₦airaland Forum

But is there an exception to cash withdrawal for POS operators? If they are subject to the same 100k limit as everyone else, how will this be beneficial for them?

IT IS VERY GOOD.JUST GO AND REGISTER YoUR POS BIZ AS A COMPANY,THEN YOU CAN DO N500K PER WEEK CASH WITHDRWALS think and grow,business na intelligence.

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

Bros it's obvious you don't understand what this cashless policy is all about.

Pos operators will lose woefully from it, in fact I see most pos operators shutting down their businesses by next year

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.

I get your point have you also considered how much they re going to be charged from the bank for withdrawal?

imagine making all these transactions in a day let say 200k for example now bank will charge Dem 5% from that 200k, If they are to make withdrawal please where is the profit here?

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

The POS operator can source for cash alternatively instead of from the banks.

There are cash businesses that will still have a decent amount of cash coming in daily

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 deduct from the person atm the 10k plus your fee, so it will be 10k+50 or 100 naira( your profit aka transfer fee)

Many businesses would own or start having their pos machines.

Pos of a thing would no longer be lucrative anymore.

CBN only wants to strengthen KYC for all transaction

If you want to pay for your child's school fees, Buy a property or Pay Workers, banks would only need documents gurranteeing the funds are meant for what was stated

Dsalvo:
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 policy is all about encouraging people to transfer money by using cashless alternatives

You can transfer any amount of money you want to another account using a POS operator

There is no limit of transfer using a POS, also anybody is entitled to withdraw 5 million naira per month

thebosstrevor1:
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.

Oga nobody is talking about transfer here but rather withdraw. Most Nigerians withdraw this days than even transfer. So how will the POS operator gain when he will be limited to just 20k cash withdrawals a day?

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.

Transfer put pos operators in trouble more than anything, secondly why transfer to pos operator when you can easily transfer to school acounnt, the seller you want to pay etc?

Businesses and firms will now have their own pos for payments too.

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 deduct from the person atm the 10k plus your fee, so it will be 10k+50 or 100 naira( your profit aka transfer fee)

You're confused guy, I don't think you know what you are saying.

thebosstrevor1:
The policy is all about encouraging people to transfer money by using cashless alternatives

You can transfer any amount of money you want to another account using a POS operator

There is no limit of transfer using a POS, also anybody is entitled to withdraw 5 million naira per month

So people shouldn't withdraw anymore? Everyone should now engage in transfer? How old are you?

POS business will thrive more with this new cashless policy. These are my takeaway
1. Pos agent will Use transfer more often than atm card. Since maximum cash withdrawal for atm card is N20, 000 for a day. Transfer is limitless

That is the only way they can beat the new policy.

benqo01:
I get your point have you also considered how much they re going to be charged from the bank for withdrawal?

imagine making all these transactions in a day let say 200k for example now bank will charge Dem 5% from that 200k, If they are to make withdrawal please where is the profit here?

Banks are not going to charge you 5% on cashless transfer

The idea is to encourage the transfer of money using cashless alternatives like POS

Op crap.. A lady just insulted me last week almost slapped me join.. Claiming the money I sent to her in March had not reflected, 3500 naira for 3 bottles and cow tail pepper soup, a friend of mine with me almost paid for it when the whole commotion started, I refused him to,me myself transfered money 5k from my own zenith bank account to my own fcmb, value in other account I didn't see. Reversal I didn't get, this was around April.. Alot of times there av been issues of money not dropping and it causing frictions between people, the directive does not make any sense in any case, especially 10% processing fees if you want to collect above the threshold.

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

I don't think you understand how the POS service functions....
Nevertheless I don't think there's less ATM points across the country. The reason why many patronize POS for one reason is because of the queue you'll either meet at the ATM points or even inside the banking halls because we are a people always in a hurry to some non existent place.

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.

Instead of you to go thru pos why can't you transfer the money ursef.
This policy will in no way benefit them
Remember they will have very limited cash at there disposal to give to people.
They are never taken into consideration at all.
The priority of the govt is
Kidnappers
Election
Naira value
Cost of printing money

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

Exactly this is the end of biz for Dem and it's so bad cos some people feed on that.Like you said imagine a POS operator going to the bank to make a withdrawal of 200k to start his Daily business,bank will charge him 10k.

Now tell me how the POS operator won't increase the charges for withdrawal on his POS cos he or she has to catch up to balance

He makes Daily profit bank collect the profit

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

He cant be charged for withdrawal below 100k across counter. He can simply register business name and have access to 500k cash weekly.. There are many loopholes if you read through the policy very well.

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 bad Nigerians will still have access to the bulk naira via the bad bank operatives.

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

U r wasting time on that guy...

Pos is like mini ATM...

Not everyone that patronise pos wants to do cashless transaction...
90% of pos customers comes to withdraw money..
Now we r limited to 20k daily from our main source of funding..
One customer comes in and make a withdrawal of 20k, u are out of cash for the day...

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

ALL so far, we gearing into participating in a cashless transaction policy. Be u a market woman, illiterate or literate.

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.

Your analysis is not right, how can u said POS will make more money with this useless policy. What if the area u sited all have their own POS to receive money for such service the render to their respective customers

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 deduct from the person atm the 10k plus your fee, so it will be 10k+50 or 100 naira( your profit aka transfer fee)

just wondering why I will not make direct transfer .

dochenaj:
The POS operator can source for cash alternatively instead of from the banks.

There are cash businesses that will still have a decent amount of cash coming in daily

How can a POS operator source for cash from other institutions instead of Bank?

Do you know how much these institutions will charge the POS operator as interest and other charges? Are you trying to say for one to withdraw 10k from POS operators, he'll be 2k for that? Because that's definitely where we're heading to now.

Bros, POS operators charge you for #100 or #200 because of the good rate banks gave them, if there are no banks to give them this rate, how do you think they'll survive?

thebosstrevor1:
Banks are not going to charge you 5% on cashless transfer

The idea is to encourage the transfer of money using cashless alternatives like POS

U don't get if as a POS operator won't you go to the bank to make withdrawal to get cash for your daily biz?

If he or she is being charged 5% are you saying the person won't increase his or her withdrawal fee cos bank also charged him 5%?

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 ?

Every shop or curus will now have pos

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.

Question remains, how do you get back cash after receiving all the transfers and parting with your cash? Remember there is an abysmally low limit on the amount of cash you can now withdraw across the counter or via an ATM. The directive takes effect on Monday, January 9, 2023 anyway, let's hope the CBN gives another consideration before then.

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.

trash . Who told you that you can make use of pos in payment of school fees.

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

When seasoned experts and the pos operators themselves have analysed the policy and found it's of no benefit to them,one half baked nairaland poster somewhere will come out with something that just came out of an us and sees the advantage!
That's why I like Twitter where you real personal information can be got by those viewing your tweets.By the time you post such quarter baked knowledge and are slaughtered,no one will tell you that next time you should think through your thoughts and opinions thoroughly before posting it

dchamp234:
You're confused guy, I don't think you know what you are saying.

Leave that guy, I'm sure he's high on Indian weed. The werey doesn't understand what this cashless policy is all about

Hoelujohn:
When USSD dey abi?

No mind the ode wey write this useless write up so when ussd dey ussd wey dey work on button phone dey person go still dey go POS nawa o
The main reason patronize pos people is to withdraw cash not for any yeye transfers…