iyatrustee:


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.

Yes companies but enterprises aren't company. Most of these enterprises are individuals that run individual accounts and form majority of the informal sector or trade and there deal with high volumes. Those are the SMEs they will suffer. ...

hush15:


Yes companies but enterprises aren't company. Most of these enterprises are individuals that run individual accounts and form majority of the informal sector or trade and there deal with high volumes. Those are the SMEs they will suffer. ...

The charges i read will be on the excess of the N500k limit, but then, nothing stops them from opening an acct in the business name so long it is registered.

hush15:


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.

You probably need to understand my point. 3mil daily turnover in cash! Not everybody pays for services with Cash. That said, businesses most times have more than 1 bank account, if u exceed ur N3mil limit, pay in the rest into another account.

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.

Those %centage are going into CBN pockets.
They are after their own pockets.
You don't want my money outside and you charge me for bringing it to the bank...

Nigeria don't always do what will be our advantages but disadvantages. My name sake u done start abi

vichaz10:



How on earth would you deposit 5million naira cash..

oh.. so after sales i should deposits only 500k and keep the rest in my office for the sake of cashless right?

Xisnin:

Welfarism?

You want the country to collapse.

Are you talking of the already collapsed country

StrikeBack:
Are you talking of the already collapsed country

You won't have a phone if the country has collapsed.
Even if you have a phone, you will be too busy defending your community than
dreaming online.

Hmmm, na dem sabi...Naija is getting worse by the day

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%?

Oga,why r u calculating money that u don't have?

hush15:


Yes companies but enterprises aren't company. Most of these enterprises are individuals that run individual accounts and form majority of the informal sector or trade and there deal with high volumes. Those are the SMEs they will suffer. ...

Oga stop pouring us spit here...This thing is simple. Get PoS for your. customers or encourage them to pay into your account. We want to limit cash transactions. Is that too hard for you to understand?

this is not even a problem. i go kuku withdraw 250k twice na

Okoroawusa:

Oga,why r u calculating money that u don't have?

yes my Oga at the top...
you're entitled to your opinions n conclusion...
it possible that you are right or wrong, but that your conclusion is not for me n will never...
Thanks

heybeemoney:



oh.. so after sales i should deposits only 500k and keep the rest in my office for the sake of cashless right?

See those who make sales of up to 5m receive not less than 70% of that through cashless means...

hush15:


Yes companies but enterprises aren't company. Most of these enterprises are individuals that run individual accounts and form majority of the informal sector or trade and there deal with high volumes. Those are the SMEs they will suffer. ...

Oga which high volume are they doing?

500k for individual and 3m for corporate.

The people you claim are using individual accts for HIGH VOLUME- you can't deposit above 5m in your individual account without it getting flagged for money-laundering checks.

You definitely won't keep doing it everyday because of some HIGH VOLUME sales.

So, which high volume are you on about?

If you are doing above 3-5m in a day, you are no "SME". You should have a corporate account, except both you and your customers are unserious.

iyatrustee:


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.

Truth is, businesses that handle this kinda money have moved on since. All these social media reactors do not have the money. They are crying more than the bereaved.

pocohantas:


Oga which high volume are they doing?

500k for individual and 3m for corporate.

The people you claim are using individual accts for HIGH VOLUME- you can't deposit above 5m in your individual account without it getting flagged for money-laundering checks.

You definitely won't keep doing it everyday because of some HIGH VOLUME sales.

So, which high volume are you on about?

If you are doing above 3-5m in a day, you are no SME. You should have a corporate account, except both you and your customers are unserious.

Ah ah
SMEs have corporate accounts already na.
Or is it a wonder to you that an SME can deposit up to or between 5-10m cash in a day?
You sound like having more than 3m cash to deposit is impossible...

Logobenz:
Ah ah
SMEs have corporate accounts already na.
Or is it a wonder to you that an SME can deposit up to or between 5-10m cash in a day?
You sound like having more than 3m cash to deposit is impossible...

Oga, read the trail before quoting me next time. He claimed such "SMEs" run individual accounts.

Thank you.

pocohantas:


Oga, read the trail before quoting me next time. He claimed such "SMEs" run individual accounts.

Thank you.

madam,don't tell me how to quote you.I can quote you whenever I please and however I want.
Thank you.

mrvitalis:
But the poor people would complain the most

you obviously dont have a business or job sef.

if it would affect the 10%(rich) then they should increase the limit to say, 30million for such taxes.


Let me school you, suppose you are a provision wholesaler, and all the money from the sales you make, mind you that your profit per item range from N5-N100 which is less than 5% of cost you bought the items, is deposited to bank and 5% for deposit. Let us assume you want to pay your supplier/manufacturer to restock, another 3% is deducted, making a total of 8%.

To kill you kpatakpata, your business is registered with CAC and you have business/ company account, CAC is waiting for you to pay your tax @ 5% of all monies that hit your account and 7.2% VAT, tell me, do they want to kill small and medium scale businesses and the masses

What will they do with all those taxes if not to loot and lavish it

Logobenz:
madam,don't tell me how to quote you.I can quote you whenever I please and however I want.
Thank you.

I will tell you how to quote me, you don't jump into an argument you know nothing about- It makes you look foolish.

Desist from it, saves everyone time and energy.

Regards

vichaz10:


See those who make sales of up to 5m receive not less than 70% of that through cashless means...

That is a research question n objective for both of us to work on.... lol..
however, how much do u think that some big fueling stations make per day by cash?.. most especially in some big city?..
what about those dealers in Lag, ABJ, ph, n Kano?

pocohantas:


I will tell you how to quote me, you don't jump into an argument you know nothing about- It makes you look foolish.

Desist from it, saves everyone time and energy.

Regards

Insults?
You and I know I am far from foolish,so insinuating I am foolish makes you look foolish
Stop talking like a fool!

Logobenz:
Insults?
I know I am far from foolish,so insinuating I am foolish makes you look foolish
Stop talking like a fool!

...Yea, how can you even be far from it, when you are it. Bye

Jestin:
Only waiting for when Naira will equal the dollars rate

But when the government is making move to a greater future some bigots will condemn it,some that don't even have up to 250k in their accounts are the ones campaigning against it

pocohantas:


...Yea, you are not far from it, because you are it. Bye

Funny,coming from an alleged banker who insinuated an SME depositing above the 3m daily limit is impossible,hence the reason you advise they move to corporate accounts,something they all have
If you knew how retail works,you won't be spitting all these loads of crap from your mouth.
It will be very hard for a retailer to move from cash base transactions unless CBN passes a policy that compels them to do So,like this one.
Reason why major distributors still have bullion vans visit their premises to carry cash.why didn't they move on from cash?
Whenever they are about to be slammed with facts they play the bye card
Armchair economists full NL o

Logobenz:
Funny,coming from an alleged banker who insinuated an SME depositing above the 3m daily limit is impossible,hence the reason you advise they move to corporate accounts,something they all have
If you knew how retail works,you won't be spitting all these loads of crap from your mouth.
It will be very hard for a retailer to move from cash base transactions unless CBN passes a policy that compels them to do So,like this one.
Reason why major distributors still have bullion vans visit their premises to carry cash.why didn't they move on from cash?
Whenever they are about to be slammed with facts they play the bye card
Armchair economists full NL o

Stop being silly and follow the trail. The topic was never about an SME not being able to deposit above 3m.

I know you jumped on it so you can tell us how you move 10m in seconds. Sorry, this isn't the thread for that... Wait for another opportunity

pocohantas:


Stop being silly and follow the trail. The topic was never about an SME not being able to deposit above 3m.

I know you jumped on it do you can tell us how you move 10m in seconds. Sorry, this isn't the thread for that... Wait for another opportunity

If I want to brag I do so directly,not hide behind curtains like some of you people do so let's not make this about me.
I don't know why you think I didn't "follow the trail"...

Logobenz:
If I want to brag I do so directly,not hide behind curtains like some of you people do so let's not make this about me.
I don't know why you think I didn't "follow the trail"...

Abeg, shift make I change channel...

Non of this guy bank policy has positive effect on the mass.... His policies are just for himself and his cronies in the banking sector....

I read on this platform that 2 banks has rake the whooping sum of #3.4million from maintenance charges alone....
When sanusi lamido sanusi was the CBN chairman , all this this fictitious charges were scraped

glink2015:
Non of this guy bank policy has positive effect on the mass.... His policies are just for himself and his cronies in the banking sector....

I read on this platform that 2 banks has rake the whooping sum of #3.4million from maintenance charges alone....
When sanusi lamido sanusi was the CBN chairman , all this this fictitious charges were scraped

no mind these dumb people littered all over the place.
They think the policy is for their "convenience and safety" in hauling cash
Something that is aimed at drawing in more customers for commercial banks.mtcheew!

francisisking:
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?

Nothing!