Earlier on I saw a thread on the cash-less policy, though it had so many wrong information.

Please lets get some things clear while reacting.

A:- The policy is aimed at reducing (not ELIMINATING) physical cash in circulation. This will encourage more electronic-based transactions.

B:- The charges are on the EXCESS of the amount. Not the principal (for lack of better words).
-The charges are 3% on withdrawals and 2% on lodgments for INDIVIDUAL accounts.

-5% on withdrawals and 3% on lodgments for CORPORATE accounts.

-The CUMULATIVE limit is N500,000 for individuals and N3m for CORPORATE accounts.


C:- Just like stamp duty charges, the cash-less charges are system generated and borne by account holder

ii:- The charge on WITHDRAWALS is borne by the account holder.

D:- The policy was only REINTRODUCED, it has been there before, but was halted at some point. The pilot stage of cashless policy (withdrawals) took off in Lagos on March 30, 2012 and spread out to some major states (Abia, Ogun, Rivers, Anambra, Kano & FCT) by October 1, 2013.

E:- It is a CUMULATIVE DAILY LIMIT on all CASH transactions. So, don’t pay in N500,000 and come back with N50,000. Use alternative channels.

ii:- The charges applies to all transaction that involves CASH- irrespective of the CHANNEL. This includes ATM and 3rd party cheques cashed over the counter. However, 3rd party cheques above N150,000 can no longer be cashed over the account.

F:- The policy has taken off in major states as at Sep 18th, 2019. You don’t know this because you probably do not have N500,000 to withdraw or deposit- CASH.

G:- The Reps have however told the CBN to pause on its implementation.


IT IS NOT ALL BAD NEWS AS THERE IS AN ADVANTAGE IN THIS POLICY FOR ALL PARTIES INVOLVED

-For Consumers: Increased convenience, lesser risk of cash-related crime, access to out of branch services, more banking services option and financial inclusion.

-For Corporations: Faster access to capital, reduced cash leakages and cash handling cost.

-For Government: Increased tax collections and economic development, greater financial inclusion.


EXCEPTIONS TO THIS POLICY
The policy applies to all accounts with exception to Government revenue generation accounts, Embassies, Primary Mortgage institutions and MFBs.



NOTE: You can avoid these charges by using alternative channels. Please contact your financial service provider for these channels.

The Cash-less Policy deposit/withdrawal charge is only on the amount in excess of the limit. For instance, if you deposit a cash of N501,000.00. N1,000.00 is in excess of the limit. The bank will charge you 2% of N1,000.00 which is N20.00.

But there is nothing good about it

introduce it in northern states also, a trailer of cattle worth 15millions naira , they voted in this government, you can not tax us in Lagos state , Rivers state and share it for people who didn't pay as monthly allocation, I'm yet to understand why it is saver to drive a car without custom duty in Kaduna and Kano than Lagos and Ogun.
northerners should start paying vat, taxes , custom duties on car, we are no slave.

The OP try but

Why write the advantages and leave out the disadvantages.

The tax ish should start from politicians. Na them they lead. Let them lead by example.

Is not only when it comes to tax that every NIGERIAN is involved but to implement minimum wage and reduce their baseless salaries na wahala.


We no want. Let them explain the way previous taxes have been used.

Illustration on how charges (will) apply.

Assuming you want to deposit N530,000 into your individual account. Having in mind that the daily limit is N500,000. You will be charged on the excess of N30,000.

That is 2% of N30,000 = N600

Not much right?

[img]https://i./3NpLR.gif[/img]

Yo

K

N

we need to go back to making Economist to head CBN, Emeifiele is a banking and finance guy.. only an economist would have researced out come of all finacial policies

Federal Government must learn to properly commuinicate policies very very well months to its implementation date


....

1. Majority of those screaming online don't even earn N500,000 cash daily.

2. Any individual earning 500,000 cash daily should have a business account. His limit will become 3 million daily.

Even a stripper does not earn 500k per night in raw cash. Even church offering goes to business account and it is weekly.

This is the most rubbish post I have ever read in my life..

It reeks insensitivity and stupidity..
Lemme not just face u knw,cus u won't like it

Ok

Buhari have made Nigerians to be running their own cashless policy(empty pockets) before CBN thought of it.

Wisdom wan finish me

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https://www.nairaland.com/5410734/buy-install-car-tracker-affordable

Good one, most Nigerians have resistance to changes or new policy that does not provide instant benefits.

This should be the third time the government is try to implement the policy fully and to now imagine that those whose daily cash transaction is not up to 100K are making the loudest noise and complaint is appalling.

Wetin concern naked MSN with pocket?? As I no get 1kbo for my bank account, this news or policy is not for people like me ooo

Not bad idea but it shouldn't be force to carry it out.....on a normal note,how many people carry huge amount of money in cash these dayS

Thanks for the information

Well detailed.

[s]

pocohantas:
Earlier on I saw a thread on the cash-less policy, though it had so many wrong information.

Please lets get some things clear while reacting.

A:- The policy is aimed at reducing (not ELIMINATING) physical cash in circulation. This will encourage more electronic-based transactions.

B:- The charges are on the EXCESS of the amount. Not the principal (for lack of better words).
-The charges are 3% on withdrawals and 2% on lodgments for INDIVIDUAL accounts.

-5% on withdrawals and 3% on lodgments for CORPORATE accounts.

-The CUMULATIVE limit is N500,000 for individuals and N3m for CORPORATE accounts.


C:- Unlike stamp duty charges that hits the beneficiary’s account directly, the cash-less charge on DEPOSITS is borne by the depositor. Except you are also the depositor.

ii:- The charge on WITHDRAWALS is borne by the account holder.

D:- The policy was only REINTRODUCED, it has been there before, but was halted at some point. The pilot stage of cashless policy (withdrawals) took off in Lagos on March 30, 2012 and spread out to some major states (Abia, Ogun, Rivers, Anambra, Kano & FCT) by October 1, 2013.

E:- It is a CUMULATIVE DAILY LIMIT on all CASH transactions. So, don’t pay in N500,000 and come back with N50,000. Use alternative channels.

ii:- The charges applies to all transaction that involves CASH- irrespective of the CHANNEL. This includes ATM and 3rd party cheques cashed over the counter. However, 3rd party cheques above N150,000 can no longer be cashed over the account.

F:- The policy has taken off in major states as at Sep 18th, 2019. You don’t know this because you probably do not have N500,000 to withdraw or deposit- CASH.

G:- The Reps have however told the CBN to pause on its implementation.


IT IS NOT ALL BAD NEWS AS THERE IS AN ADVANTAGE IN THIS POLICY FOR ALL PARTIES INVOLVED

-For Consumers: Increased convenience, lesser risk of cash-related crime, access to out of branch services, more banking services option and financial inclusion.

-For Corporations: Faster access to capital, reduced cash leakages and cash handling cost.

-For Government: Increased tax collections and economic development, greater financial inclusion.


EXCEPTIONS TO THIS POLICY
The policy applies to all accounts with exception to Government revenue generation accounts, Embassies, Primary Mortgage institutions and MFBs.



NOTE: You can avoid these charges by using alternative channels. Please contact your financial service provider for these channels.

[/s]
Nothing to be understood here. Why should I be charged for depositing into an account?

How can you be preaching cashless economy and be discouraging it at the same time?

Whenever they budget money to be spent most of it goes to the North.

Now they want to collect money, most of it is collected from the South.

Our of 6 states mentioned, 5 are from the South.

This is simply a disguised Islamic tax on non-Muslims.

The CBN policy will discourage savings! Banks will have little or no money to lend and for investment. Small scale industries will suffer heavily.

The CBN can encourage cashless policy through raising the interest paid on savings and increase incentives in using cashless payment options.

What alternative channels are you talking about. There is still no better explanation for the policy. All I see is more money from my pocket to the Bank.
@EagleAdekoya.

AstroG:
This is the most rubbish post I have ever read in my life..

It reeks insensitivity and stupidity..
Lemme not just face u knw,cus u won't like it

Go back to Romance section. It is not by forrce to comment.

What is insensitive and stupid about this thread? Are you okay?

but we will pay more charges for POS

Cashless policy in a country Where Banks experience regular network problems.. Failed online transactions, ATM problems, etc.


Check out my signature for quality and durable furniture for your homes and offices

[s][quote author=TRIGITIS post=82403878][/quote][/s]

[s]

solmusdesigns:



we need to go back to making Economist to head CBN


....

[/s]

SCAM FROM THE GOVT OF THE DULLARD

Cbn cannot make policy that will not benefit them.

Las las na our bank account go suffer am.

pocohantas:


Go back to Romance section. It is not by forrce to comment.

What is insensitive and stupid about this thread? Are you okay?

Your trying to touch the tigers tail

GEJ is by far better than this clueless government. Though we don't value what we have until we lose it. Despite the corruption allegation against him, I think the God of the land favoured him. Since Buhari came to power with his anti corruption crusade, life has been very difficult. Even common food like garri, rice and even vegetables cannot be priced in the market. May God save Nigeria.

The police is as useless as those who made it

What alternative?
The only way is to deposit 450000 2 times if you have 900000 thousand to deposit
when i hear financial inclusion, all i hear is scam.
Suddenly the poor have to pay for the rich corruption.