₦airaland Forum

Temi Giwa, our visionary/spokesperson/all-round team lead was pretty conspicuous for three reasons when she made her pitch:

One, she was female (One of a grand total of two women who signed up for the event, and even then the only one who signed up as a DEVELOPER).

Two, she talked funny (Always an attention grabber- there are a number of US accents that are quite common in Nigeria, and hers is NOT one)

Three, she was the last to present.

Apparently, the idea had occurred to her just as the pitches were wrapping up. I’d like to leave it to her to tell us what exactly motivated her to step out of the box created by the role she had signed up for (developer) and instead step in front of a rowdy bunch of self-professed tech wizards to pitch an idea that seemed exactly as far-fetched as it was brilliant.

You see, the prevailing attitude of most people in the audience around where I was seated was: This is a great idea but there’s NO WAY you can get that done in two days. Typical womanish “over-sabi”(self importance).  Who does she think she is, because she can “blow foneh” (speak with an accent)

It seemed as if the project was doomed to be one of those that would be cancelled due to a lack of interest from participants. And sadly, for a few minutes after the G48 team announced the team-formation exercise had begun, her pitch poster remained empty and devoid of sign-ups.

Tolulop001:
while everyone is crying foul . . .

im looking for a way to strategically position myself to be in the forefront to reap benefits from the changing fortunes of time  

Bright ideas anyone?

I think I agree with Seun and the CBN Gov on this.

You agreed with Seun my backside, have u thought of the implication,

So what is the essence of the policy @enyojo, @seun and others that support the policy, is it to frustrate innocent business men and women ? ?

ezeagu:
Do you mean in stories by men, or do you mean women in general?

Ref: COD/DIR/GEN/CIT/05/031 20th April, 2011
All Banks,
CIT Companies,
Payments System Service Providers
Switches,
Card Acquirers,
Issuers and Processors.

INDUSTRY POLICY ON RETAIL CASH COLLECTION AND LODGEMENT (IITP/C/001)

In view of increasing dominance of cash in the economy with its implication for cost of cash management to the banking industry, security, money
laundering, etc., the Central Bank of Nigeria, in collaboration with the Bankers Committee, is adopting policies to reduce the high usage of cash,
moderate the cost of cash management and encourage the use of electronic payment channels.

Consequently, the Central Bank of Nigeria hereby directs as follows:

1. Commencing from June 1, 2012, a daily cumulative limit of N150,000 and N1,000,000 on free cash withdrawals and lodgments by individual and corporate customers respectively with Deposit Money Banks (DMBs) shall be imposed. To this end, individuals and corporate organizations that make cash transactions above the limits will be charged a penal fee of N100/thousand and N200/thousand respectively for amounts above the cumulative limits.

2. Contravention of this policy shall attract a fine of five (5) times the amount that the bank waives as a first offender. Subsequently, the
bank shall pay ten (10) times the charges waived.

2. Furthermore, 3rd party cheques above N150,000 shall not be eligible for encashment over the counter. Value for such cheques shall be received through the clearing house. If a bank allows 3rd party cheque encashment, it shall be liable to a sanction of 10% of the face value of the cheque or N100,000 whichever is higher.

3. Banks will cease cash in transit lodgment services rendered to merchant-customers from June 1, 2012. In this regard, customers could engage the services of the CBN licensed cash-in-transit (CIT) companies to aid cash movement to and from their banks at mutually agreed terms and conditions. Contravention of this policy shall attract a fine of N1.0 million per specie movement.

4. This arrangement shall be in force in Lagos state, F.C.T., Port Harcourt, Kano and Aba in the first instance. The arrangement shall be extended to other parts of the country at a date to be determined by the Bankers Committee.

5. To achieve interoperability of local currency POS transactions, no card scheme, foreign or local, shall operate exclusive acquirer agreement or contract in Nigeria with effect from June 1, 2011. Any payments scheme, processor, switching company, service provider or bank that contravenes this policy may be suspended for a minimum of one (1) month by the CBN as a processor, switching company, service provider etc in the first instance. The license may be withdrawn by the CBN if the contravention is repeated.

6. This policy shall apply to both private and public sector transactions. All financial institutions including Deposit Money Banks, Savings and
Loans, Mortgage and Microfinance Banks shall comply accordingly.

7. Compliance with the policy shall be monitored by the Banking Supervision Department and the Other Financial Institutions Supervision Department with appropriate sanction applied to erring institutions.

While the Central Bank of Nigeria will make general announcements and carry out public awareness programmes individual banks are expected to
do same. The affected customers of banks should be informed in good time by the banks with clear advice on alternative electronic payment channels available to them.

Muhammad Nda
Director, Currency Operations Department