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Nairaland Forum / Nairaland / General / Business / Understanding The Cash-less Policy (22016 Views)
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Re: Understanding The Cash-less Policy by Mopolchi: 1:49pm On Sep 20, 2019 |
What is the lie in what I wrote? Forget about this politicians-story, ask yourself this question, if you have 1m to deposit and you were told that you will be charged after depositing the first 500,000, will go on to deposit? No, even if you do, you will limit yourself to the first 500,000. Then you take home the remaining 500,000. Now consider the stress of going back to the bank the next day, to deposit another 500,000 just to avoid charges. No reasonable person will love to deposit and withdraw with charges. If so why go on with the policy? When people take home the remaining money home just to avoid charges, they may not be keen to come back to deposit the remaining; knowing that when a pressing need of 1m arises and which is the only sum in the account, withdrawing it once will attract charges. Yeah, you may argue that it will help the cashless policy and create jobs in the ICT sector. While it does so, the small scale enterprises will suffer. People now with the tendencies to keep money at their shops and homes, the banks will have little or nothing to give out since there is less money to save by people in their banks. Have you thought of the implication on the political economy of the country? Thieves will start terrorising people at their homes since they are aware by this policy people will tend to keep money in their private hideouts. 1StopRudeness: 2 Likes |
Re: Understanding The Cash-less Policy by AZeD1(m): 1:49pm On Sep 20, 2019 |
Logobenz:Supermarkets, distributors and those business handle cash. I have right folks who run those business. For every pos transaction, it's cost about 2.5% + 100 or 50 naira... I'll confirm and get back to you. Some comes to buy stuff worth N500 and your profit is like N10 .. using a pos for that transaction puts you at a loss. I worked in industry (Fintech) and I know people who do cash based business and this policy is wack. If you want people to useless cash, you reward them not publish them. It's common human psychology. 3 Likes |
Re: Understanding The Cash-less Policy by pocohantas(f): 1:49pm On Sep 20, 2019 |
ayusco85: He was talking about deposits, wasn't he? "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." |
Re: Understanding The Cash-less Policy by musicwriter(m): 1:50pm On Sep 20, 2019 |
pocohantas: If that's the case, the emphasis should've been on the 'alternative channels'' instead of causing hardship to the populace. When people learn of those ''alternative channels'' they may not like to to carry cash to the bank at all. But as always, we prefer putting the cart before the horse. Not talking to you, though. 2 Likes 1 Share |
Re: Understanding The Cash-less Policy by Nobody: 1:50pm On Sep 20, 2019 |
ornicus:I never complained about capitalism. I am a capitalist.I make financial deals for a living so I just saw through the horseshit and hit the nail on the head. If you have time,go to all those wrapper seller shops in idumota and see how much cash tradesmen bring in for purchase. So why didn't they just transfer the money in the first place if they had this knowledge you claim they have? CBN created this crap to drag these set of people into banking! Why did they enforce it so quickly in the areas where these cash based trades occur Then?ABI you no hear abia,onitsha,Lagos...? Bruv these people are not moving the 2k you pay plumbers.some carry 20m cash So save your sermon 2 Likes |
Re: Understanding The Cash-less Policy by Nobody: 1:51pm On Sep 20, 2019 |
pocohantas: yeah there is no charges on your bank machine. What of when my own bank atm is not in sight? |
Re: Understanding The Cash-less Policy by pocohantas(f): 1:52pm On Sep 20, 2019 |
musicwriter: Hope we all know the first phase of this was kickstarted in 2012/13. 6yrs later and we still are not ready. Nigeria might never be ready for these kinda change(s). We find a way to adapt though. 1 Like |
Re: Understanding The Cash-less Policy by Nobody: 1:52pm On Sep 20, 2019 |
AZeD1:punishing them will have an effect on the market faster and we all know speed is money A great day for any capitalist |
Re: Understanding The Cash-less Policy by Nobody: 1:53pm On Sep 20, 2019 |
Logobenz: Now you tell me, what makes more sense, carrying that money physically or making stress free payments? Or your own issue is that you do not want to pay your tax but want to continue to complain about the state of the nation? 1 Like |
Re: Understanding The Cash-less Policy by pocohantas(f): 1:53pm On Sep 20, 2019 |
thebosstrevor: Then you have to settle switch and the bank whose ATM you are using. The other bank owes you nothing you know? 1 Like |
Re: Understanding The Cash-less Policy by Fhemmmy: 1:54pm On Sep 20, 2019 |
I could be wrong, but i thought this is when someone bring cash to the bank and NOT when you bring a cheque to the bank, but seems like even bank is regarded as cash in this regard 1 Like |
Re: Understanding The Cash-less Policy by Nobody: 1:55pm On Sep 20, 2019 |
pocohantas: People will never be ready for some changes if they are not pushed through. There will always be complaints and resistance 1 Like |
Re: Understanding The Cash-less Policy by Barzinime(m): 2:01pm On Sep 20, 2019 |
Then it shouldnt be a problem if you can say that Etizz: |
Re: Understanding The Cash-less Policy by Thegamingorca(m): 2:01pm On Sep 20, 2019 |
pocohantas: Awwwgh that aint so bad. Assuming your gross take home per day is 501000 you'll take it to the bank and 20naira will be removed. That's alright. If you take 700k its still only 4000 one will pay innitt. This will promote internet transfers or use of credit cards 1 Like |
Re: Understanding The Cash-less Policy by Nobody: 2:02pm On Sep 20, 2019 |
pocohantas: they own me nothing but they should also obey cbn directives in a sane society they would have been sued 1 Like |
Re: Understanding The Cash-less Policy by Acidosis(m): 2:05pm On Sep 20, 2019 |
Thegamingorca: only N4000 per day on gross sales? Only N4000? How much sales girl dey earn per month? 1 Like |
Re: Understanding The Cash-less Policy by Nobody: 2:06pm On Sep 20, 2019 |
ornicus:I am being generic here,stop making this about me.thanks |
Re: Understanding The Cash-less Policy by Nobody: 2:06pm On Sep 20, 2019 |
Acidosis:please no sweat am bros.many people think business is easy. 3 Likes |
Re: Understanding The Cash-less Policy by musicwriter(m): 2:08pm On Sep 20, 2019 |
pocohantas: If you want to make that shift quickly, you must have a population of educated people, otherwise, it would take up to 25-30 years to get everyone compliant when a new generation of bankers emerge in future. What this policy would actually achieve would be most people keeping cash at home... for now. Bank fraud will increase tremendously as well with this policy. 4 Likes 1 Share |
Re: Understanding The Cash-less Policy by Nobody: 2:11pm On Sep 20, 2019 |
Re: Understanding The Cash-less Policy by openmine(m): 2:12pm On Sep 20, 2019 |
abdulazeez1002:This is a better explanation! 1 Like |
Re: Understanding The Cash-less Policy by Nobody: 2:13pm On Sep 20, 2019 |
ornicus:sure. |
Re: Understanding The Cash-less Policy by Oyinlomobambam(m): 2:14pm On Sep 20, 2019 |
But why do I really need 500k cash when I can transfer anytime? I think it doesn't affect common people and na we dey shout more. 1 Like |
Re: Understanding The Cash-less Policy by Nobody: 2:17pm On Sep 20, 2019 |
ornicus:Stress free or convenience is relative bros. It is more convenient for a trader to carry cash and be buying from distributor o distributor than going there,ask price,argue on price up and down and later tell them that;make i rush go bank go transfer una money. These people play with millions anyhow,not the 2k5 you pay artisans. 1 Like |
Re: Understanding The Cash-less Policy by pocohantas(f): 2:21pm On Sep 20, 2019 |
thebosstrevor: The directive is only on own bank. It doesn't apply when you use another bank's ATM Thegamingorca: Lol. No business person checks expenses like this. Even stamp duty charge that is N50, looks small- but when it hits your acct 20times in just 1 day for all credit transactions, you will begin to recalculate. CBN needs to rethink these charges. 1 Like |
Re: Understanding The Cash-less Policy by Nobody: 2:22pm On Sep 20, 2019 |
Logobenz: If the banks have to make special transfer limits for high transaction customers, they can do so. People regularly do large transactions and pay via transfer. Stop being a luddite. 1 Like |
Re: Understanding The Cash-less Policy by openmine(m): 2:27pm On Sep 20, 2019 |
kingy1:Spot on! 1 Like |
Re: Understanding The Cash-less Policy by Thegamingorca(m): 2:34pm On Sep 20, 2019 |
Acidosis: If you earn 700k gross daily and atleast 20% of that is profits and you are still complaining of 4k charge. Then problem dey. Come to think of it. 4k times 30 days. Poco dat is big money to government oh |
Re: Understanding The Cash-less Policy by Nobody: 2:38pm On Sep 20, 2019 |
ornicus:I can do 10m with my Diamond app daily because i know i can,also I do a different type of business/trade. I import from developed countries,not buy goods in petty petty quantities in Aba markets. Those kind of people buy from people like us and they carry a lot of cash!It is convenient for them that way. I am tired of going back and forth.let's see how it pans out in those areas. |
Re: Understanding The Cash-less Policy by Nobody: 2:45pm On Sep 20, 2019 |
Thegamingorca:20% in profits daily? Jesus Christ!Na cocaine them dey sell for the shop 1 Like |
Re: Understanding The Cash-less Policy by pocohantas(f): 2:45pm On Sep 20, 2019 |
Nigerians should try and adapt ehn. This is 2019. You pack millions and go dump on some innocent staff. Then you say bankers close late. Why won't they close late, when they are counting your millions till 8pm CBN on their part should ensure alternative channels are efficient and cheaper, which obviously isn't the case. I hope these issues are addressed, but then, this is Nigeria. 1 Like |
Re: Understanding The Cash-less Policy by Izuelevated(m): 2:45pm On Sep 20, 2019 |
CBN made this policy without considering the fact that Nigeria is underdeveloped. We have more than 100 LGA in Nigeria that have no Bank. In such places u must carry physical cash around. This policy will be hot on successful traders living in the LGA's mentioned above. 1 Like |
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