pocohantas:


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

don4real:
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.

Tallesty1:
True and many Nigerians don't know how to do all that.
The policy itself is a good thing but Nigerians are not half ready. Many people still go to the bank to check their account balance sef

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.

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.

yaki84:

Do u know what banks charge business account owners?

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.

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

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)

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

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

Simeonjoe1:


You forgot kidnappers which is on vogue now

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 ?

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.

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?

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)

don4real:
Yes I do, this will make their cash withdrawal charges more.

PARADIZEPRIEST:
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.

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

Cantonese:



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?

adekennis:


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.

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/

yaki84:

And which nigerian will want to pay more for pos charges?

somehow:


Then register your POS as a Ltd and enjoy higher limit.
20k per day is for 'individual POS'.

Cashless policy is here to stay.