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Nairaland Forum / Nairaland / General / Business / CBN Cashless Policy Is Good For POS Business (33941 Views)
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Re: CBN Cashless Policy Is Good For POS Business by Olatara(f): 5:58am On Dec 08, 2022 |
Richy4:Another advantage One chance robber can only collect 20k and your phone from you. (No more using PoS to withdraw all your money). Hoarding by our politicians with be difficult. Kidnappers will have lesser ransome. All your transactions will be tracked. Money laundry will be curbed. But POS people go suffer oh (una doh oh). |
Re: CBN Cashless Policy Is Good For POS Business by Vikalinda(m): 6:27am On Dec 08, 2022 |
The policy has a good intentions but will adversely affect small businesses and POS operators who only carry out POS transactions without other business attached to it, many will be packing. Traffic sellers will surfer more, Banks will be richer. Old and illiterate business men and women will surfer because most villages do not have bank. |
Re: CBN Cashless Policy Is Good For POS Business by nairamaniac: 6:43am On Dec 08, 2022 |
entrep88:pls was he able to finally answer this very good question? |
Re: CBN Cashless Policy Is Good For POS Business by masseratti: 7:13am On Dec 08, 2022 |
sircatherine45:lolzzz.. I tire ooo my brother. |
Re: CBN Cashless Policy Is Good For POS Business by bdon123(m): 7:16am On Dec 08, 2022 |
[quote author=seanwilliam post=118981156] you’re also wrong. Before the policy , not everyone can use ussd or bank transfer, you can always use your card at the pos to transfer, you will be debited including charges. E.g an old man who has atm card and wants to transfer or pay for goods ofover 20k but doesn’t know how to use bank app or ussd , what he needs to do is to go to pos , the money will be debited for his atm card including charges . No one needs more than 20k cash per day . The 20k cash will cover petty petty spending like buying maggi, paying tfare , paying your barber etc. Honestly this is a welcome development. [/quote Speak dor urself,i need more than 20k a day most days |
Re: CBN Cashless Policy Is Good For POS Business by masseratti: 7:16am On Dec 08, 2022 |
don4real:even at that it's still ridiculous, is the CBN trying to make money for the banks? If they are trying to track money, the age of that has passed, they can't no one can but they can mitigate it, but that penalty, Nigerian will get around it. |
Re: CBN Cashless Policy Is Good For POS Business by seanwilliam(m): 7:21am On Dec 08, 2022 |
bdon123:why do you need more than 20k cash? For what ? |
Re: CBN Cashless Policy Is Good For POS Business by Kaytixy: 7:44am On Dec 08, 2022 |
This post no make sense. Don't forget that the pos operator also need to go to the bank and withdraw the amount of money he or she would use for transaction for the day. With the limit placed by CBN, the pos guy can't go beyond the limit and such, he is also affected by the policy. |
Re: CBN Cashless Policy Is Good For POS Business by highness25(m): 8:05am On Dec 08, 2022 |
Dsalvo:I mean inside the bank |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 8:07am On Dec 08, 2022 |
highness25: Even if you go in the bank and take 100k then that is is for you for the week. Every banked name has a BVN. 100K is what you are cumulatively allowed for the week while it is 500m for corporate organization. |
Re: CBN Cashless Policy Is Good For POS Business by highness25(m): 8:11am On Dec 08, 2022 |
Dsalvo:Is that not madness? |
Re: CBN Cashless Policy Is Good For POS Business by nairamaniac: 8:11am On Dec 08, 2022 |
adekennis:But wouldn't he pay commission in percentage of that 500k cash weekly? |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 8:13am On Dec 08, 2022 |
bdon123: Shopping, use you card to pay. Services, use transfer to pay. Unless a POS operator why do you want to be insistent on carrying cash around? Are you an 80 year old illiterate man unable to use modern tech? 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 8:24am On Dec 08, 2022 |
highness25: No. It is an attempt to modernize Nigeria progressively because where we are is shameful and a disgrace. Young folks like us should drive the change and explain it to others. When I am in the UK I rarely carry cash. What I always have are my credit or debit cards and my Oyster card. Debit and credit card pays for everything to include even newspapers. Oyster is a travel card you use on the london underground, overground and buses. Preload it with cash from you debit card and you simply tap the barrier to enter rail Stations or Oyster machine on buses to travel to your destination. I think this whole thing is an issue of exposure TBH The way we do things in Nigeria leaves so much room for inneficiency, corruption, economic stagnation, waste, duplication. Of effort etc. We endure with regressive practices for far longer than desirable and useful whereas forward movement ad progress is always the target of developed nations. It is a laudable policy. Probably best thing Buhari government has done for a while. My problem is why this did not come much earlier and is now coming towards the end of Buhari's tenure. 2 Likes |
Re: CBN Cashless Policy Is Good For POS Business by holocron: 8:34am On Dec 08, 2022 |
thebosstrevor1: Do you find it hard to understand or is it that you don't or never lived in Nigeria? Market woman buys goods and foodstuff from village markets in cash and brings to town to sell. Townspeople transfer 100k into her account and she goes to bank to withdraw the 100k less 5% thereby losing much money. How does her business survive? |
Re: CBN Cashless Policy Is Good For POS Business by holocron: 8:47am On Dec 08, 2022 |
Dsalvo: We too like copy copy from oyibo without discrimination. Have we reached the stage of UK in technology and infrastructure? Do you manufacture a single atm, pos or any part of the telecommunications systems in Nigeria. What if suddenly you can't get parts or equipment? Then everything will suddenly collapse. Our telecommunications infrastructure, power supply, economy etc has not reached that stage yet. WE ARE NOT AN INDUSTRIAL ECONOMY!!! We need original thinking and home brewn solutions, not indiscriminate copying. In the 1980s, Fela sang: " TEACHER, TEACHER, ABI NA LECTURER BE YOUR NAME...MAKE YOU NO TEACH ME AGAIN, THE PERSON WEY YOU TEACH FINISH YESTERDAY DON DIE TODAY...ME AND YOU NO DEY FOR THE SAME CATEGORY!!! But still we are not ready to learn 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 9:02am On Dec 08, 2022 |
holocron: We can't copy from Oyinbo blindly without recognizing where we are yet many changes can be implemented but for the stubbornness, rigidity and resistance to change of many Nigerians. You cannot deny this. Driving down one way has never stopped because Nigerians refuse to stop doing it. Some changes must be enforced. Not rocket science restricting options so that Nigerians have no choice but to accept and utilize cashless transaction more. We have the facility to cope with that and can make necessary tweaks to deal with anticipated increased use of cashless transactions. 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by holocron: 9:02am On Dec 08, 2022 |
KennethEnyi: Thank you for calling a spade a Spade. |
Re: CBN Cashless Policy Is Good For POS Business by papaa4: 9:25am On Dec 08, 2022 |
Lies, how much will pos people will withdraw from bank dey do business and when d limit of withdraw is 20k, so how can he or she maintain there customers |
Re: CBN Cashless Policy Is Good For POS Business by Raylight2(m): 9:27am On Dec 08, 2022 |
thebosstrevor1: You don't understand. Do you think the CBN would be do dumb to encourage Nigerians being defrauded by POS agents to leave us in their hands? Do you know how much we pay to those guys just to withdraw 1k? How about when we get debited and never get paid all in the name of "bad network". My own money and a lot of other people is cooling in some people's account all in the name of bad network. If you want to understand what cashless means, go find out about MPESA in Kenya. I could live for a month without touching paper money and I never went to the POS for withdrawal. I simply transferred from my bank to my phone number which serves as an account and if I needed to pay for anything anywhere in Kenya, I transfer to the person with zero contact with the POS. if the CBN tries to leave us in the hands of those POS guys (which I'm sure they wouldn't), we will kick. Cashless is the best if properly planned. MTN has started a similar thing with the Kenyan MPESA called MOMO. I hope it is promoted. I hate POS with passion. This cashless policy should do justice. 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by Sirkardinal: 9:48am On Dec 08, 2022 |
Some people talking rubbish here did not really realize that some POS operator are self employed,do you people know how many people are working and earning money becoz of pos business,do you people even realize,the hardship and suffer people will be in if not for POS business,and some are here talking rubbish becoz maybe your not into POS business..The stupid policy will end up making things even worst...some people will leave POS business making unemployment even higher,some local market woman on there 70s or 60s who never know about the digital world will suffer,100k per week for individual is fucking small...Yes am a POS operator and i earn my living from there and am self employed becoz of the POS business 3 Likes |
Re: CBN Cashless Policy Is Good For POS Business by rainlover(m): 10:18am On Dec 08, 2022 |
thebosstrevor1:looks like you dont know much about the pos bussiness. How will the POS folks get cash to process cash withdrawals seeing the daily atm withdrawal limit?? |
Re: CBN Cashless Policy Is Good For POS Business by lastuff(m): 10:23am On Dec 08, 2022 |
THE POLICY IS AIMED AT ENDING POS BUSINESS DON'T FORGET THAT THE MAXIMUM NAIRA DENOMINATION WITHDRAWABLE WILL BE 200 NAIRA NOTE. SO, THE ONLY OPTION TO ACCESS HIGHER DENOMINATION WILL BE FROM TRADERS COS THE CHARGES OF OVER THE COUNTER WITHDRAWAL WILL MAKE THE BUSINESS RUN AT A LOSS. GOD PLEASE GIVE US LEADERS FOR THE MASSES |
Re: CBN Cashless Policy Is Good For POS Business by lastuff(m): 10:24am On Dec 08, 2022 |
THE POLICY IS AIMED AT ENDING POS BUSINESS DON'T FORGET THAT THE MAXIMUM NAIRA DENOMINATION WITHDRAWABLE WILL BE 200 NAIRA NOTE. SO, THE ONLY OPTION TO ACCESS HIGHER DENOMINATION WILL BE FROM TRADERS COS THE CHARGES OF OVER THE COUNTER WITHDRAWAL WILL MAKE THE BUSINESS RUN AT A LOSS. GOD PLEASE GIVE US LEADERS FOR THE MASSES [color=#000099][/color] |
Re: CBN Cashless Policy Is Good For POS Business by highness25(m): 10:35am On Dec 08, 2022 |
Dsalvo:you people have killed POS business |
Re: CBN Cashless Policy Is Good For POS Business by yahwehreigns: 10:36am On Dec 08, 2022 |
thebosstrevor1: Why use POS when I can use USSD or banking app? Also remember the telecoms have been given licences for mobile banking. |
Re: CBN Cashless Policy Is Good For POS Business by cayorday89(m): 11:13am On Dec 08, 2022 |
thebosstrevor1:What you are missing is that, what the POS agent has been doing is now being encouraged to be done by all individuals and organisations, thereby making that school fees you made an example of to be transfered directly by the individual to the school account, the only POS operators that will benefit massively are those in business areas that deal in small cash sales from lots to of customers and end up having huge sums to be deposited in their account. Making them to have huge sums at hand they can then use for those who need withdrawals. |
Re: CBN Cashless Policy Is Good For POS Business by bdon123(m): 12:46pm On Dec 08, 2022 |
Dsalvo:D current country we live in,is run by cash.Most Tins i pay cash.xcept fuel n supermarket. |
Re: CBN Cashless Policy Is Good For POS Business by maverick1995: 1:42pm On Dec 08, 2022 |
Most of you are dumb. There is a waiver for POS operators in the missive distributed; go and check it. It will even favor POS business more. The government even earmarked it there. See the attached file
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Re: CBN Cashless Policy Is Good For POS Business by Nonywendy(m): 2:06pm On Dec 08, 2022 |
thebosstrevor1:If I can do the transfer with my phone what will take me to POS operator to do that? Daily withdrawal limit is 20k and if the POS operator withdraws that from the bank and one persn also comes to withdraw 20k so he will only have one transaction for the day. For the transfers, people normally do it with their phone. The patronize POS cos of the withdrawal. |
Re: CBN Cashless Policy Is Good For POS Business by Nonywendy(m): 2:08pm On Dec 08, 2022 |
thebosstrevor1:How can I have ATM card and cannot still do transactions on my phone?? |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 4:11pm On Dec 08, 2022 |
bdon123: That is you. Most things I do not pay cash. I use my card at supermarket for shopping. I pay for meat and fish at cold stores with my card. Bars and restaurants I use my card. Even fast food like chicken republic, Mega Chicken, Mr.Biggs etal I used my card. Shopping online I use my card. What sort of stubborn life are you living bro? If non-cash payment options were absent then I can understand you. As it is, you just appear a rigid and change-resistive nigga. 1 Like |
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