₦airaland Forum

Good for ecommerce businesses who do cash on delivery. Customers will now prefer paying online rather than doing cash. There are positives too.

Going cashless makes it difficult for you to get robbed of your cash.

This is a great development. It means:

1. Less people in banking halls. Heralding branchless banking.
2. Huge savings on the part of government in printing naira notes.
3. More innovative ideas towards the development of payment applications. And of course job opportunities for developers in payment.
4. Removes the security risk associated with cash.
5. The government control.

FYI, the charges do not apply to online transfer/Internet banking...why should I want withdraw and pay into another account when I can very well do a transfer.

No proper plan in place. Drama upon drama

Ferdinandu:
That is the way to go. There is no reason an individual should be carrying above 500k up and down on a daily basis. Use cashless channels to do transactions above 100k.if don't like it then pay the penalty.

I too know nor go kii you, if person carry 1m wati concern you gerrarahia mhen

Freewoman:
BULLSHIIT, WHEN EVEN TO OBTAIN POS FROM STUPID BANKS FORE BUSSINESS IS LIKE GOING TO HEAVEN

Lol! Nigerians funny die

WebSurfer:
Probably affecting the super rich Nigerians and companies more in terms of deposits from what i see


Who have above 500k to be depositing ?

my brother, see me see wahala o.

But like they said, cummulatives means you might be affected too. Imagine different sources sent you 100k each and you collected 600k-700k in a roll. They will charege u as well.

What cashless policy are they talking about?
You are charged N65 for using another bank's ATM as opposed to yours!! What nonsense!
Some banks charges N105 for a transaction within the bank eg UBA and CBN is talking about cashless policy.
All these would frustrate the idea of cashless policy!!

NubiLove:
Going cashless makes it difficult for you to get robbed of your cash.

Story, you never jam computerized robbers

Furthermore, the charges will be applied on the cumulative withdrawal/deposit on all customer accounts per bank, regardless of the channel of deposit/withdrawal and will be implemented accordingly in the following states of the Federation:


This is not possible. They can't said regardless of the channel of deposit/withdrawal.

Because they are trying to discourage people from carrying raw cash hence the introduction of cashless policy.

The charges is for only people transacting with cash not transfers or any other e-channel platform.

So let us not misleading the public with incomplete information .

Thanks all.

I agree with CBN on withdrawal charges, but do agree on deposit charges, when we are encouraging people to bring m to bank you still want to charge.

Allow to them bring for free and when I want to take charge them

[quote author= post=55025591]Whilst we are battling recession Nigeria and her Elites are cooking different means to take away money from her citizens. Nawa naija which way. Below is new directive as the nation goes cashless.

My only question now is it by force to go cashless.

line with the recent directive of the Central Bank of Nigeria (CBN), please be informed that the Cash-less policy has been reviewed further.
Processing charges on cash deposits will be applied on transactions which are above the stipulated limits. These have been revised as follows:



TRANSACTION AMOUNT

APPLICABLE RATE ON DAILY DEPOSIT

APPLICABLE RATE ON DAILY WITHDRAWAL

Individual

Less than or equal to N500,000

No Charges

No Charges

Above N500,000 - N1m

1.50%

2%

Above N1m - N5m

2%

3%

Above N5m

3%

7.50%

Corporate

Less than or equal to N3m

No Charges

No Charges

Above N3m - 10m

2%

5%

Above N10m - N40m

3%

7.50%

Above N40m

5%

10%



Furthermore, the charges will be applied on the cumulative withdrawal/deposit on all customer accounts per bank, regardless of the channel of deposit/withdrawal and will be implemented accordingly in the following states of the Federation:

S/No

States

Go-Live Date

1

Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT

1st April, 2017

2

Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau

1st May, 2017

3

Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba and Nasarawa

1st August, 2017

4

Borno, Benue, Ekiti, Cross-River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara

1st October, 2017

Source: https://www.zenithbank.com/LiveCashless.aspx[/quote]

[quote author= post=55025591]Whilst we are battling recession Nigeria and her Elites are cooking different means to take away money from her citizens. Nawa naija which way. Below is new directive as the nation goes cashless.

My only question now is it by force to go cashless.

line with the recent directive of the Central Bank of Nigeria (CBN), please be informed that the Cash-less policy has been reviewed further.
Processing charges on cash deposits will be applied on transactions which are above the stipulated limits. These have been revised as follows:



TRANSACTION AMOUNT

APPLICABLE RATE ON DAILY DEPOSIT

APPLICABLE RATE ON DAILY WITHDRAWAL

Individual

Less than or equal to N500,000

No Charges

No Charges

Above N500,000 - N1m

1.50%

2%

Above N1m - N5m

2%

3%

Above N5m

3%

7.50%

Corporate

Less than or equal to N3m

No Charges

No Charges

Above N3m - 10m

2%

5%

Above N10m - N40m

3%

7.50%

Above N40m

5%

10%



Furthermore, the charges will be applied on the cumulative withdrawal/deposit on all customer accounts per bank, regardless of the channel of deposit/withdrawal and will be implemented accordingly in the following states of the Federation:

S/No

States

Go-Live Date

1

Lagos, Ogun, Kano, Abia, Anambra, Rivers and the FCT

1st April, 2017

2

Bauchi, Bayelsa, Delta, Enugu, Gombe, Imo, Kaduna, Ondo, Osun and Plateau

1st May, 2017

3

Edo, Katsina, Jigawa, Niger, Oyo, Adamawa, Akwa-Ibom, Ebonyi, Taraba and Nasarawa

1st August, 2017

4

Borno, Benue, Ekiti, Cross-River, Kebbi, Kogi, Kwara, Yobe, Sokoto and Zamfara

1st October, 2017

Source: https://www.zenithbank.com/LiveCashless.aspx[/quote]The bold one is not possible. They can't said regardless of the channel of deposit/withdrawal.

Because they are trying to discourage people from carrying raw cash hence the introduction of cashless policy.

The charges is for only people transacting with cash not transfers or any other e-channel platform.

So let us not misleading the public with incomplete information .

Thanks all.

yinkakani:
Well. . .I see business opportunities, who else is seeing them?

As how bro chat me up 08037797655

Emefiele is the worst thing to ever happen to cbn

It's a normal thing in other countries though just that Nigeria is too backward to adopt such policy. But in countries like UK, US.... And so on that's just how banks operate.

automatix:
my brother, see me see wahala o.

But like they said, cummulatives means you might be affected too. Imagine different sources sent you 100k each and you collected 600k-700k in a roll. They will charege u as well.

i dont think it applys to cumulatives

989900:

Furthermore, the charges will be applied on the cumulative withdrawal/deposit on all customer accounts per bank, regardless of the channel of deposit/withdrawal and will be implemented accordingly in the following states of the Federation:

Can someone please explain the above?

Thank you.

Hian! Does this mean that I can't withdraw multiples of under-the-limit

989900:

Furthermore, the charges will be applied on the cumulative withdrawal/deposit on all customer accounts per bank, regardless of the channel of deposit/withdrawal and will be implemented accordingly in the following states of the Federation:

Can someone please explain the above?

Thank you.

Hian! Does this mean that I can't withdraw multiples of under-the-limit? This is good sha... as Nigerians will find ways to avoid paying.

The less cash, the better. Just hope a company will come and make anonymous payments possible, so I don't have to give all by details to everybody I need to transact with.

Omoluabi16:
Useless policy

How is it useless?

It's simply just a question of migrating allman to internet banking to avoid all those charges.

Dinocarex:
What cashless policy are they talking about?
You are charged N65 for using another bank's ATM as opposed to yours!! What nonsense!
Some banks charges N105 for a transaction within the bank eg UBA and CBN is talking about cashless policy.
All these would frustrate the idea of cashless policy!!

exactly my problem with this shithead emeifiele and all his useless policies

He should kuku tell us that we should not use banks anymore.

I took just 30k today and I was charged more than 300n which messed up my account. Funniest part, I couldn't collect the 30k once.

Emefiele is just useless. He got us into this dollar mess also with his useless not thought out policies.

I wonder what nigerians did to deserve such useless capitalist heading cbn.

WebSurfer:
i dont think it applys to cumulatives

read it again. They mentioned "Cummulatives"

Ferdinandu:
That is the way to go. There is no reason an individual should be carrying above 500k up and down on a daily basis. Use cashless channels to do transactions above 100k . if you don't like it then pay the penalty.

Read very well. It says regardless of the channel of withdrawal or deposit.

Channels could be virtual or physical.

It not a cashless policy, it a new set of bank charges.........

They wan use people buy houses for Dubai like Buratai.....

sekem:
How is it useless?

It's simply just a question of migrating allman to internet banking to avoid all those charges.

you are funny. So in your own reasoning, internet banking is not "deposit" or that kind has different meaning?

automatix:
you are funny. So in your own reasoning, internet banking is not "deposit" or that kind has different meaning?

does it mean o can now do a foreign online transaction with my mastercard

WebSurfer:
Probably affecting the super rich Nigerians and companies more in terms of deposits from what i see


Who have above 500k to be depositing ?

plenty people oh dem plenty and I am one of them and so are you, so let us praise the lord. right turn, left turn, making melody in my heart, making melody in my heart to the king of kings!

CFC1:
does it mean o can now do a foreign online transaction with my mastercard

that depends on your bank. I still with GTB mastercard about 3 weeks ago but for some time now, I have only used Access Visa card.

automatix:
you are funny. So in your own reasoning, internet banking is not "deposit" or that kind has different meaning?

Yes

The charges is only on PHYSICAL CASH deposits and withdrawals.

If you don't want to pay the charges, you simple do it through online transactions: internet banking!

Welcome to the New World!

ehissi:
Read very well. It says regardless of the channel of withdrawal or deposit.

Channels could be virtual or physical.

It not a cashless policy, it a new set of bank charges.........

They wan use people buy houses for Dubai like Buratai.....

My friend it is you that didn't understand. If use ATM, banking hall or different banks to withdraw physical cash totalling up to 500k in a day, then you will be charged. But if you use the web, mobile or ATM to transfer 10 million to another bank account in a day, you will not be charged except maybe the normal N100 inter bank transfer fee.

VivaDeAngelo:
Misplaced Priority...... You wake up and make policies that will soothe only the elites sorry the polithiefians and economic buccaneers. What about those guys at the Bank bulk room, what will happen to them? Your guess is as good as mine.
We copy other countries that have developed virtually all their sectors and have multiple employment avenues while we are still faced with large-scale infrastructural deficits mtchewwwwwwww....

How is this against the masses? Do the masses have 500k daily cash. This policy will partly make it more difficult to move stolen cash around in Ghana must go. It will also force fraudsters and politicians to move money electronically so they can be traced.

This is the aim. Not a punishment for poor people. Masses don't move millions.

WebSurfer:
Probably affecting the super rich Nigerians and companies more in terms of deposits from what i see


Who have above 500k to be depositing ?

Nope.....they don't touch cash....every thing is transfer ....I don't know why I will carry 500k to deposit ...not possible...token take over

princechurchill:
Bet9ja na una go pay for the charges waiting for weekend to come make i win this 4 mill Easter go hot

Bros share your game win me...my mind dey tell me say we go win am.
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