₦airaland Forum

Most POS operators are concerned about the new CBN cashless policy, I personally think they shouldn't stress themselves and I think the new CBN policy is a good one for them.

Since a cashless policy is the primary goal of the CBN, if you are a pos operator, you can use this to your advantage, now that the government is encouraging a cashless system that means more business will come your way.

for instance, if someone wants to pay his children's school fees, that person can walk to any POS operator and do that, and you will be able to charge your usual transaction fee

if someone wants to pay for goods and they are far away from an atm or bank, they can now use your POS services to do that transaction

if someone wants to transfer money from their atm to their family member in another location, then it is easy for them to use your POS

people that want to receive cash can also use your POS service, they will transfer the money they need to your account and you give them cash while you take your commission

The CBN cashless policy will bring more customers to your POS Business, now people will be able to pay for anything through POS and you will cashout, you will get more customers than ever before.

Anyway, just see the big picture, fantasize, dream and think of how much money you will make from CBN cashless policy.

Good observation..


Let me wait till this post get to first page..

If u render d services by transferring out of your wallet how will d customer pay u back or would it be through card Transfer in which case d money leaves from d customer's wallet

jlinkd78:
If u render d services by transferring out of your wallet how will d customer pay u back or would it be through card Transfer in which case d money leaves from d customer's wallet

you dont transfer out of your wallet

you are offering a service of using your POS to transfer money

if someone says he wants to transfer 10k to another person, you deduct from the person atm the 10k plus your fee, so it will be 10k+50 or 100 naira( your profit aka transfer fee)

thebosstrevor1:
Most POS operators are concerned about the new CBN cashless policy, I personally think they shouldn't stress themselves and I think the new CBN policy is a good one for them.

Since a cashless policy is the primary goal of the CBN, if you are a pos operator, you can use this to your advantage, now that the government is encouraging a cashless system that means more business will come your way.

for instance, if someone wants to pay his children's school fees, that person can walk to any POS operator and do that, and you will be able to charge your usual transaction fee

if someone wants to pay for goods and they are far away from an atm or bank, they can now use your POS services to do that transaction

if someone wants to transfer money from their atm to their family member in another location, then it is easy for them to use your POS

The CBN cashless policy will bring more customers to your POS Business, now people will be able to pay for anything through POS and you will cashout, you will get more customers than ever before.

Anyway, just see the big picture, fantasize, dream and think of how much money you will make from CBN cashless policy.

Good point. Without carrying cash around robbery attacks on pos shop would reduce.
New naira policy as well as withdrawal limit are good policies. Anybody that uses smartphone and literate should not have problems with the policy.

thebosstrevor1:
you dont transfer out of your wallet

you are offering a service of using your POS to transfer money

if someone says he wants to transfer 10k to another person, you charge the person for the transfer you reduct from the person atm the 10k, so it will be 10k+50 or 100 naira( your profit aka transfer fee)

When USSD dey abi?

Hoelujohn:
When USSD dey abi?

Yes, it doesnt matter, even before this new cashless policy, there was USSD but people still go to the POS to transfer money

It will hinder POS BIZ alot. Just like when people started buying airtime via banks, the sale of printed recharge card went down the drain.
However, I like the policy, it will do alot to every good Nigerian

thebosstrevor1:
Most POS operators are concerned about the new CBN cashless policy, I personally think they shouldn't stress themselves and I think the new CBN policy is a good one for them.

Since a cashless policy is the primary goal of the CBN, if you are a pos operator, you can use this to your advantage, now that the government is encouraging a cashless system that means more business will come your way.

for instance, if someone wants to pay his children's school fees, that person can walk to any POS operator and do that, and you will be able to charge your usual transaction fee

if someone wants to pay for goods and they are far away from an atm or bank, they can now use your POS services to do that transaction

if someone wants to transfer money from their atm to their family member in another location, then it is easy for them to use your POS

people that want to receive cash can also use your POS service, they will transfer the money they need to your account and you give them cash while you take your commission

The CBN cashless policy will bring more customers to your POS Business, now people will be able to pay for anything through POS and you will cashout, you will get more customers than ever before.

Anyway, just see the big picture, fantasize, dream and think of how much money you will make from CBN cashless policy.

so how will the Pos guy withdraw from d bank since he can only withdraw 20k a day?

Don’t forget if u have 15 accounts n it’s linked to just 1 bvn u can only withdraw 20 from d whole account or he enters bank n they charge him 5k for collecting 100k

How will he make gain?

Don’t u know with the new policy,cbn is encouraging savings n discouraging withdrawals

If you look at it critically, it has its own advantages and disadvantages.
Think about the market women that are into sales of foodstuffs and all , how will they cope ?

BATified2023:
so how will the Pos guy withdraw from d bank since he can only withdraw 20k a day?

Don’t forget if u have 15 accounts n it’s linked to just 1 bvn u can only withdraw 20 from d whole account or he enters bank n they charge him 5k for collecting 100k

How will he make gain?

Don’t u know with the new policy,cbn is encouraging savings n discouraging withdrawals

Let me explain

If you are going to make payment through the pos for lets say school fee.

the POS operators deduct the school fees plus commission from your atm, he doesnt have to deal with cash.

Also If a POS operator wants to deal with cash, he can also hoard money( save money) and dispense out to those who want withdrawal for a fee

Typicool8:
If you look at it critically, it has its own advantages and disadvantages.
Think about the market women that are into sales of foodstuffs and all , how will they cope ?

they will cope)) there will be cash transaction, so market women dont have to worry. if for a very large payment, the customer can use a POS operator to do the transaction.

thebosstrevor1:
Most POS operators are concerned about the new CBN cashless policy, I personally think they shouldn't stress themselves and I think the new CBN policy is a good one for them.

Since a cashless policy is the primary goal of the CBN, if you are a pos operator, you can use this to your advantage, now that the government is encouraging a cashless system that means more business will come your way.

for instance, if someone wants to pay his children's school fees, that person can walk to any POS operator and do that, and you will be able to charge your usual transaction fee

if someone wants to pay for goods and they are far away from an atm or bank, they can now use your POS services to do that transaction

if someone wants to transfer money from their atm to their family member in another location, then it is easy for them to use your POS

people that want to receive cash can also use your POS service, they will transfer the money they need to your account and you give them cash while you take your commission

The CBN cashless policy will bring more customers to your POS Business, now people will be able to pay for anything through POS and you will cashout, you will get more customers than ever before.

Anyway, just see the big picture, fantasize, dream and think of how much money you will make from CBN cashless policy.

Is like you do not understand this policy as it concerns POS ..

How would the pos operators get cash for their daily transaction since the limit is 100k per week ..

ATM withdrawal is 20k per day... Unless the pos guy pays 10% for any additional cash over the counter which means the price of POS transactions will skyrocket , like you have to pay 1k to withdraw 20k

thebosstrevor1:
Let me explain

If you are going to make payment through the pos for lets say school fee.

the POS operators deduct the school fees plus commission from your atm, he doesnt have to deal with cash.

Also If a POS operator wants to deal with cash, he can also hoard money( save money) and dispense out to those who want withdrawal for a fee

let’s assume 50 people will withdraw a day n they withdraw an average of 5k which is 250k meaning he will make 100 in 50 places that’s 5000

Do u know how much he will use to collect the 250k in bank?

That’s 12500 if the 5% rate is applied

So tell me how he will make profit if he uses 12k5 to withdraw n make 5k?

thebosstrevor1:
they will cope)) there will be cash transaction, so market women dont have to worry. if for a very large payment, the customer can use a POS operator to do the transaction.

if the customer use Pos to pay 100k meaning the market woman will use 5k to collect it on the counter

So is it profitable?

Mrkumareze:
It will hinder POS BIZ alot. Just like when people started buying airtime via banks, the sale of printed recharge card went down the drain.
However, I like the policy, it will do alot to every good Nigerian

it won't hinder POS biz, it is business as usual btw, you cant compare the transition from paper airtime to a bank airtime with the POS business, POS is part of the cashless initiative

the amount of atm facilities is not enough for people, so they tend to use POS service

POS works like your atm in some ways, you can transfer to another account, pay for goods and a lot more

so the cashless policy is more of a supporter of POS because POS is also part of the cashless system

thebosstrevor1:
Let me explain

If you are going to make payment through the pos for lets say school fee.

the POS operators deduct the school fees plus commission from your atm, he doesnt have to deal with cash.

Also If a POS operator wants to deal with cash, he can also hoard money( save money) and dispense out to those who want withdrawal for a fee

why use pos when you can use ussd?

BATified2023:
if the customer use Pos to pay 100k meaning the market woman will use 5k to collect it on the counter

So is it profitable?

If a Customer uses POS to pay for 100k, The money is going to the Market woman's bank account

eastgates1:
why use pos when you can use ussd?

Not everyone uses USSD, that is why POS business exist

also sometimes USSD might be down, then your other option is POS

Also USSD has some restrictions when sending large amount, so you use POS

thebosstrevor1:
If a Customer uses POS to pay for 100k, The money is going to the Market woman's bank account

do u know if the market woman wants to restock

She has to go to bank to withdraw the 100k of which she will use 5k to withdraw on the counter,meaning to every 100k transaction she’s parting with 5k

So where is the gain?

thebosstrevor1:
Most POS operators are concerned about the new CBN cashless policy, I personally think they shouldn't stress themselves and I think the new CBN policy is a good one for them.

Since a cashless policy is the primary goal of the CBN, if you are a pos operator, you can use this to your advantage, now that the government is encouraging a cashless system that means more business will come your way.

for instance, if someone wants to pay his children's school fees, that person can walk to any POS operator and do that, and you will be able to charge your usual transaction fee

if someone wants to pay for goods and they are far away from an atm or bank, they can now use your POS services to do that transaction

if someone wants to transfer money from their atm to their family member in another location, then it is easy for them to use your POS

people that want to receive cash can also use your POS service, they will transfer the money they need to your account and you give them cash while you take your commission

The CBN cashless policy will bring more customers to your POS Business, now people will be able to pay for anything through POS and you will cashout, you will get more customers than ever before.

Anyway, just see the big picture, fantasize, dream and think of how much money you will make from CBN cashless policy.

Where POS go see Bulk Cash? Are you aware they also run out of cash?

BATified2023:
do u know if the market woman wants to restock

She has to go to bank to withdraw the 100k of which she will use 5k to withdraw on the counter,meaning to every 100k transaction she’s parting with 5k

So where is the gain?

if she wants to restock, she can transfer the money to the bank account of the supplier...simple

she goes to the market and wants to pay for 100k worth of goods, she either uses her bank app or uses A pos operator to pay the supplier

thebosstrevor1:
Not everyone uses USSD, that is why POS business exist

also sometimes USSD might be down, then your other option is POS

Also USSD has some restrictions when sending large amount, so you use POS

fair point, it's not all gloom afterall

Not true. It will hurt POS business from every aspect. Now the supermarket I patronize has their own POS but there's a woman who still wants me to go withdraw then bring cash to her and I will see that as stressfull. So if she still wants me as costumer she had better get her POS and I will only pay and not withdraw so no charges.

entrep88:
Where POS go see Bulk Cash? Are you aware they also run out of cash?

They dont have to deal with cash if they dont want to but if they want to, they can horde cash by saving

Sending money from POS to another account doesn't involve cash

The OP does not understand the whole issue here

Why would I ask a POS to pay for me when I have my ATM and USSD with me?
Why would I approach a POS to help me transfer when I can make the transfer on my phone?
How would the POS handle the request of different people that comes to the stall for cash, when the Operator only has access to 100k per week?
If the Operator should hoard cash, how sufficient will the money be to handle various requests?

What I think may happen is for the CBN and the different POS companies to create a platform for POS operators to access more funds, to serve the people.

Otherwise, the poor will suffer more, because they would be made to pay for any extra charges the Operator incurs on getting Cash. The People may be made to pay N500 for every N5k withdrawn via the POS

This policy is not friendly especially for those POS guys out there ...

ojoadeola:
The OP does not understand the whole issue here

Why would I ask a POS to pay for me when I have my ATM and USSD with me?
Why would I approach a POS to help me transfer when I can make the transfer on my phone?
How would the POS handle the request of different people that comes to the stall for cash, when the Operator only has access to 100k per week?
If the Operator should hoard cash, how sufficient will the money be to handle various requests?

What I think may happen is for the CBN and the different POS companies to create a platform for POS operators to access more funds, to serve the people.

Otherwise, the poor will suffer more, because they would be made to pay for any extra charges the Operator incurs on getting Cash. The People may be made to pay N500 for every N5k withdrawn via the POS

Why do people use POS when there is ATM and USSD

ATM can be faraway and USSD can have a transfer limit

thebosstrevor1:
They dont have to deal with cash if they dont want to but if they want to, they can horde cash by saving

Sending money from POS to another account doesn't involve cash

See bro, CBN is working on information and they are try to reset the financial system. Most of these POS operators are now owned by bankers or people close to bank officials, Commercial banks now discourage banking service because they hoard cash for politicians, businessmen and co. POS Operators may find it difficult accessing bulk cash and the best bet they can do now is limit how much you can take. Ordinarily I think CBN targeting at stocked cash in the people's custody, they are now forced to spend it since they know it will be difficult to withdraw it if it is deposited meaning POS will be dealing more of withdrawals than deposits.

The op doesn't have an idea why people use pos for transaction. The main focus of anybody going into POS business is get enough cash to do transaction. Now that the CBN have limit on cash withdrawal, how will they survive with 20k cash?

This government are just out to frustrate Nigerians.