerful music artists - both Prince and Esperanza Spalding wouldn't make the list. But the likes of: Rihanna, Beyonce, and Adele would top the list. However, can you compare the brilliance of both Prince and Esperanza Spalding - to the likes of Rihanna, Beyonce, and Adele?

Art isn't a popularity contest.

Crayola1: Nadine Gordimer gave him the title the father pf modern african literature. So how would she feel disrespected by a totle she gave him? Its clear many of you have not the slightest clue about a lot of the things you speak on.

http://m.ndtv.com/article/world/chinua-achebe-father-of-modern-african-literature-dies-at-82-345766