This dude don't know anything concerning this new order

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

...staring at a reduction in number of pos operators

thebosstrevor1:


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

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

One of agbados and cassavas urchins e don come out to write what there master shared on WhatsApp group smh baby novice...

entrep88:

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.

this person doesn't know anything, just keep shut instead of talking nonsense

SensetionalGoal:



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

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 apex bank also limited individual Point of Service (POS) to N20,000 per day.

The maximum cash withdrawal via point of sale (POS) terminal shall be N20,000 daily, the circular further stated.

mightykay:
this person doesn't know anything, just keep shut instead of talking nonsense

Respect people's opinion, be civil! you can make your point without saying thrash.

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.

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

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

Irupetepete:
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

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.

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?...

Thanksful:


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

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.

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.

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

489akinrinnola:
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?...

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.

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

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

bdon123:

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

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.

thebosstrevor1:


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

Why will i use POS wen i can transfer by app?Mind u atm will now be empty becos 20kis d limit

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.

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.

bdon123:

Why will i use POS wen i can transfer by app?Mind u atm will now be empty becos 20kis d limit

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

..and how will this affect banks and bank workers?

Think about it.

thebosstrevor1:


Why do people use POS when there is ATM and USSD

ATM can be faraway and USSD can have a transfer limit

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!

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

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

You can use the ATM machine to do bank transfer so your first point is cancelled

backnbeta:

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!

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

JoeyNaza:


You can use the ATM machine to do bank transfer so your first point is cancelled

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

topoftheworld:
Good observation..


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

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.

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..

thebosstrevor1:


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

How many of these market women know how to transfer
Plus what if the supplier wants cash Only

citygarden:
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?

thank you sir.

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