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.

Olodo ni ẹ, go and read the whole thing again...

kazyhm:
On a general note.....the policy will exploits the general public 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, 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 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 from surgery........
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 of problems.



POS business in itself is rubbery.....I e the POS vendor charges you an unregulated amount, the banks charges you for SMS, ATM maintenance, stamp duty changes etc.

bro if you reside in lagos i owe u some chilled bottle of drink in area of your choice...all have been telling my colleagues they seem not to understand, you spot on bro

U forget part where "you can only withdraw 20k"per day with ur atm,so if u want to send above 20k to someone, how ll the pos operator withdraw it ? from Ur atm ?

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 didn't understand someone using POS to transfer school fees when it can be done through one's phone.

POS operators will run out of business soonest..... cos how will the POS operator withdraw bulk cash from the bank if his/her limit is 20k/day and 100k/week, even if he has multiple accounts ?? Before now, limit is 150-200k/day on ATM and 1-5m over the counter. People still need to carry cash to pay for t-fare, buy foodstuffs at the market, give to child/children to take to school...e.t.c

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.

Even if they upgrade to business account they can only access up to a max of 100k in a day. They can only attend to 10 customers in a day(Assuming each customer is making a withdrawal of 10k each or just 5 customers with 20k withdrawal requests.). The reasonable thing the CBN can do is to review and increase the withdrawal limit. It may likely be reviewed after the election.

Why will someone want to go to POS to transfer when you can do it on your phone. Most people that uses POS uses it for cash, either for deposit or withdrawal. Even the transfer they do they collect cash to transfer.

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

Nobody needs 20k for normal tansportation except you are travelling by air or long distance in which case the transport company can accept payment via other means. For the everyday things, the cash will suffice. If you have to buy fuel, you can use POS for payment.

gibsonwales:
POS operators will run out of business soonest..... cos how will the POS operator withdraw bulk cash from the bank if his/her limit is 20k/day and 100k/week, even if he has multiple accounts ?? Before now, limit is 150-200k/day on ATM and 1-5m over the counter. People still need to carry cash to pay for t-fare, buy foodstuffs at the market, give to child/children to take to school...e.t.c

Very yeye country called zoogeria. The useless emefaile busy implementing useless policies to exacerbate the suffering of the masses and not appreciate the value of the naira. SPITS...

The only reason I go to pos is to withdraw cash,every other thing I can do on my mobile app or ussd,so where is pos going to get cash from?

The main aim of pos is distribute of cash in the economy, the tomatoes and fisher seller to the bus conductor or small food vendors doesn't not know what is transfer of funds or cashless economy. is either you giv them cash or forget about their services.
Now that daily ATM withdraw is 20k that mean pos can't be able to dispense cash to their customers for petty spending.
Cashless economy is good but it will still take nigeria not less than 40yrs to be fully integrated into cashless economy but for now let it be option.
There is no money in circulation and cbn are still introducing cash withdrawal policy that will increase inflation, Emifiele should be jail after his tenure as cbn governor.

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.

They are quick to copy policy that favour them and not the masses, this kind of policy is hell bent on frustrating Nigerians and keep adding more to poverty...

Parachoko:
Have you forgotten you can withdraw up to 100k in a week?

Have you ever bought something of 100k from a hunter before?

Well, in time, everybody will get use to it

Have you forgotten that 100K in the pockets the wealthy is nothing?

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

Dnt u know that 20k withdrawal is for individuals 110k or 1mill for business. POS is business nt individual

Simeonjoe1:


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?

And who says those food sellers do not have bank accounts? How many of them know how to use their phones?

Who says you cannot purchase items worth over 20K in the traffic? Do you only think that it is the guguru and ekpa hawkers alone who sell products in the traffic? What about those who sell household items?
Who says all most of those people mentioned do not have bank accounts? I was simply looking at those who it would definitely impact on instantly; those who think that banking is not necessary or simply a waste of their time.

I am saying that the policy has the added advantage of safeguarding people’s funds. It has the advantage of curtailing crimes. It has the advantage of checkmating the excesses of fraudulent POS operators.

This cashless policy is a step in the wrong direction and would lead to cash hoarding. Will push more people into poverty. Failed in India, will fail here.

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

This point of yours Is not valid...

Using even your ATM via POS is also limited to 20k.

So it doesn't make any sense going to any POS to make a transfer above that when you can easily on your smart phone and send a screenshot of the receipt to the sch.

This is going to affect POS business seriously, even for them to withdraw cash would be an issue..

Mind you, they POS operator needs cash I mean cash to run a good smooth business daily. Unless there's a special way they can get cash from banks with easy..

Otherwise, I don't see how your points listed will be of help

Nigeria doesn’t have the infrastructure for this cashless initiative. This is a case of putting the cart before the horse, Nigerian leaders love copying and pasting things from developed countries without thorough planning. Fix the infrastructure first and then this can follow

Your transaction in one bank does not affect your account in another bank...

This is how POS operator can maintain liquidity... By including daily savings as part of their business aka marking of cards... I don't know what u call in ur areas..

And you think many schools and business owners won't buy a company pos for easy transaction....pos will be every where

Every trader in the market should just go and get their personal pos machines for transactions.

eastgates1:
why use pos when you can use ussd?

That is what is making me wonder o. That guy is just rambling without thinking. Who is the fool that will be going to pos to pay fees when they can use used, internet banking or mobile app. Even people that were not using it before now will be forced to start. Pos is business is dead!

ibkayee:
Nigeria doesn’t have the infrastructure for this cashless initiative. This is a case of putting the cart before the horse, Nigerian leaders love copying and pasting things from developed countries without thorough planning. Fix the infrastructure first and then this can follow

It's a horrible policy that has not worked in similar countries. The fact that they think it will work here shows how bereft of ideas they are.

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

New CBN policy only limits amount of cash you can withdraw and not how much you can transfer from your ATM card to anywhere.

eastgates1:
fair point, it's not all gloom afterall

Many people will be forced to start! They will have to either evolve or suffer!

BATified2023:
do u know if the market woman wants to restock

She has to go to bank to withdraw the 100k of which she will use 5k to withdraw on the counter,meaning to every 100k transaction she’s parting with 5k

So where is the gain?

she is expected to use the same measure she received the money to pay the wholesaler.
But if she is buying from a rural settings that need cash, she will hardly buy goods worth N50,000 at a time.

You can still do POS.

We are Nigerians and can find ways around almost any law.

You would need a different POS so you set the withdrawal as INVOICE (payment for something which would get VAT), then you charge extra... Also people can withdraw above the 20k limitation but the government would take 5%... I think their is still opportunity for those that are not intimidated by this law. There is also the option of account to account transfer and the need of trusted agent to assist the illiterate receive transfer like a Fulani selling a 200k naira ram on Sallah day.


https://www.youtube.com/watch?v=RfaIEnw15w0

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.

at this age, you are still using that stupid FCMB bank? guy delete the app and close your account,that bank is a stupid bank. use stanbic or zenith for your businesses.

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.

Oga, this new policy will encourage many people on how to make money transfer with their phones or learn it thereby crippling POS businesses.

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.

POS will fade away.

Once you have withdrawn 20k at a sitting, you can't withdraw again for that day.

On the contrary, I do not think it would be beneficial to the POS operators. What stops parents from.psying N1000, to access the bank token. Why would any user go through a POS to make transfer? What stops school management frommobtaining USSD codes for their payments? Schools even have POS to ease payment of fees these days. Sorry it will not work.The policy will further run the country into.unemploymrnt and poverty.

thebosstrevor1:


Not everyone uses USSD, that is why POS business exist

also sometimes USSD might be down, then your other option is POS

Also USSD has some restrictions when sending large amount, so you use POS

You don't know what you are saying. You can only withdraw 20k per day. Card transfer with pos is different from card transfer from atm. For pos, you withdraw and send. This is also sane when you do card transfer. This means the total money that will leave your account via atm card is 20k and nothing more. You can only transfer to the agent if you need more than 20k via your phone.
The question now is, why will I go to pos agent if I can transfer with my phone direct to my seller?