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Nairaland Forum / Nairaland / General / Business / CBN Cashless Policy Is Good For POS Business (34668 Views)
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Re: CBN Cashless Policy Is Good For POS Business by ThespiritsSon: 3:50pm On Dec 07, 2022 |
This dude don't know anything concerning this new order 23 Likes 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by mightykay(m): 4:04pm On Dec 07, 2022 |
OP doesn't know anything about this policy at all, he is a complete novice it would be bn better for him to keep quiet 27 Likes 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by GoldSantana: 4:05pm On Dec 07, 2022 |
...staring at a reduction in number of pos operators 6 Likes 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by Irupetepete: 4:11pm On Dec 07, 2022 |
thebosstrevor1:as a pos merchant, you don't know what you are saying.... Money will definitely exchange hand... So if am to withdraw 500k from the bank to run my business, how will I get that cash without attracting the % charge? Remember some pos merchant do more than a million naira transaction daily 19 Likes 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by rayvelez(m): 4:14pm On Dec 07, 2022 |
One of agbados and cassavas urchins e don come out to write what there master shared on WhatsApp group smh baby novice... 12 Likes 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by mightykay(m): 4:15pm On Dec 07, 2022 |
entrep88:this person doesn't know anything, just keep shut instead of talking nonsense 1 Like 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 4:18pm On Dec 07, 2022 |
SensetionalGoal: A smart and analytical guy who knows to ask the right and logical question. OP has not read the policy properly. POS operator cannot operate a cheat mode because they are hampered by the policy just like everyone else. When a card has done a 20k ash withdrawal limit then that is it for that card and user. It ode not matter how you collect the 20k. Whether ATM.or POS, when you reach the 20k daily cash limit then no outlet will give you cash whether POS operator or ATM. We should all learn to study the minute details. If the point of this is to encourage the arrival of a cashless society then why would technocrats be stupid enough to allow the very obvious bypass OP is talking of? Everyone can read the exhaustive allowances and guideline of the new policy below so we do not become peddlers of misinformation. . https://dailytrust.com/new-naira-cbn-limits-withdrawal-from-banks-to-n100000-per-week-n20000-daily-through-pos/ The Central Bank of Nigeria (CBN) has pegged maximum over the counter (OTC) cash withdrawal per week for individuals at N100,000 and N500,000 for corporate organisations. The maximum cash withdrawal via point of sale (POS) terminal shall be N20,000 daily, the circular further stated. 7 Likes 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by entrep88: 4:19pm On Dec 07, 2022 |
mightykay:Respect people's opinion, be civil! you can make your point without saying thrash. 3 Likes |
Re: CBN Cashless Policy Is Good For POS Business by PARADIZEPRIEST: 4:32pm On Dec 07, 2022 |
STOP RANTING OVER PAPER MONEY,PAPER MONEY IS GETTING OUTDATED IN CIVILIZED WORLD. CBN SAYS AS INDIVIDUAL N100K PER WEEK(OR 20K PER DAY TIMES 5DAYS),BUT IF YOU NEED ANY THING ABOVE 100K YOU PAY SERIOUS FINE CBN SAY FOR COMPANY N500K PER WEEK(OR 100K PER DAY TIMES 5DAYS),BUT IF YOU NEED ANY THING ABOVE 500K YOU PAY SERIOUS FINE BY THE TIME YOU PAY FINE TIRE,YOU GOT SOJI AND FALL IN LINE WITH CASHLESS POLICY. INFACT EMEFIELE AND HIS TEAM NA GENIUSES, YOU CAN USE YOUR BANK'S MOBILE APP TO PAY FOR GARRI,EWA,OGORORO,BOLI,AGBADO,OKRO SOUP ETC. EVERYTHING YOU NEED, OR YOU USE INTERNET BANKING,ALSO USSD CODES DEY THERE PER BANK. JUST GO FOR BANKS WITH BEST APPS AND YOU WILL BE SMILING AT THIS POLICY NOW IS THE TIME TO SECURE YOUR PHONES HANDSET AND YOUR SIMS PARTICULARLY FULL PROOF USING YOUR IMEI. NA WICKED CONDUCTORS AND WICKED LAGOS DRIVERS WEY DEY HIKE FARES ANYHOW I PITY,because THEM GO CARRY CASH TIRE. I PRAY THIS CBN POLICY STOPS INFLATION AND STOP MALLAM WEY DEY HIDE MONEY FOR BDCS,because TO SPEEDUP THEIR TRANSACTIONS THEY MUST USE BANK CHANNELS TO DO TRANSFERS WHICH WILL TRACK ILLEGAL DEAL AND CURRENCY HOARDERS IFSHA. 8 Likes 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 4:39pm On Dec 07, 2022 |
Mrkumareze: The Op doesn't know the major business for pos is cash withdrawal. When major business outlet has their business link to their pos. What then is the need for pos 6 Likes 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 4:44pm On Dec 07, 2022 |
Irupetepete: Anyway, you are still in the old system. You do not have to use cash when transferring from one account to another using a pos. Let's say you want to transfer 5k to another account using a pos. You insert your card, the pos operator deduct your 5k and commission from the transaction, the money will be transferred. 1 Like 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by 489akinrinnola: 4:49pm On Dec 07, 2022 |
Where POS go see Bulk Cash? Are you aware they also run out of cash?Where POS go see Bulk Cash? Are you aware they also run out of cash?... 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 4:50pm On Dec 07, 2022 |
Thanksful: The major business of POS is cash withdrawal before the new policy, now it will be cash withdrawal and sending of money. There is limitations in cash withdrawal but no limitations when sending money from one account to another through atm, pos or internet banking. So that is where POS people can benefit from. The logic is there will be more cashless transactions. So it benefits the POS guys also. |
Re: CBN Cashless Policy Is Good For POS Business by bdon123(m): 4:52pm On Dec 07, 2022 |
thebosstrevor1:U are totally wrong.I personally hav no reason to use POS still.I hav debit card,i hav bank app.Why da heck will i use pos?Instead i tink ot has destroy pos business.Mind u,people using pos are those looking for cash withdrawal.So now that withdraw limit is 20k without charges,it means ATM queue will no longer exist....people will actually start making transfer instead of cash payments.... POS will hear it 5 Likes 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 4:53pm On Dec 07, 2022 |
489akinrinnola: Do you guys read at all. The main use of POS is for cashless transactions. Here in Nigeria they started using it for giving out cash. With the new policy, you dont need cash. If you wanna transfer huge sum of money, you can either use an atm, pos or internet banking. 3 Likes |
Re: CBN Cashless Policy Is Good For POS Business by bdon123(m): 4:55pm On Dec 07, 2022 |
BATified2023:They are not encouraging saving in anyway,they are encouraging cashless economy.Even bus will soon start using pos.Mind u there is wat we call pinless entry feature on card.U make payment by keeping ur card on a pos device for 1 sec |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 4:56pm On Dec 07, 2022 |
bdon123: Yes, you have debit card or bank app. The pos service is also an alternative. If atm queue will no longer exist and people using transfer instead of cash payments, that also means POS business will benefit from it. If i dont have bank app and my bank atm is far, i can go to a pos outlet to transfer money. |
Re: CBN Cashless Policy Is Good For POS Business by bdon123(m): 4:58pm On Dec 07, 2022 |
thebosstrevor1:Why will i use POS wen i can transfer by app?Mind u atm will now be empty becos 20kis d limit 4 Likes 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by Cantonese: 5:00pm On Dec 07, 2022 |
thebosstrevor1: It definitely will slow down business for POS people and send some packing. Why go to POS when you can use ATM or your bank App/USSD to make your transfer and avoid the extra charge of the POS operators? Nigerians cannot move about without the feel of cash in their pockets. Nigerians in the interior areas transact with cash only. Farmers and hunters use cash only. The road side food stuff sellers along Benin-Ore-Shagamu road only use cash. Hawkers in go slow transact cash only. What about the owambe people? How can you show that you have arrived, if you cannot spray cash openly? The fact remains that Nigeria will become safer, with far less cash in the pockets of people. Thieves will not see money to steal. If they succeed to steal gold or precious items, the buyers will be put at risk, if they pay through the banks. With no cash to buy, there will be no purchase of the stolen items. Infact reducing the amount of POS operators will give the citizens more peace of mind. Without POS operators, those who steal ATM cards, hack phones, etc, will not have access to claim from peoples accounts. It definitely will impact negatively, but with time it should get better. 3 Likes |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 5:01pm On Dec 07, 2022 |
bdon123: Just because you have an app does not mean others have, there are still millions of people that are not using bank app or are scared of it because of hacks. The USSD also has transaction limit. So another alternative is to use a POS operator when other things are unavailable 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by Acidosis(m): 5:02pm On Dec 07, 2022 |
..and how will this affect banks and bank workers? Think about it. |
Re: CBN Cashless Policy Is Good For POS Business by Richy4(m): 5:15pm On Dec 07, 2022 |
If Nigeria introduce cashless policy, it has a lot of advantages.. << Before thieves will come into your home to steal, they will give it a second thought except they were coming for your pot of soup... << The Nigerian bank will sit-up.. to tackle fraud and online fraudulent activities,.. They will be one step ahead of the perpetrators... << There will be more forensic accountants than ordinary teller staffs... which means when your money misses it's way, It will be like a speed of lightning to track down and recover.. <<People will travel without fear of high way men and women because they have got no money on them...So yea it's good.. 4 Likes |
Re: CBN Cashless Policy Is Good For POS Business by backnbeta(f): 5:22pm On Dec 07, 2022 |
thebosstrevor1:I think the guy you quoted is right! Why would I use a POS service if I have a bank account and can make transfer directly for my sales and services? The POS operator can't pay me more than my Bank ATM can dispense for me, so why use him? You can always take your funds to the bank or pay to transact through the POS as usual; but they won't benefit from this new policy in any way because they are more useful for cash withdrawals and just like the banks, they can't pay me more than 20k/day! The polithiefcians the policy is supposedly targeted at will always find a way around it using the banks and this same CBN that formulated the policy! 2 Likes |
Re: CBN Cashless Policy Is Good For POS Business by NairalandMD: 5:25pm On Dec 07, 2022 |
I can bet my left "ball" that this policy would be reviewed as soon as NIGERIA next president is sworn-in... all this "bragado" is just to counter political cheats during campaigns and elections. Like someone said earlier; the CBN governor is still in pains 4 Likes 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by JoeyNaza: 5:28pm On Dec 07, 2022 |
thebosstrevor1: You can use the ATM machine to do bank transfer so your first point is cancelled |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 5:36pm On Dec 07, 2022 |
backnbeta: Remove politicians are thieves from the equation. The work of a pos is for cashless transactions but here in Nigeria we are using it for withdrawals. Yes, you have a bank account but the pos is also an alternative for cashless transfer. With a pos, you can also transfer money from one account to another and also pay for services. Btw, you used the word i, you aren't the only person in the country, there are still millions of of people without a smart phone or who dont use ussd but many of these people have their atm. If they want to transfer money within their vicinity, instead of going faraway to an atm machine, they can easily use a POS operator 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 5:37pm On Dec 07, 2022 |
JoeyNaza: Yes, you can, within your vicinity or house location, is there a bank or an atm machine? Pos is for convenience and easy access when no other other options are available 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by Realists(m): 5:48pm On Dec 07, 2022 |
topoftheworld: Most people go to POS to get cash, once you have exhausted your 100k, that's all & the POS Operator cannot satisfy his customers cash demand. 3 Likes 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by mekus1011(m): 5:49pm On Dec 07, 2022 |
Op you have a nice point though... But just wait until you have an issue/delay with the transaction when using pos.. That's when you'll know the difference between real-life business and online points.. If you've never encountered pos Bleep when doing large volume transaction..you won't really understand this.. 5 Likes 2 Shares |
Re: CBN Cashless Policy Is Good For POS Business by BeardGangJnr1(m): 5:49pm On Dec 07, 2022 |
thebosstrevor1:How many of these market women know how to transfer Plus what if the supplier wants cash Only 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by Ovieemmanuel: 5:49pm On Dec 07, 2022 |
citygarden:thank you sir. |
Re: CBN Cashless Policy Is Good For POS Business by kazyhm(m): 5:50pm On Dec 07, 2022 |
On a general note.....the policy will exploits the general public, push people out of business, create transactional bottle neck while making the banks richer Lol... And the resultant effect is poverty creation.... 1) There are many villages with no single bank 2) The purchasing power of Naira makes the policy a very bad one for SMEs, big businesses and salary earners..... 3) The amount of fail online transactions will frustrate spenders 4) There will be challenges paying menial workers, closing deals and contacts........ 5) On transportation, you would spend more than 100k on miscellaneous to transport farm produce from the north to south and east to west.........where will the drivers get the cash ? 6) Family emergencies will surfer..I e Hospital will wait for alert before surgery........ 9) Corruption in Government offices......police, VIO, Road Safety etc will be become more aggressive. Conclusion: Nigeria need policies that suit our peculiar issues not copy and paste policy that will compound our problems. POS business in itself is robbery.....I e the POS vendor charges you an unregulated amount, the banks charges you for SMS, ATM maintenance, stamp duty changes etc. CBN should address the Bureau de change menace, solve the issue of fail online transactions, stop lending federal government money beyond what the can repay within stipulated period, support SMEs with single digit interest rate, regulate excessive bank charges etc 4 Likes |
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