₦airaland Forum

Bunch of thieves.

anonimi:
As barawo bubu and his 40 thieves cabal presidency of the All Poverty Congress, APC have been doing since May 2015.


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Re: CBN Brings Back Cash Handling Fees For Bank Customers by urbighead: 8:09am
So Nigerian government dey pay house rent again to live inside state house built by hard earned deducted tax from my civil servant paleh?

Na which kine tin pesin no go hear for this country Sef?

This proves put something in a book as an effective way of hiding it from a black man.

Most of the first 20 commentators are stark illiterates

urbighead:
So Nigerian government dey pay house rent again to live inside state house built by hard earned deducted tax from my civil servant paleh?
Na which kine tin pesin no go hear for this country Sef?

Na so we see am oh, bro.
That is the barawo that was packaged for us to fight kwarupshion.


https://africanarguments.org/wp-content/uploads/2015/02/BuhariPoster.jpg

that means my account will be dormant then.

Criminals! Every where you go!

As a banker, I understand the economics of charging fees on withdrawals but I clearly do not understand the rationale for charging fees when customer make deposits, especially at a time financial inclusion is seriously been advocated.
I need an experienced banker in the house to juxtapose the influence of fees charged when customers make deposits and attainment of financial inclusion.

This govt just want to impoverish this country by all means !

Proudlyngwa:
This proves put something in a book as an effective way of hiding it from a black man.

Most of the first 20 commentators are stark illiterates

I applaud you for being literate sir, please can you juxtapose the influence of fees charged when customers make deposits and attainment of financial inclusion?

Stanleyafam:
I laugh at people that has still decided to leave their money in banks...

Cryptocurrency is the way forward.. Join now or cry later, a word is enough for the wise..

Cryptocurrency is a Ponzi scheme beware!

pedrilo:
As a banker, I understand the economics of charging fees on withdrawals but I clearly do not understand the rationale for charging fees when customer make deposits, especially at a time financial inclusion is seriously been advocated.
I need an experienced banker in the house to juxtapose the influence of fees charged when customers make deposits and attainment of financial inclusion.

I don't remember how many times i do transactions in the banking hall whether depost or withdrawal or using the ATM self, what happens to transfer or using POS, even d USSD code is still very much effective

Many business are having POS as some customers even prefer paying with their card

pedrilo:
I applaud you for being literate sir, please can you juxtapose the influence of fees charged when customers make deposits and attainment of financial inclusion?

When physical deposits are made, it requires physical inputs with other things like time, wear and tear equipments that need maintenance as well as the software that would have been used if it was only e-transactions.
You don't need to be tech savvy to do that, just go to the bank and ask for a neft form and the CC guys will help you out.

Carrying of cash should be completely phased out for transactions above 25k.
We need to start from somewhere

Proudlyngwa:
When physical deposits are made, it requires physical inputs with other things like time, wear and tear equipments that need maintenance as well as the software that would have been used if it was only e-transactions.
You don't need to be tech savvy to do that, just go to the bank and ask for a neft form and the CC guys will help you out.

Carrying of cash should be completely phased out for transactions above 25k.
We need to start from somewhere

Thank you very much for your timely response sir. I understand the benefits of digital finance as you have enumerated above, but you clearly did not state how this policy will drive/influence inclusion i.e when bank customers are charged both for making deposits into their accounts and withdrawals, how do you convince the un-banked to bank their monies?

spartacus11:
I don't remember hiw many tines i do transactions in the banking hall whether depost or withdrawal or usin the ATM self, what happens to transfer or using POS, even d USSD code is still very much effective

Many business are having POS as some customers even prefer paying with their card

The benefits of digital finance as you have enumerated above is not in doubt, but can you state how this policy will drive/influence financial inclusion and take banking to the unbanked?

I am not a banker. But I think they are trying to force people to go cashless....if we have mobile money like in Kenya maybe market women would start accepting it. For now, I don't see small sellers using POS.

pedrilo:
As a banker, I understand the economics of charging fees on withdrawals but I clearly do not understand the rationale for charging fees when customer make deposits, especially at a time financial inclusion is seriously been advocated.
I need an experienced banker in the house to juxtapose the influence of fees charged when customers make deposits and attainment of financial inclusion.

pedrilo:
Thank you very much for your timely response sir. I understand the benefits of digital finance as you have enumerated above, but you clearly did not state how this policy will drive/influence inclusion.

Orientation
Grassroot driven sensitization

Sacrifice.
The earlier we start being digitally focused, the better for us, sometimes we need drastic measures to kick-start us.

Proudlyngwa:
Orientation
Grassroot driven sensitization

Sacrifice.
The earlier we start being digitally focused, the better for us, sometimes we need drastic measures to kick-start us.

Sir, an estimated 2 billion working-age adults – more than half of the world’s total adult population – do not have an account at a formal financial institution. Financial inclusion efforts seek to ensure that all households and businesses, regardless of income level, have access to and can effectively use the appropriate financial services they need to improve their lives.
Now, when bank customers are charged BOTH for making deposits into their accounts (stylish recall of deposit interest) and withdrawing from their account, how do you convince the un-banked to bank their monies?

Stanleyafam:
I laugh at people that has still decided to leave their money in banks...

Cryptocurrency is the way forward.. Join now or cry later, a word is enough for the wise..

My brother, how do I join?08064288968

pedrilo:
The benefits of digital finance as you have enumerated above is not in doubt, but can you state how this policy will drive/influence financial inclusion and take banking to the unbanked?

I believe micro finance bank are still very much available, those are the once u can really find in must rural areas

First bank has dis product too link for more details

https://www.firstbanknigeria.com/personal-banking/ways-to-bank/firstmonie-agent/?hootPostID=7e510e3ec9a22d79eb9c947a957156ab

spartacus11:
I believe micro finance bank are still very much available, those are the once u can really find in must rural areas

First bank has dis product too link for more details

https://www.firstbanknigeria.com/personal-banking/ways-to-bank/firstmonie-agent/?hootPostID=7e510e3ec9a22d79eb9c947a957156ab

You are evading my question by advertising FBN Agent banking/mobile mobile (Dont confuse digital financial for the topic of discuss please). When bank customers are charged BOTH for making deposits into their accounts (stylish recall of deposit interest) and withdrawing from their account, how do you convince the un-banked to bank their monies?

So market women, site laborer and aged citizen who are not tech savvy are expected to suffer this. I can't understand the whole program program of charing 10% on 40m cash deposit or withdraw. You nah wan be God abi.

Learn more a crypto currencies - digital money o Jare. US govt can't hold tax on it.

Buy and sell ur bitcoin to us

pedrilo:
Sir, an estimated 2 billion working-age adults – more than half of the world’s total adult population – do not have an account at a formal financial institution. Financial inclusion efforts seek to ensure that all households and businesses, regardless of income level, have access to and can effectively use the appropriate financial services they need to improve their lives.
Now, when bank customers are charged BOTH for making deposits into their accounts (stylish recall of deposit interest) and withdrawing from their account, how do you convince the un-banked to bank their monies?

Arm robber will convince them, figures here are 500k/3million if u do transactions at such volume and u are still unbanked then den u know d vistors u will get

spartacus11:
Arm robber will convince them, figures here are 500k/3million if u do transactions at such volume and u are still unbanked then den u know d vistors u will get

What then is the essence of paying interest on deposits if you are going to collect same when they make cash deposit? I think this is a stylish recall of deposit interest sir. Prove me wrong.

figment232:
Cryptocurrency is a Ponzi scheme beware!

Thanks for the advice... Time will tell

pedrilo:
Sir, an estimated 2 billion working-age adults – more than half of the world’s total adult population – do not have an account at a formal financial institution. Financial inclusion efforts seek to ensure that all households and businesses, regardless of income level, have access to and can effectively use the appropriate financial services they need to improve their lives.
Now, when bank customers are charged BOTH for making deposits into their accounts (stylish recall of deposit interest) and withdrawing from their account, how do you convince the un-banked to bank their monies?

At a certain time,most of these people didn't have cell phones, today they endeavor to have because they see the benefit.

Moreover they amount we are talking about is from 500k upwards, are you in anyway encouraging people to be moving about with such amount of money.

Proudlyngwa:
At a certain time,most of these people didn't have cell phones, today they endeavor to have because they see the benefit.

Moreover they amount we are talking about is from 500k upwards, are you in anyway encouraging people to be moving about with such amount of money.

While acknowledging the benefits of FG’s cashless policy and digital finance, can you explain the essence of paying interest on deposits if you are going to collect same when they make cash deposit? I think this is a stylish recall of deposit interest sir. Can you prove me wrong?

Any policy dah will punish masses..

zakim:
Indications are rife that the Central Bank of Nigeria may have concluded arrangement to re-introduce cash handling fees for both deposits and withdrawals as its board of governors approve the full implementation of the cashless policy nationwide.

The CBN Deputy Governor, Operations, Adebayo Adelabu, gave the hint while addressing the annual dinner of the Nigerian Electronic Fraud Forum ( NeFF) in Lagos over the weekend.

Adelabu said: “The committee of governors has approved the implementation of the full cashless policy yesterday and the CBN will release a circular which will detail out the process of re-adoption of the policy by next week (this week).”

It would be recalled that the apex bank had on April 22, 2017, suspended indefinitely, the nationwide implementation of the policy following massive outcry that greeted the reviewed cash handling fees.

In a circular signed by Dipo Fatokun, Director, Banking and Payments System Department of CBN, the bank instructed banks to revert to old charges and refund customers who had been debited.

CBN had earlier announced new charges on deposits and withdrawals above a threshold of N500,000 for individuals and N3 million for corporate bodies.

The apex bank had directed banks to charge 1.5 percent and 2 percent for deposits and withdrawals ranging from N500,000 and N1 million in the individual category; 2 percent and 3 percent for amount above N1 million to N5 million; and 3 percent and 7.5 percent for amount above N5 million.

For corporate organisations, CBN fixed 2 percent and 5 percent for deposits and withdrawals between N3 million and N10 million respectively; 3 percent and 7.5 percent for above N10 million to N40 million; and 5 percent and 10 percent for amount above N40 million.

But the new circular said the existing policy before the announcement of the new policy shall remain in place in Lagos, Ogun, Kano, Abia, Anambra, Rivers and Abuja.

The circular further stated that the old charges to be reverted to are: 3 percent processing fee for withdrawals above N500,000 in the individual category and 5 percent for withdrawals above N3 million for corporate category, while no fees are charged for lodgments.

Cashless policy is a policy established in 2012 by the CBN to curb excesses in the handling of cash in Nigeria. It prescribed cash handling charges on daily withdrawals above N500,000 for individuals and N3,000,000 for corporate bodies. The policy was enforced not to eliminate the use of cash but to reduce the volume of cash in circulation.

The pilot run of the policy started on January 1, 2012 in Lagos State. The service charges were withheld till 30 March of the same year to allow for seamless migration from the manual to electronic devices.

The second stage of the pilot run started in Rivers, Anambra, Abia, Kano, Ogun and the Federal Capital Territory on July 1, 2013 while the programme nationwide started exactly a year after; on 31 July 2014.

Reacting to the announcement, Dr. Uju Ogubunka, President, Bank Customers Association of Nigeria (BCAN) said: “The truth of the matter is that, there were reasons why the full implementation was suspended. The question therefore is, whether those reasons have been resolved.

“We all appreciate that we do not need to be carrying cash up and down, with its attendant cost of recycling.

“We also need to know if the policy will come under a new guideline or merely bringing back what they suspended before, we can then make informed decisions.”

Barrister Ken Ukaoha, President, National Association of Nigerian Traders (NANTS) commended the CBN for its laudable intervention in the economy but expressed worry that placing charges on deposits may encourage businesses keeping money outside the bank.

Ukaoha said: “The CBN needs to do more on the domestic end. They need to reflect the views of the domestic trading environment.”

Christine Lagarde, managing director of the International Monetary Fund (IMF), said Nigeria could save as much as $9 billion (N3.24 trillion) by shifting government payments from cash to digital systems.

Speaking in Ethiopia recently, Lagarde said 1.7 percent of the country’s gross domestic product (GDP) could be saved via the digitisation of the country’s payment systems.

She said “the potential to help reduce corruption, increase revenues, and generate investments in health and education means digital tools could be a decisive factor in meeting the 2030 Sustainable Development Goals.”

https://www.dailytrust.com.ng/cbn-brings-back-cash-handling-fees-for-bank-customers.html

Although a comprehensive Banking service overhaul is on the card as part of the Divine Arrangement and plan as revealed already,

But in relation to the above submission, The observation raised by the customers/Consumer President-Ukaoha is actually Valid and True to the core as every business Man nurtures nothing but the idea of making profit even if it is to be deployed for other services including humanitarian,

Would naturally become disenfranchised with the decision to peg a percentage levy on deposits rather than withdrawal only indeed.

And that would ultimately affect the propensity for the business men depositing their money but would choose to keep them in the manner they deemed fit.

But the question is, What informed the decision to thinker on the deposit levy?

1. Is it for revenue generation? If yes, Then was the above implication contemplated?

2. If Not, Then is it for Business promotion? We doubt if this is the case as most small and medium scale business are cash crunched and don't even have the quantum of money required to attract the said levy in truth.

And SMSE (Small and Medium Size Enterprise) are the bedrock of the Economy relative to the present arrangement of Revenue Drive

The above shouldn't be taken as criticism of any agency, policy or system but a revelation in support of the reasons behind the Divine plan being ushered in by Our (GOD) presence and Existence in Human form already.


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LOVELY UNITARY GOD

pedrilo:
While acknowledging the benefits of FG’s cashless policy and digital finance, can you explain the essence of paying interest on deposits if you are going to collect same when they make cash deposit? I think this is a stylish recall of deposit interest sir. Can you prove me wrong?

I hope you know this is only paid when you make physical deposits.

We should be talking about unifying the systems so that there can be less charges on interbank transfers.

How about having better network providers, faster and more secure platforms and building a POS assembly plant, so that even a bike man can bill you cashless.

Proudlyngwa:
I hope you know this is only paid when you make physical deposits.

We should be talking about unifying the systems so that there can be less charges on interbank transfers.

How about having better network providers, faster and more secure platforms and building a POS assembly plant, so that even a bike man can bill you cashless.

The cash handling fees on cash deposit is exploitative and without human face.

Oh

figment232:
Cryptocurrency is a Ponzi scheme beware!

You argue against cryptos because you don't understand the idea of money.

Plus equating cryptocurrency to ponzi is just stu.pid. Get educated!