Mojibola:
Banks be looking for way to deduct your saved money by all means, tiff people.

It's not the bank, its CBN's policy.

Sojebrand:
I Received This Email From My Bank Yesterday

Lol! You got the mail late. Mine came in a week plus

Jerryojozy:
Okay. let's every transaction be cashless sef even buying akara.

Genius J

so you buy akara worth more than 500k?

It won't work oooo...how many Nigerians are literate enough to do Internet banking..when a lot don't even know how to use atm..even those that know will not want to dash banks their hard earned money. Moreover this policy is wrong in this recession. .This charges are likely to be suspended very soon. .

uzobaby:
It won't work oooo...how many Nigerians are literate enough to do Internet banking..when a lot don't even know how to use atm..even those that know will not want to dash banks their hard earned money. Moreover this policy is wrong in this recession. .This charges are likely to be suspended very soon. .

people like u 're d reason this country can't move forward,like really get mobile Apps,Gt *737# is okay though I believe all banks needs to Up their games,who carry 10k around these days when u know u card can do anything,this is 2017 u pple in Nija complains on everything....

chiraqDemon:
So if my company wan withdraw 50m them go chop 5m?
Jesus is Lord
What sorta crap is this??
U put money them charge u, now come comot wetin u put them still de charge.....thank God me nor dey dia but this doesnt make sense according to my understanding
Please somebody should explain this better for me o

The question is what is your company using 50 million cash for that a bank transfer can't handle. The idea is to be able to track every naira in the economy.

gabicon:

The question is what is your company using 50 million cash for that a bank transfer can't handle. The idea is to be able to track every naira in the economy.

I didnt understand b4 thats why i needed explanation
These charges are on otc transactions right?

Thanks for reminding us the way our elders keep their cowries back then...

Senorprinz:



so you buy akara worth more than 500k?

Sense the sarcasm in it. I wan feed Kano almajiris ne wey I go buy akara worth 500k.

Genius J

dammytosh:


Use POS or transfer.

Which one is 5million cash ?

What about businesses like filling stations?

Do you expect their danfo driver customers or okada men to use POS?

I hope you also realize that POS fails and online transfer is unreliable.

GTB's*737# failed me on Wednesday and I had to go to the bank to withdraw.

dammytosh:


Use POS or transfer.

Which one is 5million cash ?

Ever heard chain stores and customers who prefer to make payments with cash?

mccoy47:

Ever heard chain stores and customers who prefer to make payments with cash?

U break the habit.

U dnt have to collect 5million cash. Use alternative means.


For ur security and for ur customer's security.

Mobsync:


What about businesses like filling stations?

Do you expect their danfo driver customers or okada men to use POS?

I hope you also realize that POS fails and online transfer is unreliable.

GTB's*737# failed me on Wednesday and I had to go to the bank to withdraw.

To withdraw more than 500,000 ?

That online transfer is unreliable is a hoax. Fill in ur transfer form and work out of the bank without any fear for being shot.

Filling station : it is 2 years + now that I av been buying fuel with my atm card. Also filling stations can have arrangement with banks to have ATM in their premises and feed the cash to the ATM instantly.

There are too many options than to be carrying sack of money around.

Why carry cash around.

Brainless APC
a govt of barren meter without a soul

copying from the past yet lacking the will, or should i said pride will nt let them consult the originator of a policy, on how to go abt it, from TSA, to FUEL SUBSIDY, andnow CASHLESS ,

the worst decision making govt of our time

we work harder to earn good cash the GOVERNMENT are there implementing laws to collect our money ... NIGERIAN GOVERNMENT THERE IS GOD ooooo

Tazdroid:
This cashless policy may not endure in the long run considering a large percentage of Nigerians who are uneducated and are cash-oriented.

I may be wrong though

These people you are referring to would not generate N500,000 and above on a daily basis, thus the policy would not apply to them.

Once they find themselves generating above that, then getting a POS would enable them escape the charges. Snooker boardman sef don dey get POS sef.

Akainzo:


These people you are referring to would not generate N500,000 and above on a daily basis, thus the policy would not apply to them.

Once they find themselves generating above that, then getting a POS would enable them escape the charges. Snooker boardman sef don dey get POS sef.

Androw Yaksobo, the eminent yam collector would disagree with you

bayulll011:


people like u 're d reason this country can't move forward,like really get mobile Apps,Gt *737# is okay though I believe all banks needs to Up their games,who carry 10k around these days when u know u card can do anything,this is 2017 u pple in Nija complains on everything....

And people like you fail to look at two sides to an issue. ..just today a banker told me someone withdrew over five million to pay some villagers who supplied him raw materials.these people do not believe in having an account. .so with cashless policy how will he continue people that have no account, can't operate a smart phone or do Internet banking.Even at that,where is the mobile network in most villages that will make this policy work effectively. I'm not totally against it but then......

bayulll011:


people like u 're d reason this country can't move forward,like really get mobile Apps,Gt *737# is okay though I believe all banks needs to Up their games,who carry 10k around these days when u know u card can do anything,this is 2017 u pple in Nija complains on everything....

Which reasonable country in the world operates a cashless policy? Did you bother to compare the pros and cons of a cashless policy? Frustrating seamless transaction will only drive the country deeper into recession. Unlike developed countries where cash transactions are minimal, Nigeria has no system to protect or insure its citizens against electronic financial frauds. The policy makes no sense. If we have a well established electronic banking system, (functioning and adequate ATMs, secured electronic cheque deposit, insured and secured electronic transfers etc) people will use them voluntarily without being coerced.

macherie1:

Which reasonable country in the world operates a cashless policy? Did you bother to compare the pros and cons of a coerced.

myopic view there is nothing that stop Nigeria to adopt cashless policy in 2017,my cash us still trapped because of series failed transactions that will not stop me from carrying out online transactions because it is faster Nd save me from Depositing cash with lot of drama in d banking hall,yes bank need to improve on their silly attitudes when u get to bank and only one ATM is dispensing,No cashless policy will cause recession oga.

uzobaby:
And people like you fail to look at two sides to an issue. ..just today a banker told me someone withdrew over five million to pay some villagers who supplied him raw materials.these people do not believe in having an account. .so with cashless policy how will he continue people that have no account, can't operate a smart phone or do Internet banking.Even at that,where is the mobile network in most villages that will make this policy work effectively. I'm not totally against it but then......

you have a valid point because the level of illiterate to literate in Nigeria is high the whole cashless policy is meant to target reasonable numbers,the ordinarily pple u mentioned can still do cash deposits nd withdrawal but there will be charges for them to pay.

Fantastic. The rates are even too low. They should be between 10 and 25% so that everyone gets an account and POS systems for busineses/merchants. It closing in on 8 months since I was near a bank and I look forward to visiting one once in 5 years or as long as a drivers license or internatinal passport duration is. A bank is not your home or office to require daily visitation. Regular visits are symptomatic of poverty, illiteracy and crass under- development.

0955eb027:
It's not the bank, its CBN's policy.

oh really!?...I used to think CBN is a bank too.

macherie1:

Which reasonable country in the world operates a cashless policy? Did you bother to compare the pros and cons of a cashless policy? Frustrating seamless transaction will only drive the country deeper into recession. Unlike developed countries where cash transactions are minimal, Nigeria has no system to protect or insure its citizens against electronic financial frauds. The policy makes no sense. If we have a well established electronic banking system, (functioning and adequate ATMs, secured electronic cheque deposit, insured and secured electronic transfers etc) people will use them voluntarily without being coerced.

Oga, we have people operating 90% cashless. I am one of them. Progress of society is meeting in the middle. People should begin to value things and make their own sacrifice to make things work and not leave government dragging them kicking and screaming to developmemt all the time. Has NUBAN not benefitted you? But it was vehemently opposed at launch. Today I can pay for virtually anything I need at anytime to most people without burning my fuel and time. At a click of a button a company can pay all its staff no matter what bank they operate. No more bullion vans being hijacked at month end pay parades like we used to see in Portharcourt.

All my suppliers and vendors have fallen in line. And as soon as gas stations go POS, I will be 100 percent cashless. There is no comparison whatsoever except you operare in the black economy or operate with excessively ignorant people which is just as dangerous. The next level is to develop credit rating agencies that will monitor incomes and expenditure of individuals and corporates in real time so that credit required to really grow the economy can flow.

dammytosh:


To withdraw more than 500,000 ?

That online transfer is unreliable is a hoax. Fill in ur transfer form and work out of the bank without any fear for being shot.

It was 35k. I even tried it inside the bank and it still refused to work.

Also, in-bank transfers are slow and can take hours to process depending on the platform used. NIBSS takes 24 hours.

Filling station : it is 2 years + now that I av been buying fuel with my atm card. Also filling stations can have arrangement with banks to have ATM in their premises and feed the cash to the ATM instantly.

There are too many options than to be carrying sack of money around.

Why carry cash around.

The number of filling stations in Lagos is much and it is not feasible to have ATMs, even in few of them. Remember that having ATMs outside of banks was banned by this same CBN. Besides, the ATM would be a security risk to the filling stations.

Lastly, I hope you realize this policy affects both deposits and withdrawals.

Mojibola:


oh really!?...I used to think CBN is a bank too.

Common, dont be sarcastic.
You should know CBN is a regulatory body for banks in Nigeria.
There are laid down rules(acts, policies) by the CBN, which banks are expected to operate within.
This one is no exception, if you(as a bank) aint satisfied with it pack your things and leave the country.

0955eb027:

Common, dont be sarcastic.
You should know CBN is a regulatory body for banks in Nigeria.
There are laid down rules(acts, policies) by the CBN, which banks are expected to operate within.
This one is no exception, if you(as a bank) aint satisfied with it pack your things and leave the country.

All right, that accepted. However, there are other charges that are just ridiculous, e.g. why do I have to be charged at 10naira/SMS. that's outrageous as far as I'm concerned.

Mojibola:


All right, that accepted. However, there are other charges that are just ridiculous, e.g. why do I have to be charged at 10naira/SMS. that's outrageous as far as I'm concerned.

10naira!
Thats not from the CBN o..
Thats an in house charges by your bank, and i believe you can always ask questions.

However, if a reasonable answer is not given, you can always switch alliance.
4 naira is the flat rate i know bank charges for sms, email alert is free though and you can always subscribe to that.