₦airaland Forum

Very key, it’s embarrassing to the nation and lacks innovation. We can do better please

JASONjnr:
But they can't stop it as far as crypto is concerned.....

they are talking about POS operator

Under APC, Nigeria started buying and selling Naira..... A very big shame

Just remove the weekly withdrawal limits and flood the the banks with cash.

Ojuntana:
But how will they

What about the humongous number of those employed?

I can boldly say POS is the highest employer of labour in Nigeria today.... more than okada

So how do you plan to mitigate the job loss that cuts across all levels of education all over the country even in the remotest villages

I agree with you. I wonder how CBN can achieve this

epainos:
Everyone, except those in the business of POS might likely give a nod to using POS only for retail transactions and not for naira buying and selling. Bankers are the evil doers in this issue, and this should have been addressed a long time ago. I just hope that this issue will be corrected. No nation can grow with this kind of extortion.

oga when buhari cause inflation. It was practically impossible for banks to power ATM when diesel prices was deregulated.

Some bank couldn't even power their AC in for capacity. Even inverter battery and panel went above the rooftop.

When POS became rampant banks sees a relief to bring down all ATM after they close. And besides no money during the day self. Because the money keeps recycling without reaching the bank physically.

All these electronic levy and bank charges makes electronic payments discouraging thereby enhancing cash transactions,remove unnecessary charges on electronic transactions it will be more accepted.

Then stop POS people under umbrella.

POS machines are for shops and offices but Nigerians turn it to another thing.

They can only stop it if the close POS business

Nazgul:
They should start by gradually placing a ban POS. Cos as long as they continue to exist freely, Naira buying cannot be totally eradicated.

Back then if you want money just go to the nearest ATM point in your vicinity and withdraw. If it's your bank you wouldn't be charged a dime. Today most banks ATMs are for beautification. You'd hardly find cash there.

Some people might argue that commercial banks don't penetrate deep into rural communities thus making it difficult for people in those communities to access cash. This is where microfinance banks come in. We had one like that in my village before first bank came. And microfinance ATMs don't rip people off like POS, they don't engage in naira buying cos their customers are mainly village traders who go there to deposit their proceedings for the day especially on market days. In most cases, the microfinance bank staffs would go directly to the market to meet with traders and collect their cash. So they had a sustained daily inflow of cash.

Let's go back to the traditional ways of going to the nearest ATM for our money. If not we might soon be paying 1k to withdraw 5k from POS vendors.

Imagine your comment that is totally cut off from reality. I live in a state that 10 local governments have no banks let alone ATM stands. We should be thanking pos guy for helping us.

SalamRushdie:
He has started another thing that will make matters worse , the CBN caused it in the first place when they made the naira unnecessarily scarce under Emeifele..

Stop calling Emefiele. Make una take responsibility for once.

Why didn't your god make naira available since 2023?

fineboynl:
oga when buhari cause inflation. It was practically impossible for banks to power ATM when diesel prices was deregulated.

Some bank couldn't even power their AC in for capacity. Even inverter battery and panel went above the rooftop.

When POS became rampant banks sees a relief to bring down all ATM after they close. And besides no money during the day self. Because the money keeps recycling without reaching the bank physically.

The moment it becomes practically impossible for banks to power their ACs, then they are finished. Na same Nigeria we dey. Stop being ridiculous. The same Nigeria where banks make crazy profit on sms services alone. The same Nigeria where banks don't give interests on savings accounts again, but even tax them more. The same Nigeria where banks remove so many tarrifs and fees. Maybe you live in another Nigeria. So, telecoms are operating in another nation...right? Who use diesel more? Banks or telecoms/Internet providers? Before you make useless comments, you better learn to check well. No be everyone be mumu that will accept stupidity people like you push around.

A beg...waka. You must be a POS operator or a bank official benefiting from this illegal business. Your days are soon over. Get the crap outta my mention. Bad people destroying Nigeria.

Olichoke:
Imagine your comment that is totally cut off from reality. I live in a state that 10 local governments have no banks let alone ATM stands. We should be thanking pos guy for helping us.

Most states in Nigeria are like this. And they've been surviving before POS came. My village was like that also. We had a microfinance bank there.

If you go to most rural communities, you'll find microfinance banks there. So stop behaving as if Nigeria didn't exist before POS or Nigeria would cease to exist if POS is banned.

Bobloco:
https://www.vanguardngr.com/2025/01/cbn-vows-to-tackle-buying-selling-of-naira-notes/

what the pos operators are doing is what again? Are you gonna stop pos? Oga no dey make mouth nah

Tinubuagbado:
This Yoruba man should stop the long grammar and go to work.

That's the first thing he was supposed to stop when he was appointed.

Naira for Naira is the worst scam within the Nigerian banking sector. All of them are involved....

Your comment would have made perfect sense if you had not senselessly mentioned his tribe. What did you hope to achieve by sensationalizing his tribe? Are you better than a Yoruba man?

Tinubuagbado:
This Yoruba man should stop the long grammar and go to work.

That's the first thing he was supposed to stop when he was appointed.

Naira for Naira is the worst scam within the Nigerian banking sector. All of them are involved....

Don't mind the akpa amu of a CBN governor. He should continue to speak English instead of getting to work.

nolzautoz:
POS operators in the mud

I just read this:

https://www.nairaland.com/8321074/pos-agents-selling-cash-threat

That is why banks have ATM but sadly they have turned those machines useless,
The bank staffs rather sell the cash at a profit to post operators who in turn sell to masses
Banks on the other end remove costs of operating ATM machines,very useless country

DrDoc:
Ban POS and restore banking services. What we are going through is hellish

Abeg o, don't ban POS. Just restore banking services and Atm machines, dazzol. Me I don't have much time to be queuing at ATM stands and in bank upandan abeg.

Elusive001:
Stop calling Emefiele. Make una take responsibility for once.

Why didn't your god make naira available since 2023?

where is Emefiele?

Long overdue!

Bobloco:
https://www.vanguardngr.com/2025/01/cbn-vows-to-tackle-buying-selling-of-naira-notes/

Nowadays you never get cash from banks except 5k 10k


You go to banks they don't have cash.
They direct you to POS operators.

So apparently,

You take your cash to banks, they sell it to POS operators for profit.

POS operators sell it to you.

Banks collect cash from CBN, they sell it to POS operators for profit.

Banks give you 5k, POS operators give you any amount of cash you want.

noobody:
That is why banks have ATM but sadly they have turned those machines useless,
The bank staffs rather sell the cash at a profit to post operators who in turn sell to masses
Banks on the other end remove costs of operating ATM machines,very useless country

We're in serious trouble as a nation but it's time to see if our leaders truly care. Only time will tell.

Elusive001:
Stop calling Emefiele. Make una take responsibility for once.

Why didn't your god make naira available since 2023?

Don't associate me with Tinubu

Nazgul:
Most states in Nigeria are like this. And they've been surviving before POS came. My village was like that also. We had a microfinance bank there.

If you go to most rural communities, you'll find microfinance banks there. So stop behaving as if Nigeria didn't exist before POS or Nigeria would cease to exist if POS is banned.

How many villages have you been to in Nigeria? Tell me the name of the microfinance bank in every Nigerian village. It's like you are day dreaming.

Nigeria was existing without phones. So we should stop using phones because people steal with phones. You are simply cut off from reality.

epainos:
The moment it becomes practically impossible for banks to power their ACs, then they are finished. Na same Nigeria we dey. Stop being ridiculous. The same Nigeria where banks make crazy profit on sms services alone. The same Nigeria where banks don't give interests on savings accounts again, but even tax them more. The same Nigeria where banks removes so many tarrifs and fees. Maybe you live in another Nigeria. So, telecoms are operating in another nation...right? Who use diesel more? Banks or telecoms/Internet providers? Before you make useless comments, you better learn to check well. No be everyone be mumu that will accept stupidity people like you push around.

A beg...waka. You must be a POS operator or a bank official benefiting from this illegal business. Your days are soon over. Get the crap outta my mention. Bad people destroying Nigeria.

You need to understand how banking gimmicks work. They so that to gain investors trust. First thing you need to understand is why bank are paying very low? And downsizing work force? Presently they only taking HND? Closing of branches and mergers.

Besides bank is not making money trom those branches. Most of the branches are just for poor customers compliant. The real players don’t even go to the bank.

It’s an indices of a useless country, tell me any sane country where they use their currency to buy their currency how does it even sound. May our leaders receive sense in Jesus name

Just sanction erring banks and corrupt CBN staff, stop beating about the bush.

Nah today 😏❓

VanuatuWycombe:
Then stop POS people under umbrella.

POS machines are for shops and offices but Nigerians turn it to another thing.

stopping pos will create more problems than it intend to stop.

Technically a ban on POS.

fineboynl:
You need to understand how banking gimmicks work. They so that to gain investors trust. First thing you need to understand is why bank are paying very low? And downsizing work force? Presently they only taking HND? Closing of branches and mergers.

Besides bank is not making money trom those branches. Most of the branches are just for poor customers compliant. The real players don’t even go to the bank.

Why will an industry that is almost taking over by AI keep employing labor force? Airports and seaports will soon send off most of their personnels too. Wale Edun is a slow old man on my opinion, and he isn't able to match up with the interior minister. Almost all those immigration officers will be sacked soon because AI is taking over soon. The way those immigratin workers are cursing the minister is just funny. But the real truth is that they will be replaced very soon with robots. Thats the truth, they are all mostly illiterates and they dont still get it. It has to change because Nigeria is almost late. Go to the US and China and see how robots have taken over operations there.

You can't say rubbish here. I'm into finance...if we check well, you don't have my qualifications and experience. You are just defending ilegal businesses that you are making money from. But can't you see that it is almost over? No one should even tell you....it is almost over.

In this 2025, you expect banks to still employ like the do before? What exactly are the people going to do exactly?

Politicians are already employing IT guys to navigate how to continue stealing. But they might not be successful because the block chain tech itself is not easy to manipulate. And if the president of the US can push out his coin meme a day before he came on board again, digital currency is here to stay. Putin has embraced it too. Why? You can't easily manipulate it. So, politicians will soon start stealing with sense cos it is not going to be easy again.

Can't you see how Tinubu is rushing on setting up instrastructure here and there? He just has to do it because he is doomed if he doesn't. Why? History will be brutal with him. Buhari is already has a disgusting history because he is a failure for life. Tinubu knows what is on ground and he just has to deliver. And he knows that with the new game on ground, he will capture everywhere. You don't get the meaning of data analysis and AI. A beg...just get the crap off. Your days are numbered.

Oga, las las cashless policy is what will still take over. Cashless policy is the best, but "Emewerey" did not provide the necessary infrastructure and management for it to work well because he only wanted to pull out of circulation currencies so that politicians will be stranded, and they will see him like a god.

Don't bring this nonsense to my table. I have bolded that evil gimmicks above. You all are evil. Before Nigeria can really be good again, people like you need to vacate your positions because nothing good but only evil can come out of you. Just imagine what this nonsense person is defending and saying it with boldness. You that should be cooling off in kirikiri.

The thing is that you will see that very soon, many of you will commit suicide because you cannot function in a normal society again. When truthfulness returns to Nigeria, many of you will commit suicide. You better leave those gimmicks and find honest work to do and earn good money.

You will soon be shocked. I repeat...your days are numbered. You are all FIRED!!!

Olichoke:
How many villages have you been to in Nigeria? Tell me the name of the microfinance bank in every Nigerian village. It's like you are day dreaming.

Nigeria was existing without phones. So we should stop using phones because people steal with phones. You are simply cut off from reality.

But those villages have been existing long before the coming of the POS business, or am I missing something?
I don't know your village, but cash has never been an issue in my hometown.