Zonefree:

If there are truly limited cash in banks, where are pos operators getting cash for transactions?

Filling stations deposit cash in the bank almost every day, but, banks sell the cash to pos operators, the reason ATMs are not functioning.

You've answered the question.

Mynd44:

Sponsored Post

All these long talk, you haven't said anything.

Olachase:
what you just said is pure lie, pos charge #100 for 5k

I hate this type of unverified statement and unfounded accusation.

If it's #100 per 5k in your area,what makes you think it's the same in every area? If someone tells you he buy petrol at 1k/litre in kaduna or Lagos today and another person says he buys it at #900 in Uyo or Owerri for instance, will a normal person in his right thinking faculty called the person that bought it at 1k in Lagos a liar simply bcuz another person bought it #900 in Uyo?

Just as the guy you quoted has rightly said, yesterday I was charged the same amount (#200) per 5k in my area.

So next time,speak of the price of goods or services in your area alone,stop calling people liars for saying what is obtainable in their area.

See as u speak very authoritatively condemning the guy like say you get POS kiosks in every villages in all the states of the federation to know the charges there.

The thing pain me pass the guy wey u even quote sef

budaatum:


Digital money is the next evolution of money, and bank notes would soon be as dead as cowrie shells, it seems.

Not even in 50 years here in Nigeria. Dey play

The real reason,to me,is that there is no cash in the bank.
It's a deliberate policy of central bank headed by Cardozo to starve the banks of cash in order to create artificial scarcity cash to punish the poor masses.

Those in this present government were the same people who were dragging Godwin of the previous CBN administration for this same reason.But today,they and their supporters are clapping hands for the same policy simply bcuz it's done by their people.

Tell me how Nigeria can grow with this type of hypocritical mindset?

Olachase:
what you just said is pure lie, pos charge #100 for 5k

Until you come to Ode in Saapade only then will you sing a different tune

Olachase:
what you just said is pure lie, pos charge #100 for 5k

Bruh, POS guys charge 2h on 5k here in Mapoly area, Abeokuta. He isn't lying. Just say the rate obtainable at your end.

POS HAS

TAKING


OVER

Treasure17:
Our super mod is now a lawyer by default. The truth is there are limited cash in the bank. Probably the CBN is not doing enough in this regard. You have to wet the ground before you get enough cash in the bank now.

The major reason there’s no cash at ATMs, also the POS factor

Mynd44:

Sponsored Post

Bullshit post!.

I won't be surprise of this post is sponsored by someone in banking sector, or even someone making a Hell of money from milking Nigerians through POS.

Tell me, the banks who complain about high cost of maintaining their ATM, they should tell us if the service is free? Don't they charge a certain amount of money if you use ATM that isn't your bank?

If maintaining the ATM is expensive, why did they even engage in it in the first place? Truth is, empowering these POS leeches pays them more than putting cash in their ATMs, since most POS vendors are owned by many bankers. Lol.

Anybody who still believe Nigeria can run a cashless economy needs his or her head examine. I'm sure the market women and men in Mile 12 and Ile Epo will embrace cashless policy. The Naira scarcity of last year is a good pointer. Many of these banks are cheap ass thieves. Even till today, transaction still hang, and you have to go to the bank to retrieve it. So what's even the point. Why not go to the bank in first place and save yourself the hassle.

We like giving ourselves flimsy excuses, and it's such a shame.

Zonefree:

If there are truly limited cash in banks, where are pos operators getting cash for transactions?

Filling stations deposit cash in the bank almost every day, but, banks sell the cash to pos operators, the reason ATMs are not functioning.

They will tell you they get it from market women and they buy it from them also, which is also a crime in Nigeria.

Zonefree:

If there are truly limited cash in banks, where are pos operators getting cash for transactions?

Filling stations deposit cash in the bank almost every day, but, banks sell the cash to pos operators, the reason ATMs are not functioning.

Individuals and businesses don't take cash to banks anymore. They commercialise it.

POS always have cash they get from the banks but no cash at ATMs.

Something is going on.

You have spoken well but are we truly ready for cashless policy when most times no stable network to transact even the banks the so called atm I also get charged for atm maintenance for bro you need to dig deep into you findings most things happening in Nigeria is beyond you and I Comprehension if the appropriate things aren't put in place we will keep experiencing failures in every sector you and I know this

Whois:
We need to embrace cashless policy

It does not mean you strife citizens of cash when they need it.

I will like to talk about the misconception about bank officials selling cash to POS Agents.
There is a possibility of this happening but it may be limited to areas where there are less business activities.
There are lots of issues affecting the traditional banks ecosystem which gave rise to the popularity of POS, some of these are; lack of trust in the conventional banks, network issues, poor customers relations, poor dispute resolution, frivolous charges such as charges on cash deposits amongst others.
Now, the Fintechs steps into the business, capitalized on the weaknesses of the traditional banks and are ahead of the game. That's why the POS are quite popular, they are so popular that either you like it or not, there is no way you won't have something to do with them. I have seen or heard on many occasions whereby customers call POS agents in the middle of the night to help them recharge their prepaid meters, which bank officials can do that at that wee hours?
So basically, the ease that comes with the operations of POS is what contributed to its acceptability and popularity.
In another scenario, I have been trying to get a first bank ATM card for three times now but each time I visit, I usually spend like 30-40mins there without any success.....it's either the network is down or the cards are finished. That's not the same with the Fintechs, you get an instant card within 3-4mins.
Now, going back to the way POS have cash.......before the Emefiele cash scarcity era, businesses use to deposit large sum of money in the banks, whatever they make either daily or weekly, they take it to the bank and deposit it, but during the cash scarcity period, they were overwhelmed with POS people who approached them for cash, some of them gave it out for free while it was reported that a larger part of them sold it. So after the cash scarcity period, businesses were no longer comfortable of taking huge cash to the banks anymore as the POS people are still coming for the cash. So in summary, POS people get their cash from businesses such as petrol stations, coldrooms, restaurant, major market, supermarkets, NURTW members, Hotels and nightclubs etc. For those claiming that bankers sell cash to POS Agents, please, do your research well, most of the businesses I mentioned above don't take cash to the banks anymore, they give to POS Agents who in turn transfer to their account and funds reflect promptly.

Zonefree:

If there are truly limited cash in banks, where are pos operators getting cash for transactions?

Filling stations deposit cash in the bank almost every day, but, banks sell the cash to pos operators, the reason ATMs are not functioning.

Banks sell cash to politicians and those big business people who withdraw huge cash for their daily transactions.

Most POS people get cash from business men, traders and filling stations.

NeckingNgulping:


They even have WhatsApp groups where they inform each other the particular ATM that is dispensing.

You can't be serious

MasterofNL:


You can't be serious

This is very serious.

Pacesetter123:

I hate this type of unverified statement and unfounded accusation.

If it's #100 per 5k in your area,what makes you think it's the same in every area? If someone tells you he buy petrol at 1k/litre in kaduna or Lagos today and another person says he buys it at #900 in Uyo or Owerri for instance, will a normal person in his right thinking faculty called the person that bought it at 1k in Lagos a liar simply bcuz another person bought it #900 in Uyo?

Just as the guy you quoted has rightly said, yesterday I was charged the same amount (#200) per 5k in my area.

So next time,speak of the price of goods or services in your area alone,stop calling people liars for saying what is obtainable in their area.

See as u speak very authoritatively condemning the guy like say you get POS kiosks in every villages in all the states of the federation to know the charges there.

The thing pain me pass the guy wey u even quote sef

I feel your shared pain.

Olachase:
what you just said is pure lie, pos charge #100 for 5k

Some charge 100 some charge 150 per 5k

Some might charge 200 depending on the location.

meobizy:
If you read that post, you are jobless and broke. The moderator wey collect money post am no read am too.

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