joyousever:
The sweetest part of this policy is that, it has come to frustrate the kidnapping industry which is being sponsored by the power brokers kicking and frowning against it .Duh

When buhari came in 2015, he made BVN compulsory threatening to block bank accounts without BVN. His justification was that it would be used to stop 419, corruption and kidnapping. Years later, thru patanmi they made NIN compulsory threatening to block phone lines. Justification? NIN will be used to stop 419, corruption and kidnappings. Pls which of these objectives have been achieved so far?

Ade1177:

Transfer requires bank network and mobile app

I can count so many times that mobile app won't open for hours

Oh ok, good. I Just went back to check what you said earlier and now I got it. You were trying to say in a situation where you need money urgently and all your bank apps are not opening and could not perform a transaction? Well, that's a big lie or you BVN is flagged. You can't have three banks and network go down on them at the same time. You need check if your phone is 4G enabled and you're using it because some people would just switch on data not minding to check if it's on 3G or 4G. Again make sure your using better network provider, don't go for Glo simply it's cheaper. Get OPAY ( I can only guarantee them because I have been using it for more than 2 years and no issue at all together with kuda ) I moved in 3millions each in them ( OPAY and kuda, 3m each ) in it for transaction ( I owned 3 bet9ja shops, in case of winning) and keep huge amount of money in my banks. And I'm using MTN Airtel and Glo on my two phones ( a android phone ( double SIM ) and a iPhone). So I never have any issue moving money.

CheapHomes1:


When buhari came in 2015, he made BVN compulsory threatening to block bank accounts without BVN. His justification was that it would be used to stop 419, corruption and kidnapping. Years later, thru patanmi they made NIN compulsory threatening to block phone lines. Justification? NIN will be used to stop 419, corruption and kidnappings. Pls which of these objectives have been achieved so far?

There is a saying: Follow the money, and you would follow the criminal.
A combination of all these policies you spoke about would achieve great results.

Kutunban:
Intelligent move by the CBN, however, Most rural farmers and traders can't even make transfer with USSD, they deal with Cash, especially the livestock market in core north of Nigeria. Most banks have network issues especially weekends. How does the government intend to manage such? Our technology is not vast like that of India. It's really going to be challenging.

The Policy does not prevent huge cash withdrawals, it just discourages it by appending a fee.

You can still withdraw a million Naira over the counter even with this policy assuming you were able to do it before and the bank have the cash, the only difference now is that, you will have to pay a fee that will be remitted to the FG, thus generating revenue.

Yes, I know that these revenues don’t get utilized for the most part for our common good, which I totally agree with, but that is a conversation for another.

GeneralDae:

Kidnapping would reduce.
More taxes for the Government and less dependence on oil.
Easier financial data collection for growth.
New fintech innovations.
A more formalized economy.
Discourages bribery and corruption.
Opens the way for a credit based system/economy.

Too numerous mehn.

Kidnapping ....When buhari came in 2015, he made BVN compulsory threatening to block bank accounts without BVN. His justification was that it would be used to stop 419, corruption and kidnapping. Years later, thru patanmi they made NIN compulsory threatening to block phone lines. Justification? NIN will be used to stop 419, corruption and kidnappings. Pls which of these objectives have been achieved so far?

Which "more taxes for the government"? How has taxes reduced govts dependence on oil since 2015 since this govt has taxed nigerians more than any other? What has been achieved with those taxes?

When you say "financial data", what exactly do you mean and how does it help growth?

What type of Fintech innovations?

What is the benefit of "A more formalized economy"?

How does it "discourage bribery and corruption"? Why didn't BVN and NIN discourage bribery and corruption as buhari promised?

What do you mean by "credit based system/economy" and how does cashless policy open way for it?

What are the "too numerous"? Pls mention them?

GeneralDae:

There is a saying: Follow the money, and you would follow the criminal.
A combination of all these policies you spoke about would achieve great results.

You haven't answered the question I asked

When buhari came in 2015, he made BVN compulsory threatening to block bank accounts without BVN. His justification was that it would be used to stop 419, corruption and kidnapping. Years later, thru patanmi they made NIN compulsory threatening to block phone lines. Justification? NIN will be used to stop 419, corruption and kidnappings. Pls which of these objectives have been achieved so far?

CheapHomes1:


You haven't answered the question I asked

When buhari came in 2015, he made BVN compulsory threatening to block bank accounts without BVN. His justification was that it would be used to stop 419, corruption and kidnapping. Years later, thru patanmi they made NIN compulsory threatening to block phone lines. Justification? NIN will be used to stop 419, corruption and kidnappings. Pls which of these objectives have been achieved so far?

All of those things combined with this present policy would achieve those objectives.

GeneralDae:

All of those things combined with this present policy would achieve those objectives.

You haven't answered the question I asked

When buhari came in 2015, he made BVN compulsory threatening to block bank accounts without BVN. His justification was that it would be used to stop 419, corruption and kidnapping. Years later, thru patanmi they made NIN compulsory threatening to block phone lines. Justification? NIN will be used to stop 419, corruption and kidnappings.

Pls which of these objectives mentioned above have been achieved so far?

IranianSea:

Oh ok, good. I Just went back to check what you said earlier and now I got it. You were trying to say in a situation where you need money urgently and all your bank apps are not opening and could not perform a transaction? Well, that's a big lie or you BVN is flagged. You can't have three banks and network go down on them at the same time. You need check if your phone is 4G enabled and you're using it because some people would just switch on data not minding to check if it's on 3G or 4G. Again make sure your using better network provider, don't go for Glo simply it's cheaper. Get OPAY ( I can only guarantee them because I have been using it for more than 2 years and no issue at all together with kuda ) I moved in 3millions each in them ( OPAY and kuda, 3m each ) in it for transaction ( I owned 3 bet9ja shops, in case of winning) and keep huge amount of money in my banks. And I'm using MTN Airtel and Glo on my two phones ( a android phone ( double SIM ) and a iPhone). So I never have any issue moving money.

It seems you work in a bank

You're just avoiding the question

I have 3 banks doesn't mean I have money in all 3
Currently all my money is in one bank

And the second is just for little money
Third one is empty

Now the one that has the main money the mobile app and network goes off and app won't open for hours

The CBN administration has already shown several instances of incompetent interventions in the economy. Another failure is in the making.
They want to hype the benefits this policy will have, without doing anything about the job required to improve the infrastructure and regulations for cashless transaction - which is already below par before even adding more volume of transactions.

Ultimately, I think this is a political move. It's just being undertaken at the end of an outgoing tenure.
It will only have impact on campaign financing. It will now add to the challenges many Nigerians face in doing business. You got nothing on the people willing to pay the extra 10% to fund crime in cash.
The next government will either have to put things in place to improve the bottlenecks, review the withdrawal limit or repurpose enaira.

CheapHomes1:


You haven't answered the question I asked

When buhari came in 2015, he made BVN compulsory threatening to block bank accounts without BVN. His justification was that it would be used to stop 419, corruption and kidnapping. Years later, thru patanmi they made NIN compulsory threatening to block phone lines. Justification? NIN will be used to stop 419, corruption and kidnappings.

Pls which of these objectives mentioned above have been achieved so far?

All of those objectives mentioned above would be achieved when this new policy comes into play to combine with the previous policies.

GeneralDae:

All of those objectives mentioned above would be achieved when this new policy comes into play to combine with the previous policies.

You haven't answered the question I asked

When buhari came in 2015, he made BVN compulsory threatening to block bank accounts without BVN. His justification was that it would be used to stop 419, corruption and kidnapping. Years later, thru patanmi they made NIN compulsory threatening to block phone lines. Justification? NIN will be used to stop 419, corruption and kidnappings.

Pls which of these objectives mentioned above have been achieved so far?

Useless policy
This government loves suffering her subject..
This was how they started with bvn, to Nin with all promise on how it will limit kidnapping,fraud and everything good..

But in actual how has it improved the country?
Did it stop kidnapping and bandits?
Did it stop fraud?
And some economic novies are complementing this ..


Nigeria banking system that has lots most of it important engrs to UK

They should focus first on upgrading the banking system first before bringing up such policy.

CheapHomes1:


You haven't answered the question I asked

When buhari came in 2015, he made BVN compulsory threatening to block bank accounts without BVN. His justification was that it would be used to stop 419, corruption and kidnapping. Years later, thru patanmi they made NIN compulsory threatening to block phone lines. Justification? NIN will be used to stop 419, corruption and kidnappings.

Pls which of these objectives mentioned above have been achieved so far?

All of those objectives mentioned above would be achieved when this new policy comes into play to combine with the previous policies.

GeneralDae:

All of those objectives mentioned above would be achieved when this new policy comes into play to combine with the previous policies.

When buhari came in 2015, he made BVN compulsory threatening to block bank accounts without BVN. His justification was that it would be used to stop 419, corruption and kidnapping. Years later, thru patanmi they made NIN compulsory threatening to block phone lines. Justification? NIN will be used to stop 419, corruption and kidnappings.

Pls which of these objectives mentioned above have been achieved so far?

BEFORE BRINGING OUT SUCH POLICY SENSITIZATION SHOULD HAVE TAKEN PLACE MOSTLY IN RURAL AREAS TO HELP THE SMOOTHLY RUN OF THE POLICY

GeneralDae:

All of those objectives mentioned above would be achieved when this new policy comes into play to combine with the previous policies.

Your answer is lame those things listed never stop kidnapping rather it worsen it.

Bijust:
Useless policy
This government loves suffering her subject..
This was how they started with bvn, to Nin with all promise on how it will limit kidnapping,fraud and everything good..

But in actual how has it improved the country?
Did it stop kidnapping and bandits?
Did it stop fraud?
And some economic novies are complementing this ..


Nigeria banking system that has lots most of it important engrs to UK

They should focus first on upgrading the banking system first before bringing up such policy.

U right the govt heated Nigerians like kidnapping will be brought to the minimal level rather it got worst

BVN,NIN name it none brought good result nothing changed shit still continued.

You have said it all., critical thinking don finish for the country, imagine trying to grow and economy where millions of SME businesses still rely on CASH transactions and you roll out this kind of policy??..I'm speechless..this CBN guys will not stop until they damage SME's finish. In one economy you are increasing interest rate, re-designing the naira and put restrictions on cash withdrawal but during election them go they share money everywhere.

Jimmythewise:
Democracy is the greatest sin against mankind. Once the number of fools outnumber the intelligent, boom you have a catastrophic environment to live in.

The policy has come to stay

CBN have been implementing Cashless policy in phases since 2011, those traders are raining those curses out of ignorance, it will not work.
Same manner people were complaining at the advent of ATM, no time people will be ready, imposition and enforcement is needed.

donleo92:
those guys in cbn are daft..
there is nothing bad with this policy, but these thing should be done in phases. And more education of these policy to the market women.

I was around oilmill market yesterday, those women were just raining insults on the cbn governor. I feel people should be given time, and appropriate measures should be put in place to educate ppl

Any new money wey enter people hand now na to keep am oooo cause e go scarce by February 2023 by then people way don hide dollars go dey find Naira to buy.

Ade1177:


It seems you work in a bank

You're just avoiding the question

I have 3 banks doesn't mean I have money in all 3
Currently all my money is in one bank

And the second is just for little money
Third one is empty

Now the one that has the main money the mobile app and network goes off and app won't open for hours

No I'm not working for anybody not even a bank.
Network goes off? You mean internet connection? Well, that's the problem of your internet provider not bank. It takes few seconds for app to load on a phone with good RAM. The two issues facing is not from your bank but from You and You.

benqo01:


Your answer is lame those things listed never stop kidnapping rather it worsen it.

They would stop kidnapping when put together with this new policy.

Ventura1:
CBN have been implementing Cashless policy in phases since 2011, those traders are raining those curses out of ignorance, it will not work.
Same manner people were complaining at the advent of ATM, no time people will be ready, imposition and enforcement is needed.

What is the benefit of the cashless policy?

Kutunban:
Intelligent move by the CBN, however, Most rural farmers and traders can't even make transfer with USSD, they deal with Cash, especially the livestock market in core north of Nigeria. Most banks have network issues especially weekends. How does the government intend to manage such? Our technology is not vast like that of India. It's really going to be challenging.

It's going to lead to serious chaos. The quality of service from Telcoms in Nigeria will make the whole idea very frustrating. It's a good idea by CBN but we don't have the right IT infrastructure yet to support it considering Nigeria population of over 120million people

GeneralDae:

They would stop kidnapping when put together with this new policy.

Are you saying that since 2015, the objective of using BVN/NIN to stop kidnapping has not been achieved?

Jimmythewise:
Democracy is the greatest sin against mankind. Once the number of fools outnumber the intelligent, boom you have a catastrophic environment to live in.

The fact that people are actually in support of the cashless policy in country that froze the bank accounts of protesters back in 2020 totally proves your point.

Jimmythewise:
Democracy is the greatest sin against mankind. Once the number of fools outnumber the intelligent, boom you have a catastrophic environment to live in.

One area where the dynamic is manifest in economics. In every country, the very rich are by definition a MINORITY. No surprise that the MAJORITY always vote to tax the rich and redistribute their wealth.

A possible solution would be to a Constitutional Flat Tax or laws that restrict voting to those who are willing to pay the highest tax rate. It's an interesting problem. This is a very interesting topic much as many will insist democracy is the best among bad systems.

It may hinder economic growth for you and your household

dre11:
Nigerian Central Bank Policy On Cash Withdrawal Limits May Hinder Economic Growth As It Happened In India—Report




https://saharareporters.com/2022/12/15/nigerian-central-bank-policy-cash-withdrawal-limits-may-hinder-economic-growth-it

backnbeta:

I have just sent someone to withdraw the sum of 8k for a general cleaning lady who doesn't have a bank account...she's right here, waiting. I have withdrawn money today at the market. Thankfully, zartech takes transfer and foodco. I'm literate, I have a bank account but sometimes I deal with people who don't. This policy has probably come to stay, but it means I will only patronize people who have bank accounts...where does that leave the cleaners? The petty traders? I say again; this is neither the right economy nor the right time to enforce cashlessness...it should come after serious sensitisation

If she's handling a work worth 8k, seriously, she's not low standard.

Even the woman in the market, as long as you can buy 5 congo of rice, 5 congo of this and that, one cartoon of this one, she should be able to do online transaction. Even if she can not, obviously, she should know, she can ask for someone nearby to assist her. At least, Nigerians needs to start with recognizing credit alert, POS would take care of others. If she would buy from sellers, she would make transfer from the deposit made to her account. Its not too hard, any petty transactions, 100k should be enough for the week

CheapHomes1:


Are you saying that since 2015, the objective of using BVN/NIN to stop kidnapping has not been achieved?

Yes that's what I'm saying. This is the final blow to the problem of kidnapping because with the BVN/NIN combined with cashless policy, the terrorists cannot avoid Banks and would fear that they would be traced.