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Nairaland Forum / Nairaland / General / Business / CBN Cashless Policy Is Good For POS Business (34547 Views)
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Re: CBN Cashless Policy Is Good For POS Business by Osidoshit(m): 6:34pm On Dec 07, 2022 |
Kust imagine the rate at which POS operators will be Robbed.... |
Re: CBN Cashless Policy Is Good For POS Business by Tallesty1(m): 6:35pm On Dec 07, 2022 |
pocohantas:True and many Nigerians don't know how to do all that. The policy itself is a good thing but Nigerians are not half ready. Many people still go to the bank to check their account balance sef 2 Likes |
Re: CBN Cashless Policy Is Good For POS Business by yaki84: 6:37pm On Dec 07, 2022 |
don4real:Do u know what banks charge business account owners? 2 Likes |
Re: CBN Cashless Policy Is Good For POS Business by Simeonjoe1: 6:37pm On Dec 07, 2022 |
Tallesty1: Nigerians are always not ready na watin make this country backward. You either wait for underdevelopment or drag others along to prosperity |
Re: CBN Cashless Policy Is Good For POS Business by bixton(m): 6:40pm On Dec 07, 2022 |
thebosstrevor1: Why am I transferring money through the POS from my account into another account when I have a phone to do same thing? POS will just be out of business if care is not taken if we intend to do cashless in it's real sense. All it takes is every business owner(products) having a POS to accept payments from people who don't know how to used bank apps or ussd codes for payments. |
Re: CBN Cashless Policy Is Good For POS Business by Fuckyoumod: 6:40pm On Dec 07, 2022 |
thebosstrevor1:what's this? Why would I go to POS to pay somebody to transfer money for me, when I have USSD code and Firstmonie App, UBA bank app, Zenith bant app and GTbank app? Mtchwww..... You don't know what you are analysing. POS business is dead and gone! 95% transaction of POS is based on withdrawal. Because banks are far from our reach. So we rely on POS to get cash and pay commission. Since they can't give me cash anymore, they will be useless to people like me. 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by VEHINTOLAR: 6:47pm On Dec 07, 2022 |
There is no way the cbn cashless policy won't impact POS business negatively,especially cash payments aspect of it which is the real deal. Any smart POS operator will have by now started an aggressive advertisement for other services like funds transfer,fees payments,etc. As someone rightly observed here,the objective is to discourage cash withdrawal. So,there won't be enough cash for the pos operators to fund their businesses. That's just the painful reality they must embrace ! |
Re: CBN Cashless Policy Is Good For POS Business by don4real: 6:47pm On Dec 07, 2022 |
Yes I do, this will make their cash withdrawal charges more. yaki84: |
Re: CBN Cashless Policy Is Good For POS Business by Nomsco: 6:47pm On Dec 07, 2022 |
thebosstrevor1: They can only make money based on small cash deposits. Don't forget that the supposed customers of POS operator are limited to a certain amount to be deposited through that link by the virtue of the new cash policy of weekly withdraws. |
Re: CBN Cashless Policy Is Good For POS Business by Parachoko: 6:48pm On Dec 07, 2022 |
GoldSantana:This is what I feel will happen top 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 6:48pm On Dec 07, 2022 |
thebosstrevor1: But there is bank app. And many mobile wallet offers free transfer. POS only do transfer when you give them cash. Most people will rather use USSD transfer and bank app since it's cheaper. So, it doesn't benefit them in any way. 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by BJanta: 6:49pm On Dec 07, 2022 |
BATified2023: Besides, most tranctions would be done using USSD and banking apps. How much can you even transfer per day, per week using POS? But there is no limit placed on Internet banking transfer. Everybody who takes money in and gives money out will learn to use USSD or Internet banking, and also keep bank accounts. And once people get used to the system, POS would be shoved aside. I'm looking forward to a time when everyone will possess those POS machines as personal devices for personal use. We're there not commercial phone calls services when GSM was newly launched. Where are they today? Where are Multilinx, Starcomms, EMIS today? |
Re: CBN Cashless Policy Is Good For POS Business by mastermaestro(m): 6:49pm On Dec 07, 2022 |
By July 2023 this largely dumb policy would have been reversed just like most of this administration's destructive economic policies. If they were not cowards, why did they have to wait out their tenure before coming up with this shit? They should have implemented this since and bear the consequences. Subsidy removal is lurking at the corner also. They are just laying economic landmines for the incoming administration. Do you know the economic shocks and groanings this would cause a large chunk of the populace who are mostly illiterates and live on daily cash transactions...hand-to-mouth wage earners? POS withdrawal charges are going over the roof for sure. Get ready to withdraw 5k with 5h. 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by seanwilliam(m): 6:50pm On Dec 07, 2022 |
bdon123: you’re also wrong. Before the policy , not everyone can use ussd or bank transfer, you can always use your card at the pos to transfer, you will be debited including charges. E.g an old man who has atm card and wants to transfer or pay for goods ofover 20k but doesn’t know how to use bank app or ussd , what he needs to do is to go to pos , the money will be debited for his atm card including charges . No one needs more than 20k cash per day . The 20k cash will cover petty petty spending like buying maggi, paying tfare , paying your barber etc. Honestly this is a welcome development. |
Re: CBN Cashless Policy Is Good For POS Business by Richy4(m): 6:50pm On Dec 07, 2022 |
Simeonjoe1:I understand that but with cashless policy, cash will not be readily available the way I believe it is now... Asking for a whole lot of physical cash will make the bank to raise an eyebrow especially when it is a lot of money.... Australia for example is a cashless country.. Armed thieves only steal convenient stores and petrol stations of cigarettes,...if they were lucky they might see petty cash available that is not even up to $300... Because people were paying with cards |
Re: CBN Cashless Policy Is Good For POS Business by davidadenrele: 6:51pm On Dec 07, 2022 |
Your so called POS opinion is self centeredness, selfish and very inconsiderate. 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 6:52pm On Dec 07, 2022 |
Typicool8: They will adapt. For progress, some sacrifices need to be made, and this isn't much of a sacrifice. We can't be stuck in the past because of some inconvenience. Humanity isn't where it is a thousand year ago. Many blood where drained to get to this point. So, learning not adapt, instead of complaining. Your complaint can never hinder progress. |
Re: CBN Cashless Policy Is Good For POS Business by Blessed4sure: 6:52pm On Dec 07, 2022 |
This policy will rapidly increase the use of POS by business outlets as they'll receive payments by deducting from buyers' account using ATM cards. (As an alternative to transfers using USSD, apps and internet banking). I.e there'll be rapid increase in payment with cards, which is the aim of the CBN. This will help to improve Nigeria's financial intelligence operations. But the POS business run by operators will be greatly affected. 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by Parachoko: 6:52pm On Dec 07, 2022 |
thebosstrevor1:I don't understand why this is so hard for them to understand |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 6:54pm On Dec 07, 2022 |
BATified2023: Then the market woman will do electronic transaction wherever she want to stock up. |
Re: CBN Cashless Policy Is Good For POS Business by Kaybee7000(m): 6:58pm On Dec 07, 2022 |
na u get time for the op wey no understand the policy,the policy na to discourage withrawal while encouraging deposit and these two operations can be done through POS.So any form of withrawal will b affected wether POS or not |
Re: CBN Cashless Policy Is Good For POS Business by Freethinker87: 6:58pm On Dec 07, 2022 |
This analysis is laughable, It's like saying there is going to be an epidemic but it won't affect children. POS business will be the first casualty of this policy, they'll be completely wiped out. Think about it, why will I need POS when I can simply perform my transactions through NFC with my phone? The technology is simple and easily deployable. Soon SMEs, Iya-buka, and the mallam at the street corner will have NFC or QR-payment. The biggest gainers of this policy are FinTech companies. They'll leverage this policy and develop QR payment gateways for SMEs. Opay already developed theirs. Tap-to-Pay will be the way we pay for meals at the Buka going forward. It's a good policy but saying it won't affect POS is insincere. 5 Likes 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by Penisman: 6:59pm On Dec 07, 2022 |
thebosstrevor1: What happens to the person's mobile App? 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by yaki84: 7:00pm On Dec 07, 2022 |
don4real:And which nigerian will want to pay more for pos charges? 2 Likes 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by Nobody: 7:01pm On Dec 07, 2022 |
PARADIZEPRIEST: All these policy is to encourage the use of the eNaira. You will notice that there is cash shortage when the eNaira first come out. All in all, I believe it's good policy. We can't always please everyone. 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by somehow: 7:01pm On Dec 07, 2022 |
BATified2023: POS is supposed to register as a business so their limit should be higher. |
Re: CBN Cashless Policy Is Good For POS Business by Parachoko: 7:03pm On Dec 07, 2022 |
Cantonese:Have you forgotten you can withdraw up to 100k in a week? Have you ever bought something of 100k from a hunter before? Well, in time, everybody will get use to it |
Re: CBN Cashless Policy Is Good For POS Business by kevoh(m): 7:06pm On Dec 07, 2022 |
adekennis:Lol... A POS operator in a busy area can exhaust 500k cash withdrawals in a day. Even in a less busy place, two days max. Registering as 500k is no loophole! 4 Likes 1 Share |
Re: CBN Cashless Policy Is Good For POS Business by somehow: 7:10pm On Dec 07, 2022 |
Dsalvo: Then register your POS as a Ltd and enjoy higher limit. 20k per day is for 'individual POS'. Cashless policy is here to stay. |
Re: CBN Cashless Policy Is Good For POS Business by tonardo(m): 7:12pm On Dec 07, 2022 |
You don't know how these things work.. You didn't make any sensible � point.. 1 Like |
Re: CBN Cashless Policy Is Good For POS Business by don4real: 7:13pm On Dec 07, 2022 |
They will only complain at the early stage then get use to it. Prices of things skyrocketed but we are still buying them. yaki84: |
Re: CBN Cashless Policy Is Good For POS Business by don4real: 7:14pm On Dec 07, 2022 |
This is the way to beat this policy somehow: |
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