kcng:

IT IS CLEAR TO ALL OF US WHO KNOW WHAT  A CASHLESS- SOCIETY  ENTAILS. SANUSI IS GOD SENT.THE OPPORTUNITIES THAT WILL BE CREATED BECAUSE OF THIS NEW POLICY WILL BLOW YOUR MIND.WEALTH WILL BE REDISTRIBUTED  AND NEW MARKETS WILL OPEN.SME'S WILL GROW AND MAKE MORE MONEY,CAUSE IT WILL BE EASIER TO ASSES AND GIVE CREDIT,SO PEOPLE WILL BUY AND SELL MORE.
THIS IS   THE TIME FOR YOUNG BUSINESS OWNERS TO REPOSITION THEM-SELFS SO AS TO REAP THE FULL BENEFIT OF THE NEW POLICY.GO TALK TO YOUR BANK TODAY AND FIND OUT HOW YOU CAN TURN IT TO YOUR OWN ADVANTAGE.
NEW BILLIONAIRE WILL BE  CREATED.

Kobojunkie:

^^^ There has never really been a Cashless society to date, so NO, it is not clear to all of us, as you claim, what a cashless society entails.  

Kobojunkie:

^^^ There has never really been a Cashless society to date, so NO, it is not clear to all of us, as you claim, what a cashless society entails.  

femmy2010:

We sidon dey look.

i_want_to:

From all I have read on this thread, the main challenges we are crying about is the shops sellers. All shops can go corporate by registering a business name for their shops to help raise their daily cash deposit limit.

Dis Guy:

P.S

printing the cash cost c.37Billion, Managing the Cash cost N200b

He said, “There is no way we can run an efficient economy if we don’t develop e-Payment transactions. We spend billions of naira every year on cash printing. In fact, we spent over N34bn printing cash last year. We can’t continue to incur such costs.


“Banks also spend too much time processing cash. This makes them to focus more on minor functions at the expense of major ones. Banking is not about processing cash. Let them do proper intermediation by ensuring that the bulk of their transactions are more efficient and cost-effective.”

http://www.punchng.com/Articl.aspx?theartic=Art201105060345760

Dis Guy:

Yes to the CBN the problem is mainly cost of printing; to the banking industry as a whole the cost of cash management is huge; transit, insurance, processing time-lines, inefficiency, huge buildings to accommodate huge vaults

The cost of implementing POS and maintaining will be spread between the banks the shops the licensee, and customers perhaps- cash will still be available. I don't think cashless in this context means absolute no paper- just less Ghana must goes

Olaisrich:

my concerns go to the illiterate,which will also affect the elite
imaging you want to pay your mechanics,mason,capenters and all the likes who
were predominantly illiterate, how will you go about it? or do they going
to have literate middlemen that will handle their transaction for them?
what about the security aspect when even banks nowadays are seriously warning
their online customers not to disclose their logging details? we have a looooong
way to go,let test runs it see!

Kobojunkie:

But cost of printing, which CBN claims to be the major problem is not huge when compared to cost of printing in other economies, even Brazil. Last I checked, Banks are private entities and so I don't think it is the CBN's issue to worry how much each bank chooses to spend there.

Cost of implementing Pos terminals, if handled by the CBN as seems the case here, is likely to cost us even more since the same CBN will still busy itself with printing of Cash, in addition to handling and maintaining PoS terminals. I don't how that is tremendous savings considering this Governmental agency is once again, trying to take on a role that should be left to private entities.

scopusng:

I voted for GEJ not PDP. Why are we complaining? I dey laugh. Me sef, I sidom dey look.

What is the point and usefulness of this on this thread

lucabrasi:

they will cope,and they will get used to it.remember the times before gsm?all those demographics didnt know the first thing about using a mobile phone but these days the market men/women,the carpenters all have one if your car breaks down you ring a mechanic and he ll come fix yor car wherever you are
remember less than 10 years ago,a lot didnt even know how to open their emails,internet cafe operators collected 200naira or more to help register for a yahoo email these days virtually everyone has a basic knowledge.
the advantages far outweight the reservations you have stated

Olaisrich:

then you will open a cooporate account that will allow you to withdraw up to a million Naira aday, shikena!

femmy2010:


There exist precedent for the GSM entrance and we all know we were long overdue for its entrance into Nigeria but for this cashless thing i fear fear oo.

My advice is that people must have the choice to go cashless or do it the old fashion acceptable way.

remember less than 10 years ago,a lot didnt even know how to open their emails,internet cafe operators collected 200naira or more to help register for a yahoo email these days virtually everyone has a basic knowledge.
the advantages far outweight the reservations you have stated

Dis Guy:

Cost of printing when compared to other countries can be huge or insignificant depending but if there's a chance to make a saving and perhaps direct that money to somewhere else then good. unfortunately i dont know much different countries print their cash but it will be interesting to include their GDP and other economic indices to see the price holistically

Dis Guy:

The CBN will have to regulate the banks hence will have to monitor their operational cost to set interest rate, charges, fines and other policies- at the end of the day the banks will lend to businesses and you dont want them charging exhorbitant amount they can easily blame on costs incurred

Dis Guy:

the same way the govt has to provide enabling environment to make businesses operate and survive- we can say the the business should provide electricity/water/road for themselves they govt should just provide security and laws

Dis Guy:

the banks already have electronic banking, companies already bought license for POS etc etc the long term benefits outweighs the initial cost- the CBN is only issuing licenses and regulating their operation, those with licenses are current sitting idle waiting for the catalyst-

lucabrasi:

we also have the precedence of a relatively cash free economy not only in many western societies,but in some parts of africa moreover the gsm technology was not as advanced in uk for a fact in the early 90s same as the internet almost the same time it was catching roots in nigeria.

like i stated before, the advantage of lamido's cashless reform at this time is that we only need to understudy  already established societies like the uk,usa,europe,south africa and we cant go wrong.
nigerians complained at the advent of credit cards and other innovations but now getting used to it
dont nit pick the disadvantages,but think of the advantages and how much safer it will make the society
many armed robbers ill not even bother breaking into houses again,what armed robber wants to risk capture for 300,000?
there are armed robbers in western world as well,but they don bother with home invasion because there is no cash,unless they want to pack stereos,sofas and maybe get the bank card and withdraw the daily limit.
a situation where armed robbers will shoot people believing they were holding out on them will cease

hackney:

Card purchase in a country with epileptic power supply.

Next thing shop owners will be saying to customers: "swipe am again, the half current no dey enter money."
Nothing is ever thought through in africa;No wonder blacks dont make anything
Monkeys

bestinvest:

he ,everybody Operation cash less is the best
with my GTB account and A Token device ,you can send money to any bank in Nigeria in 5 second,i do not go to bank again for 6 month now

Kobojunkie:

This FORCE IT ON THE 8% approach is what I am against. Even say na only 1%, punishing them will equal punishing the rest of us.