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Nairaland Forum / Nairaland / General / Politics / Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits (14214 Views)
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Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by medjai(m): 2:15pm On May 03, 2011 |
songus:A country with less than 20% internet penetration. . . Nigeria is not ready for the transition into a cashless society. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Sagamite(m): 2:16pm On May 03, 2011 |
denzel2009: Bruv, I have no doubt you are right they make over N150K a day. They have to have a business account, that allows them to make transactions of up to a million. If they don't want to, then they can take my option (b). songus: Your "First Class" did not tell you that a vast majority of businesses that you will transact over N150K with will have generators? Our education system has completely collapsed. medjai: Highly unlikely that the 80% with no internet penetration will be making transactions of over N150K a day. Init? |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Tolulop001(f): 2:17pm On May 03, 2011 |
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? |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by CrudeOil2(m): 2:35pm On May 03, 2011 |
Tolulop001:Impressive entrepreneurial acumen. Goodluck. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Seun(m): 2:50pm On May 03, 2011 |
Tolulop001: Nice try, appealing to our greed, but what happens to your 'business' when the unwise policy is canceled? |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Tolulop001(f): 3:02pm On May 03, 2011 |
Seun: its not a business, this is simply being at the helm of affairs and thinking ahead of the game. I dont see any greed in that. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by occam(m): 3:13pm On May 03, 2011 |
medjai: Actually it's 29% penetration (44 million users); and rising driven by mobile web usage. The need for ebanking is growing everyday in cities like Lagos and we must encourage more people to use ebanking channels. The benefits are huge and we can't ignore My only concern that CBN is too abrupt and 1 yr is not enough time to allow consumers and businesses to adjust. They should introduce it within a 3 yr period. Start with a limit of N500,000 in 1st year and reduce it gradually to N150,000. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Kobojunkie: 3:56pm On May 03, 2011 |
Sagamite: I suggest you go back to read the policy well before you continue. How many side mechanic stores own cooperate accounts? And yes, it is possible for such small stores to bring in more than Naira 150,000 to Naira 1 million in sales a day. We have already been through this before now. So, you are not really coming in with anything new here. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Sagamite(m): 4:03pm On May 03, 2011 |
Kobojunkie: If it is a business transaction, what stops them from opening a business/corporate account? Who said it is not possible for small stores to bring in N150K a day? occam: 3 years? Na NASA project? ![]() 1 year is more than enough. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by denzel2009: 4:05pm On May 03, 2011 |
Sagamite: Most of these people don't fancy paying bank charges on corporate accounts. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Sagamite(m): 4:08pm On May 03, 2011 |
denzel2009: Then they will have to: A) Open multiple individual accounts. or B) Shuffle frequently between lowest fee chargers and create competition between the banks. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Kobojunkie: 4:42pm On May 03, 2011 |
Sagamite: um . . . probably because of the stipulations that come with owning a cooperate account? ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() You are the one who asked . . . and I answered. That people are poor does not mean their businesses cannot bring in that much a day. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by occam(m): 4:49pm On May 03, 2011 |
Sagamite: So many pieces to make this work and CBN will need time to fix things along the way. Pus, its a smart approach to manage expectations. You know Naija, any small hiccup "the I told you sos" will start calling for Sanusi to go, scrap the whole thing or both. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Kobojunkie: 5:08pm On May 03, 2011 |
occam: You also, quite conveniently by the way,forgot to add that this innitiative is almost solely PRIVATE SECTOR DRIVEN and not Kenyan Central Bank IMPOSED. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Sagamite(m): 5:12pm On May 03, 2011 |
Kobojunkie: Then they will have to open multiple accounts. Their lack of wish of not opening a coorporate account is not grounds to stifle progress. The policy and the parameters set seems very realistic and well thought out in this case. Very very few people spend over £600 a day in Nigeria. Those that can, plan in advance as it is a big-ticket purchase. Even in the UK, we don't spend like that without planning in advance. Anyone that can blow N1m in a day should be sharp enough to obtain technological aid or hire someone to do it for them. occam: Sanusi is smarter and braver than the average Nigerian reetard! It is not a positive to delay the benefits by 2 years in my view. 1 year is very sufficient. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Kobojunkie: 5:13pm On May 03, 2011 |
Sagamite: ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Nevermind!!! |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by occam(m): 5:27pm On May 03, 2011 |
Kobojunkie: And your point? I used Kenya as a case study on a successful ebanking program. Not to compare & contrast private vs Govt intiitated Look, ebanking channels includes: online banking, mobile banking, ATM, POS & Mobile Payments. Of all these, there is greater opportunity for Mobile Payments to flourish in Nigeria since it relies mainly on mobile phones, hence my use of the Kenyan example. As we speak UBA is testing a Mobile payment program. Also a private sector company launched a Mobile payment platform early this yr targeting the unabnked population. so you see it's picking up in Nigeria. Only skeptics like you will nitpick and find ways why it won't work |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by chamber2(m): 5:58pm On May 03, 2011 |
I wonder why people are still wasting their time debating a hasty policy designed to enable SLS get a 2nd tenure. Have you all forgotten that our technocrats are all politicians in suit ? Most of the people supporting this policy don't even reside in Nigeria, they have not operated any business in Nigeria, and most rely on google.com for information about the country. Unorganised private sector still constitutes larger % of the Nigerian businesses and majority of the people in this sector make transactions in excess of 150k/day.Any policy that does not give people freedom to make choice is not a good policy.Rather than give incentives you are charging fees from the same small scale businesses that need to be encouraged.Most of these businesses don't even have access to bank loan and incur high operating cost as a result of unavailability of basic infrastructure. For the policy to work, we need to have (1) reliable power supply (2) access to internet facilities (3)adequate online security system (4) proper enlightenment campaign (5) POS (6) proper insurance protection and law protecting customer transactions in the event of fraud etc etc I trust GEJ, if SLS does not review this policy, especially the area of charging extra fees, the policy will be swept under the carpet as usual. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Kobojunkie: 7:36pm On May 03, 2011 |
occam: Instead of constantly trying to find someone to throw under the bus, please learn to read. First of all I have tried getting you to figure out how comparing success of electronic Payments( INNITIATIVE MANNED BY PRIVATE SECTOR) in kenya to this is your FIRST MISTAKE. ELectronic payment ALREADY WORKS IN NIGERIA. There are reasons why it is not getting as much exposure in Nigeria, as you see it -- about 25% trend -- in kenya. And that is where the private sector needs to do more in Nigeria. This CBN policy however does not help the consumers/small business owners by essentially FORCING them to adopt this innovation. Kenya DOES NOT HAVE SUCH POLICIES . , the electronic payment wave was driven by the market over there. So, again, stop trying to compare Apples and stones, and stop trying to feel you even know what you are talking of cause you keep revealing you don't even what drives these things. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by sulad82i(m): 8:55pm On May 03, 2011 |
Kobojunkie: Kobojunkie, you are talking as if you are very sure about Kenya and that you were part of the policy makers. I do not belive in forcing consumers to adopt a product but sometimes there are exceptions. This policy has its pros and cons just like every good policies of the world. Yes, this policy smells like private and we can see their hands all-over it. Majority of small business owners and older folks dont do a lot of transctions in excess of 150K for most of the time. So whenever they have something that will cost this much, they've had 1 year to plan for it. Big businesses knows better, this secure them and their money from being taken as we've read coutless time. Not that this policy will eliminate fraud or eliminate money laundering, it will make it more difficult for some pple to do this and put more security in the hands of banks and CBN. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Kobojunkie: 9:03pm On May 03, 2011 |
sulad82i: Well, that is because Central Bank of Kenya's information is online and information on how different banks implemented electronic payment and more in Kenya is also online. No informations on Withdrawal maximums on Cash in Kenya or any such to FORCE people to use less cash or drive them to adopt electronic payment methods as some claim this is about. Electronic payments in Kenya really had little to do with the Central Bank policies down there but more to do with individual banks, and private entities coming together to create solutions, and then sell these solutions to customers etc. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by sulad82i(m): 9:27pm On May 03, 2011 |
Kobojunkie: Accepted, that you are right about kenya, this policy is still in the realm of the CBN when it comes to 9ja. Free market decisions and response to it are reasonable in a country where things are okay & market are controled freely by the marketers. This is a perfect or near-perfect situations which we all want do deal with. Unfortunately at this time, 9ja is not there and hard decisions and policy like this has to be implemented before we get to promise land. Sitting dormant is not an option and the country will not get to its right place by itself without this kind of policies. Unfortunately it going to be tough for some pple and businesses but its a policy I blive will lead us 9ja towards a positive direction and also create some businesses for the credit card/debit card/atm card issuers. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Kobojunkie: 12:13am On May 04, 2011 |
sulad82i: What I see you doing is making apologies for this policy, as so many others continue to, and not much else. There is not much of a difference between the Nigerian situation/market and, the Kenyan market, and nothing stops the free market from making the decision even in this case, as it did in the telecommunication sector. We experienced the power of the free-market back when telecommunication providers came in to the economy, and yes, the electronic payment providers are already in there and gaining. So I see no reason for this move, especially since we operate a democracy. There is no such thing as a perfect or near-perfect situation -- the market does not claim to offer any guarantees. It simply flows whatever way it will and this really depends on the consumers and the service providers. The CBN coming in to penalize people when they try to withdraw their own money is probably going to cause people to distrust the system a bit more. I understand that you agree with policy JUST BECAUSE. But effectively defending it is something entirely different from you continue to do so far. That aside, what will happen will happen . . . that is usually what happens in Nigeria and that to me is fine. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by bhsadmin: 6:37am On May 04, 2011 |
woa, this will at least reduce the rate of money laundry activities too and fro the country. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by casig: 7:03am On May 04, 2011 |
The policy is, on the whole, good. But the problem we have in Nigeria is that our governments and leaders often want to imitate their counterparts in the developed countries in policy-making without first providing the education, infrastructure and enabling environment necessary for the successful implementation of such policies. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by Best2Be: 7:44am On May 04, 2011 |
i hope strongly support this, too much 2 much wayo and mago mago. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by sayso: 8:58am On May 04, 2011 |
Tolulop001: This is what any bright person should be thinking about.@Seun it is all about staying in the better position.Please those in the financial sector,any bright ideas |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by DualCore1: 2:07pm On May 04, 2011 |
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. Not into all this bank voodoo but does this mean Zenith Bank's Websurfer card will stop? Cuz that card is powered by CSC Lebanon and its the sanest Mastercard in Nigeria. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by kayalcomp: 2:09pm On May 04, 2011 |
what concern them with the way we handle our money. instead of them to think of how to provide work for thousands of graduates roaming the street. they are thinking of making life diew hdrafficult for some people. what of if i want to collect N2m from my money to buy a car. i have not gottten one. How do they expect me to withdraw it? withdraw it by paying some money for exceeding limit? It is a useless idea. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by kayalcomp: 2:11pm On May 04, 2011 |
this is not the right time for this type of policy. |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by sulad82i(m): 3:11pm On May 04, 2011 |
Kobojunkie: Since you know so much about democracy and free market, given the situation CBN is trying to curtail and or introduce, what will you have done if you have the chance to make a decision? What will you advice someone in the CBN president's position about how to handle the situation? |
Re: Full Text Of CBN Circular Limiting Cash Withdrawals & Deposits by otukpo(f): 3:39pm On May 04, 2011 |
Am still thinking of how this policy is gonna work. |
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