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:
It’s a lie..it will not discourage anything..Nigerians are the most amazing set of people when it comes to adjusting especially bad things that is infringing on our rights.
we make noise for a week and all returns to business as usual... with the final consumer facing all the effect...

This government already knows our mode of operation, they confirmed it was when fuel jumped from 65 to 145....took 50 Naira from all deposit, we will use money to collect atm and still be charge maintenance fee monthly..they don’t care to protect us from service providers cos they share the money....abroad..Atm is free cos it’s ur right to have access to ur money at any time of the day.

In a country where nothing is working... the senators boldly told us we are insulting them for saying 5.5billion is too much for cars...we will soon be mandated to pay for air....they have no idea to grow this nation and their appetite for stealing is like the grave..the only place they can get more money is from us...just wait and hear the next charge/tax shortly...

Logobenz:
Bros stop being defensive on some thing that's almost impossible.
So let's say the trader accepts the cash.how does he now pay his suppliers?by chartering a bullion van to take the money to his supplier's premises so as to avoid 3% excess limit deposit charge ABI?something that could have been transferred for N65?
Do you know most companies won't even accept cash from retailers/distributors due to inconvenience in conveying the money and also taxation policies?
FIRS wants to know how much a business is moving at all times so it can be effectively taxed na
Also you talk of safes,are you sure you know how much they cost?
Are you in business sir?

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.

ayusco85:


3% Mr oga. It's deposit that attracts 2%. Let's be guided pls

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."

pocohantas:


Use alternative channels.

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.

ornicus:


A business man complaining about capitalism

Wetin we no go hear for NL

Oga there are cheap techno phones. Stop insulting people. The same people that can use whatsapp to share messages cannot learn to use banking apps?

The guy who drives a truck to my house with water, I pay him his 2k5 by transfer. I pay my mechanic, plumber, artisan by transfer. I pay Uber riders by transfer. If you don't have a smart phone, you can use text. I did this last weekend when all swift platforms were not working.

Stop being a typical Nigerian who always finds some excuse to celebrate difficulty and inconvenience. Don't worry, you can always settle your customs guys with dollars

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

pocohantas:


This is for remote-on-us transactions. There is no charge when you use own bank's machine. Correct me if I am wrong.

yeah there is no charges on your bank machine.

What of when my own bank atm is not in sight?

musicwriter:


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.

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.

AZeD1:

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.

punishing them will have an effect on the market faster and we all know speed is money
A great day for any capitalist

Logobenz:
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

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?

thebosstrevor:


yeah there is no charges on your bank machine.

What of when my own bank atm is not in sight?

Then you have to settle switch and the bank whose ATM you are using. The other bank owes you nothing you know?

pocohantas:


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.

People will never be ready for some changes if they are not pushed through. There will always be complaints and resistance

Then it shouldnt be a problem if you can say that

Etizz:
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

pocohantas:


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."

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

pocohantas:


Then you have to settle switch and the bank whose ATM you are using. The other bank owes you nothing you know?

they own me nothing but they should also obey cbn directives

in a sane society they would have been sued

Thegamingorca:



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

only N4000 per day on gross sales? Only N4000? How much sales girl dey earn per month?

ornicus:


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?

I am being generic here,stop making this about me.thanks

Acidosis:


only N4000 per day on gross sales, not profit? Only N4000? How much sales girl dey earn per month?

please no sweat am bros.many people think business is easy.

pocohantas:


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.

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.

Logobenz:
I am being generic here,stop making this about me.thanks

My bad.

Let all of us pay our tax.

abdulazeez1002:
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

This is a better explanation!

ornicus:


My bad.

Let all of us pay our tax.

sure.

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.

ornicus:


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?

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.

thebosstrevor:


they own me nothing but they should also obey cbn directives

in a sane society they would have been sued

The directive is only on own bank. It doesn't apply when you use another bank's ATM

Thegamingorca:



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

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.

Logobenz:
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.

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.

kingy1:
I don't think Nigeria is ripe for this cashless policy of a thing. And this may be due to the following:

1. High illiteracy rate.

2. High rate of internet fraud.

3. Poor online bank services.

4. Absence of trust among the masses.

5. Unstable network services.

6. Poor publicity which leads to the absence of awareness among the masses.

7. Rural neglects which leads to poor rural development.

8. Technology deficiency still active in the country.

9. E.T.C.

If you must copy the policies of other developed countries, you should also try and balance it with the level of their development.

Mind you. We have many semi illiterates and stack illiterates who are doing multi million naira business in Nigeria, but they have little or no knowledge about online transactions.

Spot on!

Acidosis:


only N4000 per day on gross sales? Only N4000? How much sales girl dey earn per month?

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

ornicus:


Oga, I can do 1m transfer with my phone.i did one this morning.i did 1.4m pos purchase at fouani. 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.

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.

Thegamingorca:



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

20% in profits daily?
Jesus Christ!Na cocaine them dey sell for the shop

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.

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.