₦airaland Forum

joyandfaith:
Good point. Without carrying cash around. Robbery attacks on pos shop would reduce.
New naira policy as well as withdrawal limit are good policy. Anybody that uses smartphone and literate should have problems with the policy.

how are they good policy?

galantjoe:
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.

Your sickness is sickening

Get a life

Majority of the People only meet pos to withdraw due to distance of the bank ATM.

So pos is about to die down silently..

Any extra charges by the POS forces people to move down to the ATM machine

Now If an individual want more than 20000 a day in cash

The percentage charges from the bank to the POS is still in effect consider the amount the POS want in hand .

Inturn the POS will want to charge the customer to enable gain.

Customer seeing the charges will turn back to whosoever he or she wants to spend the money on . Request for the account number of the person and as such perform a used transfer

So pos is going to gone down

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?

Also the line at ATM will be something else.

Most people patronise pos vendors cos yhey dont want to pass thru that hassle and long queues at ATM...

Imagine someone that wants to withdraw his last 500naira, a pos guy can collect him 50naira n give him cash.
With this policy, if he goes to pos and there is no cash, he needs to pay transport to his bank n wait on long queue just to get 500naira.

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.

Everyone should keep calm...
The implementation is by January
Election is by February
New Government will change the Policy

Because its will affect Masses and Farmer inclusive

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 CBN went thru all this wahala just so that POS operators can make more money

thebosstrevor1:
Yes, it doesnt matter, even before this new cashless policy, there was USSD but people still go to the POS to transfer money

those ones are illiterates wey no sabi operate phone ussd or phone app
They’ll die out in the next 10-15 yrs

yaki84:
Also the line at ATM will be something else.

Most people patronise pos vendors cos yhey dont want to pass thru that hassle and long queues at ATM...

Imagine someone that wants to withdraw his last 500naira, a pos guy can collect him 50naira n give him cash.
With this policy, if he goes to pos and there is no cash, he needs to pay transport to his bank n wait on long queue just to get 500naira.

you never even talk of POS dispense error that can take up to 2 weeks to resolve

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 do not see any business here.

Tallesty1:
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.

Well said. Transfer to the person you are buying from na. Anyway, some do not know how to do such online transactions.

I don't understand how people reason at times. We are quick to forget what happened in Lebanon due to shortage of fund. No economy can succeed without physical cash.

Even in the develop world, no such policy as the one a developing country like Nigeria that doesn't even have enough fuel for his citizen despite the huge hydrocarbon deposit it has.

People will soon go to bank with gun, machetes and 'ase' to get their money

StrongAlphMale:
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?

the function of a POS isnt only to withdraw, you can also transfer. There will be more people transferring. POS is for cashless transaction

even in the CBN memo it is written clearly that Banks should encourage customers to use other alternative channels like online banking, POS, enaira and USSD.

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

You’re very stupid


Read and comprehend
Ode

Yeah

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 t
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/

most of the time I do online transaction and move with small money, I'm already used to it but now almost all my spending will have to be online because of the new policy. I don't even use pos always unless there is no money at the ATM or the ATM is far and I need the cash urgently

thebosstrevor1:
Why do people use POS when there is ATM and USSD

ATM can be faraway and USSD can have a transfer limit

Bank app nko
And don’t talk to me about poor man wey no fit afford android phone there are android phone or 3,500 4K 5k 8k… etc
Are you telling me that we have people in this world that are so useless that they can’t afford button phones or android phone of 3,500?

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 ?

There comes the POS. Remember most of these market women (I didn’t want to say “old” women) they didn’t know how to operate a cellphone, now most of them are used to it even smartphones.

Technology advancement, let’s embrace it.

Note, people operating computer in 20-30 decades ago were like a wizard to many people, like as if they were performing magic.

Pos operators will face big wahala if money no gree enter immediately into receiver's account due to poor network.

The cbn must improve network stability across the country for this policy to work efficiently.

thebosstrevor1:
the function of a POS isnt only to withdraw, you can also transfer. There will be more people transferring. POS is for cashless transaction

even in the CBN memo it is written clearly that Banks should encourage customers to use other alternative channels like online banking, POS, enaira and USSD.

Oga over 90% Nigerians do more of withdrawals than Transfers. So how exactly will the POS operator gain when they're limited to 20k withdrawals a day?

Just wait and see frustration by the time pos, Bank app or ussd started misbehave due to network failure.

How many people buy property with cash?

Moh247:
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

thebosstrevor1:
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

Whatever rocks your boat sir

[quote author=thebosstrevor1 post=118974754][/quote]You made a very nice point, but I see more businesses (schools, markets, groceries stores) having their own POS machine. There will be no need for anyone to go to a tradition POS point before transaction can be carried out. You can pay school fees using the school POS, you can pay for things bought in the groceries shop using the POS owned by the groceries shop etc without paying extra for commission.

don4real:
How many people buy property with cash?

Some remote agriculture lands you pay cash for hectres of land shared by the family owning the land

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

PoS withdraws up to 500k per week bcs it's a cooperate entity. Hence, the can use the amount conveniently. Don't 4get that people deposits with you all d time

5% unless corporate company which is 10%

masseratti:
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.

BATified2023:
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[b] if the 5% rate is applied
[/b]
So tell me how he will make profit if he uses 12k5 to withdraw n make 5k?

Which 5% is that? I didn't get that part

Derrylatei:
I don't understand how people reason at times. We are quick to forget what happened in Lebanon due to shortage of fund. No economy can succeed without physical cash.

Even in the develop world, no such policy as the one a developing country like Nigeria that doesn't even have enough fuel for his citizen despite the huge hydrocarbon deposit it has.

People will soon go to bank with gun, machetes and 'ase' to get their money

My thought as well, we deal with paper money than the whole cashless policy of a thing. We like holding funds than transferring, no be every shop you enter you wan come dey do transfer with their Network wahala

1
Everyone will adapt to cashless benefit since you will be able to transfer from your bank or ussd or other way

2
So if customers brought huge money to pos deposit,the pos is not longer needed cash again .

Disadvantages of pos
No more longer customer
Bye bye to pos
I'm sorry pos operator

I think all does economists that brought the idea were also aware of consequences too.

I rest my case

Cantonese:
It definitely will slow down business for POS people and send some packing.


Why go to POS when you can use ATM to make your transfer and avoid the extra charge?

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.

This kind of thinking is what makes Nigeria backward.
Why can't those food sellers have an account?
Will you buy goods worth more than 20k on traffic?
Why can't those farmers and hunters have an account to contribute to national economy?
A fulani man worth millions will stock it in his babariga, how is that helping the economy?

Abeg everybody will adjust.
We hold on to the old way of life,where has it gotten us?

Nigga you don't understand what you saying, it's a cashless policy so how do you expect the pos operators to get dough and Meanwhile people can now transact directly from buyer to seller so what's the need of the third party

The only way for them is to upgrade to business account then they will have access to 500k across the counter weekly.
This policy will even help them to gain more because there will be an increase in their withdrawal charges.

yaki84:
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...

Richy4:
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 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..

You forgot kidnappers which is on vogue now