₦airaland Forum

Sigh

temitope27:
learn how to do transfer, this is 2024

Sometimes we need the cash. No be every transaction requires transfer,and beside you know as Nigeria banks network dey. There is this transaction I did via uba since last month. The funds left my account, didn't get to destination. Till this minute,no reversal. They keep telling me their technical team is on it.. Going to a month now,and you are talking about transfer

santaclaws:
LOL all these policies will stifle business activities. Imagine you want to buy a bag of rice for N105k, then they tell you you've exceeded your daily limit.

Is 100k what it used to be? Cardoso goofed on this one.

is that what you understand?

oluwaseyi0:
You get it wrong

It's cash withdrawal that's limited

He knows, he just wan foolish. Why do you need cash to buy bag of rice.

More problem on the way.
CBN should address network issues leading to delay in credit to beneficiary, fix issue of fraudulent transactions without having to go to the police or court, with this two sorted, people won't yearn for cash again, as the sender and receiver knows they are both protected.
People still lack trust in the banking sector in respect to resolving dispute. I remember having to wait for more than 4weeks to resolve a transaction.
Bank told me to wait for 48hrs before reporting
Reported back after 48hrs, given 5days (excluding holidays), 5days was completed in almost 10days
Another 3days to get me the transaction log code as bank claimed it was successful
Took the log code to the merchant (fuel station) where I used my card, I was referred to their bank(account officer), which referred me to the department responsible for such dispute
Took another 1week plus to confirm the transaction and verify the log code
Then another department responsible for the reversal took about 2wks
In total, spent between 5 to 6wks to get my ₦6000.
If I'm not familiar with the process and I have other means, I won't know how to go about it, nor get my money back, then you expect me to allow someone take away my goods for an unsuccessful transaction or resolving dispute all day long when I could easily insist on cash payment

santaclaws:
LOL all these policies will stifle business activities. Imagine you want to buy a bag of rice for N105k, then they tell you you've exceeded your daily limit.

Is 100k what it used to be? Cardoso goofed on this one.

Why would you use a cash of 120k for a transaction that you can easily do with an app?

Jacobx007:
I don't see how they will enforce it, if I transfer N150K to pos agent and the person gave me Cash, how on earth will they know

BVN monitoring
Read the report again
All your account will be merged through BVN
Banks are already doing it on intra bank accounts, they are now directing it to be done on inter bank account

Oladimeji556:
https://www.google.com/amp/s/thenationonlineng.net/cbn-sets-n100000-daily-maximum-cash-out-limit-for-pos-operators/amp/

This policy is obviously targeted at moderating inflation during this yuletide period of huge cash in circulation and ahead of the impact of salary increase during a period of falling pump price of petrol.

so what is the model and how will it be enforced

for Transfer POS or POS with debit card?

Lol 😂

vanbonattel:
Anything to limit or kill all the small businesses is what drug baron and his bunch of crooks wants.

You no deh disappoint. Is sense far from you?

OlujobaSamuel:
BVN monitoring
Read the report again
All your account will be merged through BVN
Banks are already doing it on intra bank accounts, they are now directing it to be done on inter bank account

Does that mean an individual cannot transfer more than N100,000 in a day? I don't think that's possible

Long overdue.

when they have turned our money into a commodity, those with the cash would rather prefer to sell it to the POS operator than take it to the bank and waste time in the queue then the POS operator will now sell it back to us

Welcome to Nigeria!

santaclaws:
No... I am saying even cash withdrawals shouldn't be limited cos the money's value isn't that much. There are vendors who want their cash, banks are frustrating people nowadays, you make payment in the morning, alert might not drop till the next day.

Why should a vendor want his cash which amount to over 200k? He should collect transfer and also transfer to his supplier when it's time to restock

It's called ecosystem for a reason

solacong:
when they have turned our money into a commodity, those with the cash would rather prefer to sell it to the POS operator than take it to the bank and waste time in the queue then the POS operator will now sell it back to us

Welcome to Nigeria!

it is funny bro

What about those with multiple bank accounts. The limit should be based on BVN if possible

OlujobaSamuel:
BVN monitoring
Read the report again
All your account will be merged through BVN
Banks are already doing it on intra bank accounts, they are now directing it to be done on inter bank account

Infact they cannot enforce this policy, except if they will be physically present to monitor disbursement, it's only on the ATM that they achieve it

Elusive001:
Okay

So what did they say was the crime of Emefiele?

Emefiele is a mega thief

Jacobx007:
Does that mean an individual cannot transfer more than N100,000 in a day? I don't think that's possible

You can, but not as a POS agent.
You can only send such fund to those not running agent/merchant banking.
Anyone running a POS business won't be able to receive such fund as their personal account might be affected since they intend to use BVN for the tracking

OlujobaSamuel:
BVN monitoring
Read the report again
All your account will be merged through BVN
Banks are already doing it on intra bank accounts, they are now directing it to be done on inter bank account

What will you monitor? Do you mean I cannot send 150K to my friend? Most POS operators are using personal accounts, so this trouble should not have started. Removing this menace would not be easy. Imagine the number of POS operators everywhere, so how would they have money in a bank vault?

Jacobx007:
Infact they cannot enforce this policy, except if they will be physically present to monitor disbursement, it's only on the ATM that they achieve it

The report says across all channels, so cards, trading wallet, merchant account and probably personal account

solacong:
What will you monitor? Do you mean I cannot send 150K to my friend? Most POS operators are using personal accounts, so this trouble should not have started. Removing this menace would not be easy. Imagine the number of POS operators everywhere, so how would they have money in a bank vault?

You will be able to send to a friend running a personal business but not one running agency banking
The rule will only cause more crisis, people won't still take fund to banks, and POS agent will find a way around it as they have family and friends that can receive funds for them

Very welcome and long overdue

santaclaws:
LOL all these policies will stifle business activities. Imagine you want to buy a bag of rice for N105k, then they tell you you've exceeded your daily limit.

Is 100k what it used to be? Cardoso goofed on this one.

Do bank transfer, traders must adapt to limited cash.

Myrepublic:
I no say you no dey withdraw pass ten k a month,and you won't understand how bad this policy is on businesses. When person go enter banking hall,them go dey talk story,this one here dey say it's a good move. I no blame you sha

elasticlala:
CBN is a major problem in Nigeria. They don’t ever think of other possible solutions to any problem than restrictions. Nonsense!

What do You think When everything the country's govt does is to copy the western world in almost everything ?

OlujobaSamuel:
BVN monitoring
Read the report again
All your account will be merged through BVN
Banks are already doing it on intra bank accounts, they are now directing it to be done on inter bank account

Still doesn't stop the agent from giving his customer cash, the person you quoted is correct. If the customer does a normal transfer to an account that the agent controls, how will CBN or the bank know that this is not a normal transfer but actually payment for cash?

Mineisgrace:
This is a very good move. Pos is not supposed to be able to transactt more than 60k on an at card at most.
Atleast there is ussd and also banking apps

This will help control criminals with access to people's banking cards

If I may ask, what can 60k buy in this current economy? Do you know that half bag of rice and 5kg oil only is more than 60k? If person go market on a normal, na only rice and oil e go buy?

We keep acting as if our money still have value.

OlujobaSamuel:
You can, but not as a POS agent.
You can only send such fund to those not running agent/merchant banking.
Anyone running a POS business won't be able to receive such fund as their personal account might be affected since they intend to use BVN for the tracking

You're capping bro. The limit is for card transactions, no limit will be placed on an agent's account for inflows

vanbonattel:
Anything to limit or kill all the small businesses is what drug baron and his bunch of crooks wants.

The POS agents are the reason you don't have money in the banks.
There is cash out there but no money in the banks.
With this move, the POS agents will stop buying cash from traders and traders will have to take their money to the bank so that you can now withdraw from the ATM without anybody asking you to pay for you to spend your money