₦airaland Forum

1wolex85:
You are still not getting my point. There is a cash shortage which is absolutely cbn' s fault but as long as other channels are working, you can't say people are deliberately being prevented from accessing their money.

1wolex85:
Oga you need to calm down. Nobody is preventing anybody from having access to their money
Yes there is shortage of physical cash, people should use other channels, if you take your atm to a shop and pay via atm or you transfer money, it will still go. So it is wrong to say people are being denied access to their money
CBN has focused so much on the Dollar issue this year that they have not expanded on their cashless policy. That is the real issue.

I posted this on an earlier thread,
What CBN needs to do is deepen the implementation of Mobile Money. In Kenya, once I have your phone number, I can transfer money to you. This also saves a lot of money in printing cash. Another option is to take advantage of cash based businesses and use them as mobile money agents. For example, I should be able to walk into a Petrol station or supermarket, deposit money in their account through their POS and they give me the cash equivalent. It will help this businesses reduce their cash calls and bank trips.

1wolex85:
Exactly, that takes away 2 people out of 10 from the queue. That is 20 percent! Other channels will also take their share and we have less people at the atms. Vant you see the opportunity in this?

1wolex85:
See there are always risks. Cash too has it's risks. The risks present an opportunity for someone to solve that problem. We can't say we will stay where we are because of the risks, we have to move

redsceptic:
Can you buy fuel with POS everywhere in Nigeria? In Benin where I live, only ONE filling station allows cashless transactions. Can you buy pepper? Chicken? salt? carrots? cucumber? groundnut oil? half crate of eggs? one loaf of bread? pampers? tin of baby food?

Can you pay your washerman with POS? or mai-guard? or tailor?

Nigeria is an informal and unstructured society. The cashless policy will not take hold for at least a decade. The CBN is incompetent else it should know this

1wolex85:
Oga you need to calm down. Nobody is preventing anybody from having access to their money
Yes there is shortage of physical cash, people should use other channels, if you take your atm to a shop and pay via atm or you transfer money, it will still go. So it is wrong to say people are being denied access to their money
CBN has focused so much on the Dollar issue this year that they have not expanded on their cashless policy. That is the real issue.

I posted this on an earlier thread,
What CBN needs to do is deepen the implementation of Mobile Money. In Kenya, once I have your phone number, I can transfer money to you. This also saves a lot of money in printing cash. Another option is to take advantage of cash based businesses and use them as mobile money agents. For example, I should be able to walk into a Petrol station or supermarket, deposit money in their account through their POS and they give me the cash equivalent. It will help this businesses reduce their cash calls and bank trips.

BraniacX:
GBAM!!!!

So, are you as an industry insider? If you are, you just confirmed mine and many a Nigerians educated guess/suspicions! That there is actually a government policy twist to this!
I hope your nairaland account can not be traced to you if you are a banking industry insider, I will hate to see you victimised for this revelation


1wolex85 are you reading this?

Leopantro:
Have you noticed the crowd at ATM at banks recently. Most time, only 1 or 2 of the machines would be dispensing or non at all. Within the bank hall, the story is not different. Stories are being told of inability of banks in paying money over the counter; clients told to wait until people deposit enough for people to be paid. Was in GTB where a cashier told a man who came to clear a cheque that they were not financial capable of honouring the check, if he could come back later. The sum of the cheque ; N200,000.
This is a normal occurrence during the festive season but you will agree that the degree is particularly higher this year. Sadly, this is an unfortunate but indirect deliberate action from the FG arising from 3 main reasons producing "the butterfly effect"

1. FG FINANCIAL SHORTFALL; as is painfully obvious, the FG has been unable to pay salaries of most of its agencies and civil servants for the past month or two. Although there has been renewed drive in boosting the private sector, the bulk of money in circulation arises from the FG. The short fall is attributed to the economic recession currently affecting the country as well as stringent polices undertaking by the FG. This is further worsened by the inability of the CBN to checkmate the free fall of the Naira against the dollar. For the first time in years civil servants are being owned months as against the promise of being paid on the 25th of the month. The current predicament was foretold by the CBN about 5 months ago but was unfortunately down played by the FG that assured that it was capable of paying salary till the end of the year. With the skyrocketing of prices of products and the reduction in purchasing power of the currency. has made the yuletide one of the most difficult ever experienced.

2. In order to reduce recurring cost, the FG has told the CBN to stop printing new notes. Apparently, the cost of minting a new naira note is more than the face value of the note. This reduces FG cost in making money as a salvage means of saving money during this recession. The problem is this is a standing order that has been in effect for the past 6 months. Also, old and dilapidated notes are constantly being removed. This reduces the physical cash in circulation. Combined with the reduced purchasing power of naira notes, this creates an artificial scarcity. Considering that Nigeria is yet to achieve a cash less policy, ongoing recession, dependence on imported products as well as inability to locally produce such imported goods, this creates a stagnation in the economy

3. Due to 1 and 2 above, as well as well inability to achieve the budget benchmark for oil, repeated destruction of oil tanks, TSA effect on banks, etc, the revenue generating capability of the FG has drastically reduced. This has also affected the CBN's ability to provide a key function; cash flow. Ideally, the CBN lends finance in the billions and high millions to banks in the country on a daily basis at a certain interest rate. The banks allocate the shared amount to their various branches based on certain factors. Banks can also request for and loan other banks funds at certain rates on a daily basis.

Due to the above reasons, there is a drastic reduction in the amount the CBN can now give to banks. This also reduces the allocation banks give to their branches either on a daily or alt day regimen. Although such branches can generate money based on deposits but during the Yuletide season, the withdrawals are usually more than the deposits. As such, branches develop certain means to maintain the flow of physical cash I.e not honouring cheques above a certain amount, deliberately utilizing one or two ATMs, delays in over the counter withdrawals. Zenith bank in some states have placed a daily limit of 50,000 on withdrawals. Online transactions are not excepted as the sheer number of users have also increased; bank to bank transfers still works but payment of bills and services may experience hitches and delays. Unfortunately, considering the end of the fiscal year has been moved from January to March, such abnormalities may persist well into the next year.

Knowledge9000:
I was in Kaduna, you should have seen the lines at the ATM machines, and within 3hrs, the money was finished and people almost broke the machines in anger. Anarchy is brewing in this country and the government visavis banks are foolishly making things worse by.....PREVENTING PEOPLE FROM TAKING THEIR OWN MONEY....THEIR OWN MONEY NOT STIPENDS! Let me tell you something this stubborn, heartless government...you can destroy the economy as much as you want, but if you dare try to prevent people from accessing their hard earned money under the hardship you have inflicted on us in this country, that's a call for anarchy. This is not APC or PDP, people are angry. This is just common sense! There is no doubt there is order from above to banks to limit cash withdrawals for liquidity reasons, if not...WHY IS THIS HAPPENING NOW? This has never happened before. We see this only happening in countries with failed economies as was seen in Greece where the government imposed austerity measures and limited cash withdrawals to control liquidity and reserve.

redsceptic:
Can you buy fuel with POS everywhere in Nigeria? In Benin where I live, only ONE filling station allows cashless transactions. Can you buy pepper? Chicken? salt? carrots? cucumber? groundnut oil? half crate of eggs? one loaf of bread? pampers? tin of baby food?

Can you pay your washerman with POS? or mai-guard? or tailor?

Nigeria is an informal and unstructured society. The cashless policy will not take hold for at least a decade. The CBN is incompetent else it should know this

PresidentAtiku:
And just to imagine that this government's supporters AKA Zombies were 'yabbing' MMM for freezing. With all the NDIC,CBN regulations over the banks, who is the real scammer now

1wolex85:
I totally agree that CBN has performed poorly and yes I agree that there is a cash shortage. There is a difference between I don't have now and I am not giving you, the op is saying that they have deliberately blocked us from having access to our money which is not true. The moment I can't transfer or pay for goods and services with my Card then I will agree with him.

1wolex85:
I am sure you were referring to me and I didn't defend the CBN infact I blamed them. What I am saying is that the topic is wrong. Cash shortage is different from deliberately denying access to funds. That isbthr crux of the matter.
To all of you saying I am too idealistic and Nigeria is not ready and all what not my answer to you is KENYA. Not America o, KENYA!!! If KENYA can do it, why can't we? Even Ivory Coast is leading Nigeria in Mobile money in West Africa and that is a shame.

We are youths for crying out loud! All we do is complain instead of seeing opportunity in this problem. All we do is go to Facebook and Nairaland and complain

Look, this mobile money thing has worked in countries with less infrastructure.

Will there be issues? Yes! just like there are with atms and banks will employ a couple of youths to resolve at the bank end if the system can't resolve automatically. I am amazed people can't see how our society will be mtransformed but choose to see the issues.

AlhajiSpray:
Why does he have to be an afonja for giving you an alternative suggestion on your wailing thread? Can a Hausa, tiv, gwari, or delta man not give you the same advice?


It seems you are one of those flat headed tribalist demons from the east with the way you quickly focused on where the guy might be from rather than on his idea!

Useless pederast!

1wolex85:
Oga you need to calm down. Nobody is preventing anybody from having access to their money
Yes there is shortage of physical cash, people should use other channels, if you take your atm to a shop and pay via atm or you transfer money, it will still go. So it is wrong to say people are being denied access to their money
CBN has focused so much on the Dollar issue this year that they have not expanded on their cashless policy. That is the real issue.

I posted this on an earlier thread,
What CBN needs to do is deepen the implementation of Mobile Money. In Kenya, once I have your phone number, I can transfer money to you. This also saves a lot of money in printing cash. Another option is to take advantage of cash based businesses and use them as mobile money agents. For example, I should be able to walk into a Petrol station or supermarket, deposit money in their account through their POS and they give me the cash equivalent. It will help this businesses reduce their cash calls and bank trips.

AlhajiSpray:
Who is this drug dealing bastard? Now using an atm has become an administration's policy? Your _stupidity is hereditary so I'm not suprised! Flat headed _moron!

tankara1010:
Afonja pretending to be northerner. I won't let you drag northerner into this with your innate treachery, divisive and deceptive tendencies.

ajebuter:
Chai...serious anachy is looming l swear and it just may start in front of ATM..

Yesterday while using ATM in one of the banks along Gbagada expressway in Lagos..

l even had to wake up as early as 6am on Saturday and holiday oh (imagine) and come see long queue ..

That was not even the problem..l needed to withdraw 130k and you should see anger on faces of Nigerians..

shuoh..everybody yelling: madam abeg no finish the money inside ATM oh..abeg we also need to make withdrawal oh..

imagine the angry looks people were giving me for making a withdrawal ? like l committed a major crime..

Chizoz! na so e don bad reach? make we dey ration money inside ATM?

l swear Nigeria is in deep shiiiit..

femarse:
there are so many stupid people on nairaland and even if the roof of their house got swept away by wind , they surely will blame it on the govt
which Govt had the time to fiddle with your money ? is it your 20k savings the govt will tell the bank not to allow u to touch ?do u for once use your head to think that it's human like you that works at the bank who were coming to use their precious time they should spend with their family to rather load ATM just so your silly can have access to the ATM
we have five ATM in my branch we loaded them to the brim on Friday by Saturday morning all the five machines are completely empty we were call back to the office to load again and all the five machines were loaded to the brim just so your sorry ass can have access to your money not quite long I was inform the machine has cash out
it got me thinking I thought they said there is no money in the economy where do people now get all this money they were withdrawing and it same in the bank opposite us

BraniacX:
Thanks for enlightening me as you can observe, I'm not an industry insider.
So you mean to say if i understand you correctly, that the banking industry is still very much liquid but not all branches of all banks, and that the problem arises from moving cash from a branch were it is less needed to a branch where it is in higher demand

If so, shouldn't the industry have prepared for the cash rush during this season beforehand because i am sure they knew what to expect or is there something i am missing?

1wolex85:
Sincerely I am tired. To each his own. Let us just agree to disagree. I just hope the cbn will wake up and go full hog of this cashless policy so we don't find ourselves at the same place next year

proffemi:
Sure, let us agree to disagree. But it's important to evaluate one's point of view from time to time. As others have told you, you're idealistic, and (this is not intentional) condescending. Imagine implying that I and others hold our views because we have a misconception about the nature of money.

You say you're tired, but I think my post simply showed abundantly that, sugarcoat it as you like, the fault is the CBN's, and not bone headed masses refusing to go cashless.

1wolex85:
Yes sir you can buy all those things once you have the person's account number. Mobile Money will do the transfer for you and they will get alert and you take your foods except they don't have an account number. Please note I said it is true there is shortage of cash but it is wrong to say they blocked access to people's money. CBN has failed to enlighten the populace to take advantage of several e-channels available and note that there are mobile money Services where you don't need internet on your phone.

1wolex85:
You are only what you want to see Man. I have said it in five or six posts on this same thread that this is absolutely cbn's fault. I blame them for not deepening the cashless policy, I never blamed any bone headed masses as you put it in any of my posts, all my posts are still here, I have edited none. What I am saying is that there is no deliberate attempt to deny people of their funds because if that were the case, other channels will not work. Again you see only what you want to see.

Knowledge9000:
Are you okay? I know you are an afonja. Didn't you see your fathers and mothers sitting on the ground INSIDE Ekiti bank to withdraw their money? What other ways to access your money if not through physical withdrawals and ATM? I don't know what is wrong with how you guys reason.

Ighoga898:
hope u people criticizing Mmm have seen now dat if everybody decides to withdraw money 4rm d bank at once it will lead to d eventual breakdown of it....

Knowledge9000:
Don't mind him. Asking me why I'm insulting him. My insult is justified for acting very stupid$

1wolex85:
Oga you need to read well and it's not necessary to throw insults. We can agree to disagree. This not about supporting any policy or suffering. Check by Wednesday if you will still see those queues there. So it is wrong to say people are being denied access to their money.

AlhajiSpray:
Why does he have to be an afonja for giving you an alternative suggestion on your wailing thread? Can a Hausa, tiv, gwari, or delta man not give you the same advice?


It seems you are one of those flat headed tribalist demons from the east with the way you quickly focused on where the guy might be from rather than on his idea!

Useless pederast!

explorer250:
why are you cone heads hell bent on defending this administration? didn't we celebrate Christmas during other administration was there cash scarcity?



kai see this product of infidelity! wasn't ATM functional in previous administrations? why must bubu own be different ? you are just a Fulani slave always doing the bid of your master. reply me whenever illorin has an oba. AFONJAÀAÀAAAAAAAAAÀAAAAAAAAAAÀAAAAAAAAAAAAÀAAAAAAAÀAAAAAAAAA AAAAAAAAAAAAÀAAAAAAAAAAAAAAAAAFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFOOOOOOOOOOOOOOOOOOOOOOOOOOOONNNNNNNNNNNNNNNNNNNNNNNÑNNNJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJAAAAAAAAAAAÀAAAAAAAAAAAAAAAÀAA








http://www.nigerianmonitor.com/?attachment_id=75148


just in Ogun state alone




how dare you call easterners ritualist? OGA we still be learner for where una dey. Ogun state alone
this gives me joy

human mutilators

1wolex85:
You really don't need to throw insults. It's not necessary. Are you really saying there is no other way to access money apart from physical withdrawals? When you pay at a supermarket with your atm, have you not accessed your money? When you transfer to a customer via mobile money, have you not accessed your money? Shortage of physical cash is not and cannot prevent people from having access to their money in this 21st century.