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Cashless Policy Will Only Affect 10% Of Nigerians - Business (3) - Nairaland

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Re: Cashless Policy Will Only Affect 10% Of Nigerians by Subduer: 8:21am On Sep 21, 2019
alezzy13:


Then they should go cashless. If you can amass 500k DAILY ie over 10million monthly but cant invest in something as simple as mobile transfer, then something is wrong
Na by force? Is it your money? Buhari wan control other people's money. Na wa for this Daura Economist.
Re: Cashless Policy Will Only Affect 10% Of Nigerians by heybeemoney(m): 8:21am On Sep 21, 2019
BonkoINC:
I guess many of you don’t even understand this whole Thing ..

Now look tat the photo below.

i will like to reduce your coefficient of ignorance on this..

kindly calculate the amount if you deposited 5 millions..
i.e 4.5 millions in excess of 500k
how much is the interest?
4,500,000*2% =NGN90,000
HABA

3 Likes

Re: Cashless Policy Will Only Affect 10% Of Nigerians by Opinedecandid(m): 8:25am On Sep 21, 2019
sureheaven:
Though may be difficult for some to understand because they've been misled by enemies of progress but the fact remains that this policy is new and may be hard in Nigeria but it's the best.
The western world are using cashless policy and is even better and good for prompt transactions .
It reduces excessive spending.
Allow minimization of fiscal expenditure .
In America , the least u can withdraw on the atm a day is $400 cash.
While ur other transactions is based on cashless transfer of transactions. Though u are entitled to come the other day and withdraw again, it will not go beyond same $400.
In all, there will be no development and advancement if we still retard ourselves with the old method of doing things in Nigeria.
Those in Diaspora understand what i am saying.
May God Help us in Nigeria.

You are absolutely correct in the comparison of Nigeria and the US on the extent of cashless transactions they have.
But where you have failed is the height of development in terms of infrastructure that is supposed to aid that policy.
60-70 percent of Nigerians reside are:
1. Not literate enough to use that policy
2. Don't have access to the basic infrastructure that is supposed to assist in its implementation
3. Reside in the rural areas.

Before you think of certain policies, fix power, fix education, fix health care, fix roads and other transportation systems.

1 Like

Re: Cashless Policy Will Only Affect 10% Of Nigerians by islandmoon: 8:28am On Sep 21, 2019
Subduer:

Fulani Cattle market is strictly by cash.
are we the one who said they shouldn't embrace education? civilization? imagine the volumes of cash they are using without paying vat! why not introduce it to northern cattle market also? this appears like they are just trying to rip us off in the south

2 Likes

Re: Cashless Policy Will Only Affect 10% Of Nigerians by Nobody: 8:28am On Sep 21, 2019
[quote author=sureheaven post=82423920]Though may be difficult for some to understand because they've been misled by enemies of progress but the fact remains that this policy is new and may be hard in Nigeria but it's the best.



No one is disputing that cashless policy is not the best, listen & understand what d people are criticizing
it make logical sense to charge customer certain % on withdraw for some amount n above ... becos that will promote & enforce cashless transfer when they consider the charges , but charges on deposit of certain sum& above make absolutely no sense ... especially in a country where we are still promoting banking culture, incentives on deposit is the only appropriate measure here.
the apex governor must be a fool saying only 10% do 500k a day ... i av never been to the bulk room of any bank without avin to wait on d queue.
you keep talkin of america, but i will like you to tell us charges americans pay on deposit. everytime d govt keeps coming up wit avenues to milk individuals & businesses dry buh what to do they give in return. bro leave one million naira in the bank for 6month n see the stipend interest u will get. its just all about charges everytime, incentives nko.
Re: Cashless Policy Will Only Affect 10% Of Nigerians by Subduer: 8:28am On Sep 21, 2019
heybeemoney:


i will like to reduce your coefficient of ignorance on this..

kindly calculate the amount if you deposited 5 millions..
i.e 4.5 millions in excess of 500k
how much is the interest?
4,500,000*2% =NGN90,000
HABA

Enough to pay one person wages. Na wa o.
Re: Cashless Policy Will Only Affect 10% Of Nigerians by Flier: 8:37am On Sep 21, 2019
It’s daylight robbery,he even complicated himself by saying government want to generate more tax
You can’t do such thing in an economy driven by cash
Re: Cashless Policy Will Only Affect 10% Of Nigerians by FarahAideed: 8:37am On Sep 21, 2019
This is a huge lie ..it will affect every Nigerian just like VAT
Re: Cashless Policy Will Only Affect 10% Of Nigerians by Flier: 8:39am On Sep 21, 2019
FarahAideed:
This is a huge lie ..it will affect every Nigerian just like VAT
Those market women will probably passed the burden to the consumer
They have organization,once they increase price there is nothing you can do about it

1 Like

Re: Cashless Policy Will Only Affect 10% Of Nigerians by Oyinlomobambam(m): 8:41am On Sep 21, 2019
Jestin:
Only waiting for when Naira will equal the dollars rate


That'll be when Atiku cum
Re: Cashless Policy Will Only Affect 10% Of Nigerians by JKisOK(m): 8:42am On Sep 21, 2019
If there is no hidden agenda aimed to slow down the economic gains of a part of the country in favour of the other, as skeptics suspect, then somebody should dare Emefiele to roll out the cashless policy in an equal number of Southern and Northern states. After all, a lot of beneficial Federal policies and programmes supposedly conform to the need to guarantee zonal balancing in line with the Federal Character principle.

His current implementation plan is for six states, out of which five come from the South. All the three zones in the South (SW, SE and SS) have been netted, while only one Northern state (and this only in the NW) will be touched.
The only Northern state affected is:
1. Kano

Meanwhile, the policy will be imposed on five states of the South:
1. Ogun
2. Lagos
3. Abia
4. Anambra
5. Rivers
Re: Cashless Policy Will Only Affect 10% Of Nigerians by RexTramadol1: 8:55am On Sep 21, 2019
mrvitalis:

If u can understand why they are doing that then u would likely be poor forever




Did he tell you that he's poor? Or you just wanted to say something?
Re: Cashless Policy Will Only Affect 10% Of Nigerians by mrvitalis(m): 9:00am On Sep 21, 2019
RexTramadol1:





Did he tell you that he's poor? Or you just wanted to say something?
Can u comprehend english ?
Re: Cashless Policy Will Only Affect 10% Of Nigerians by amaham(m): 9:00am On Sep 21, 2019
If paying on an excess of 500,000 to an account is the problem, I'll rather open another bank account to evade it. For example, Instead of paying the percentage on 260,000 when I want to deposit 760,000 naira, I will deposit #500,000 and 260,000 on my 2 separate accounts . The bank charges on account maintenance is way less than the penalty.
Re: Cashless Policy Will Only Affect 10% Of Nigerians by RexTramadol1: 9:05am On Sep 21, 2019
mrvitalis:

Can u comprehend english ?




Lol, see question




It's you who needs to comprehend whatever balderdash you typed, your use of 'you' in that statement is uncalled for, it can go either for (a poor person) or the person you quoted, to avoid misinterpretation you should have been smart enough to be direct with your statement.
Re: Cashless Policy Will Only Affect 10% Of Nigerians by rottennaija(m): 9:08am On Sep 21, 2019
nony43:
CBN's cashless policy is a crazy one. You are supposed to encourage cashless economy through mopping up of cash in circulation, which is even giving incentives and not extorting through charges on deposits. Withdrawals might be charged but not cash deposit.

If I want to make a transaction of up to 500k, why will I need cash when I can comfortably transfer same amount? I pay my house rent through transfer, I buy stuffs (my TV, sound system, foam, refrigerator) through electronics transfer or POS. My salary is paid through transfer as well.

So, why will I need physical cash?

3 Likes 1 Share

Re: Cashless Policy Will Only Affect 10% Of Nigerians by Lush100(m): 9:13am On Sep 21, 2019
Sir, try to understand,
Most people who buy fuel at filling station pay cash.
The turnover for that day if (and most do) the owner has more than 1 filling station will be more than 3M in cash.
They need to pay these cash into their account to then use electronic payment to transfer to the supplier usually at Nnpc depot.
That what he meant.
I purchased fuel and the POS debited me 4k on failed transaction.
It took over 2weeks before I got that money.
If I hadn't any money on me, I would have been stranded.
They should increase the threshold to 750k for individual and 4m for corporate and reduce the charges to like 1%. Then gradually increase these percentages every year.
My 2kobo
alezzy13:


Then they should go cashless. If you can amass 500k DAILY ie over 10million monthly but cant invest in something as simple as mobile transfer, then something is wrong
Re: Cashless Policy Will Only Affect 10% Of Nigerians by letitrainnow(m): 9:13am On Sep 21, 2019
God help us in this country.
Re: Cashless Policy Will Only Affect 10% Of Nigerians by hush15: 9:16am On Sep 21, 2019
alezzy13:


Then they should go cashless. If you can amass 500k DAILY ie over 10million monthly but cant invest in something as simple as mobile transfer, then something is wrong

How do you do mobile transfer after collating daily sales to deposit in a bank?
Re: Cashless Policy Will Only Affect 10% Of Nigerians by JeffreyJames(m): 9:22am On Sep 21, 2019
Most of the Nigerians making noise online have never gone to the bank to deposit 500,000. Them just wan talk
Re: Cashless Policy Will Only Affect 10% Of Nigerians by FarahAideed: 9:24am On Sep 21, 2019
Flier:
Those market women will probably passed the burden to the consumer
They have organization,once they increase price there is nothing you can do about it

Exactly
Re: Cashless Policy Will Only Affect 10% Of Nigerians by Xisnin(m): 9:30am On Sep 21, 2019
StrikeBack:

Capitalism is bad for a Third world oil country like Nigeria.

Welfarism is what is needed in Nigeria.


I wonder how Nigeria will look like 20years from now.


The rich is getting extremely richer and the poor getting poorer
Welfarism?
grin grin
You want the country to collapse.
Re: Cashless Policy Will Only Affect 10% Of Nigerians by Sammy555(m): 9:33am On Sep 21, 2019
Jestin:
Only waiting for when Naira will equal the dollars rate
lol you go wait tire
Re: Cashless Policy Will Only Affect 10% Of Nigerians by senatoradeolaa: 9:41am On Sep 21, 2019
5-10% Nigerians means people whose transactions are cash based. They can mitigate it by encouraging their customers to pay via online alternatives.

The people who want this policy dead are the politicians who like making cash payment so it won't be traced.

Cashless is a way to reduce inflation and control abuse of our currency.

Let us embrace it.

1 Like

Re: Cashless Policy Will Only Affect 10% Of Nigerians by Enimoney3: 9:42am On Sep 21, 2019
I did a research regarding cashless policy and I discovered it would make sense if we adopt it. Benefits of Cashless Economy

Hello guys welcome to my page.

Today in this write up am gonna point out you the benefits of cashless economy in the society;

In western world demonetization has been started a month ago;

Those who had black money are much worried about demonetization;

ok now let’s know the benefits of cashless economy;

Number 7;

There is no need to carry large amount in cash;

before we want to purchase some big electronics or some other expensive equipments, then we have to bring cash;

so while carrying that much cash, there will be some kind of fear of losing it;

So now carrying a small card is enough for us;

if in case you lost the card, you can immediately block through your bank;

After that their is no tension on carrying huge cash;

Number 6;

Time is very precious thing in our life;

Just think how we are wasting our valuable time in bank, counting money and other cash transactions;

For example we go somewhere to pay bills, ticket booking and other things;

Now think how much time you have saved through e-payment;

Number 5;

Do you remember the purchases and expenses that you made in the last year?

No right;

Through e-payment every single expenses will be recorded in your bank statement or e-wallet;

Then you will be able to manage your expenses;

Number 4;

Protection for your Health;

Yes it gives you protection for your health;

Currency notes are not directly reach you from bank;

It goes on travelling around all dirty places;

It can carry many harmful germs from all places; Do you agree?

And also many people use their leftover to count the currency notes;

is it make sense? Is that good to keep in our pocket?


Number 3;

In india their is an issue about change problem;

For example while shopping something, the product cost will be about 98 rupees;

But the shopkeeper will not give you the change;

instead of change he will give you some chocolates; is it true?

In this case, if we don’t like chocolate, then also we have to keep it;

anyway we lost our 2 rupees change;

Like this way in so many places we have lost our 2 rupees, 3 rupees and 5 rupees;

So e-payments will solve this types of problems;

Number 2;

Your wallet will not be stolen;

If in case stolen, their will be no cash in that wallet right?

Just some debit and credit cards will be there;

but immediately you can lock those cards through your bank;

Then there is no fear for losing your wallet; and there is no use of keeping money at home;


Number 1;

It will improve your savings; How?

To pay bills or purchase something, you have to go somewhere;

So to reach that place you should use a bike or bus; So is your savings improved or not?
Re: Cashless Policy Will Only Affect 10% Of Nigerians by iyatrustee(f): 9:45am On Sep 21, 2019
hush15:


That is not true. Filling stations and businesses generally would suffer....

Businesses should ordinarily have company accts and their limit is N3mil, the 500k is for individuals.

We just like to complain unnecessarily, many people i know who transact big are gradually getting used to online banking to make and receive payments. Even me can not remember the last time i held N500k cash.
Re: Cashless Policy Will Only Affect 10% Of Nigerians by iyatrustee(f): 9:48am On Sep 21, 2019
hush15:


How do you do mobile transfer after collating daily sales to deposit in a bank?

They can encourage pple to pay using the POS. This isnt really a big problem like Nigerians make it look like! Besides, a company's limit is N3mil, how many companies turnover N3mil cash everyday to be honest?
Re: Cashless Policy Will Only Affect 10% Of Nigerians by EgunMogaji2: 9:49am On Sep 21, 2019
sureheaven:
Though may be difficult for some to understand because they've been misled by enemies of progress but the fact remains that this policy is new and may be hard in Nigeria but it's the best.
The western world are using cashless policy and is even better and good for prompt transactions .
It reduces excessive spending.
Allow minimization of fiscal expenditure .
In America , the least u can withdraw on the atm a day is $400 cash.
While ur other transactions is based on cashless transfer of transactions. Though u are entitled to come the other day and withdraw again, it will not go beyond same $400.
In all, there will be no development and advancement if we still retard ourselves with the old method of doing things in Nigeria.
Those in Diaspora understand what i am saying.
May God Help us in Nigeria.

I just love how you guys are experts on USA.

The daily limit is not a base $400, it varies for customers and banks.

At my credit union my daily atm limit is $5K per business day and unlimited POS.

Re: Cashless Policy Will Only Affect 10% Of Nigerians by francisisking: 9:55am On Sep 21, 2019
asuustrike1:
He said with Nigeria having one of the lowest VAT rate in the world, and faced with fiscal challenge, the best way to shore up revenue was to increase tax.
Have the governor asked how VAT are charged in those countries? Is he aware that some SME's are exempted from VAT in those countries?
and you did not even include lowest minimum wage that cannot feed you for 2 weeks..... so what are we benefiting from the govt actually?
Re: Cashless Policy Will Only Affect 10% Of Nigerians by sagieramos(m): 9:59am On Sep 21, 2019
BonkoINC:
I guess many of you don’t even understand this whole Thing ..

Now look tat the photo below.

Thank you for the enlightenment
Re: Cashless Policy Will Only Affect 10% Of Nigerians by vichaz10(m): 10:00am On Sep 21, 2019
heybeemoney:
it will affect 10% of Nigerian?.. Does that implied that only 10% of Nigerian are rich, while d rest are poor?
The example they gave us is that, if we deposit 501,000 the 2% will only be on the excess 1000, amounted to #20 only...
what about if someone deposited 5 millions n the charge will b on the excess 4.5 millions (4,500,000*2% = NGN90,000)...
So bank will collect 90k of my hard earning just for deposit n for the sake of cashless policy?
... furthermore, just of recent FG announced that there will be charges on all online transactions.. why?..
don't forget also forget about VAT of 7%?


How on earth would you deposit 5million naira cash..
Re: Cashless Policy Will Only Affect 10% Of Nigerians by hush15: 10:00am On Sep 21, 2019
iyatrustee:


They can encourage pple to pay using the POS. This isnt really a big problem like Nigerians make it look like! Besides, a company's limit is N3mil, how many companies turnover N3mil cash everyday to be honest?

You will be surprised. How do you think banks makes money? You think its the chicken change that individuals drop?

Am not even mentioning bulk money now... There are businesses that collect drops that can amount to such volumes in cash and they go and deposit at the end of the trading for the day. If filling stations are not enough examples, these NEPA agents that collect payments nko, they collect 15k, 20k like that and at the end of the day, they deposit over 500k once a while banks by 4pm nko?

There are businesses whose turnover is over 500k on daily basis not because they collect bulk funds but cumulative revenue collections. Farms nko? The impact is clear, increase in price so as to cater for the charges.

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