Mindlog:


Do bank transfer, traders must adapt to limited cash.

Doing transfer isn't the issue, receiving the money is the issue.
Bank network issue even forced FG (NCS) to stop duty payers not to pay into GTBANK at a time.
It's not everyone that's happy walking into a bank collecting 200k to make their pockets bulky in order to go an spend at the market.
I run a POS business, yet I don't go about with cash myself, I try as much as possible to do transfer or card, but I understand that some won't accept it due to the nature of our banking system, the system do not protect the customer in anyway, so some avoid any issue with it.
I still have a 50k erroneously sent by my sales girl unrecovered till date more than 2yrs ago.
Bank said I need a court order, because it's not a huge sum, it was difficult getting a lawyer, I eventually got one, he wanted to collect more than 50% (30k), I negotiated to 20k, he accepted while talking on phone, afterwards, he stopped responding to me despite the fact that I'm ready to pay the 20k full in advance of the job.
I later learnt from the person that introduced him that it's because of the money, that it's too small

franugo:


Still doesn't stop the agent from giving his customer cash, the person you quoted is correct. If the customer does a normal transfer to an account that the agent controls, how will CBN or the bank know that this is not a normal transfer but actually payment for cash?

It is stated in the report, read it again
The report says all channels controlled by the agent, the accounts will be put on a platform controlled by nibss, with the agent BVN used for monitoring.
What is stated in the report is already been done by some banks on individual account.
Some banks no longer allows you to withdraw from different multiple accounts you have with them

Mineisgrace:
This is a very good move. Pos is not supposed to be able to transactt more than 60k on an at card at most.
Atleast there is ussd and also banking apps

This will help control criminals with access to people's banking cards

the criminality we should focus on now is the one commited by the same man (CBN governor) politicians and high profile office holders, but unfortunately they dont use POS so limiting pos transactions affects only the poor with zero positive effect on our economy ...so just stfo

temitope27:
so selling us our money is business to you

Yes, it's business!
If you don't want to buy money,then tell your lord in CBN to make money available in commercial banks and ATM points for you.

oluwaseyi0:


You get it wrong

It's cash withdrawal that's limited

What about card payment and card transfer? You people self.

santaclaws:
LOL all these policies will stifle business activities. Imagine you want to buy a bag of rice for N105k, then they tell you you've exceeded your daily limit (for cash withdrawals).

This is a period when bank transfers aren't so reliable...

Is 100k what it used to be? Cardoso goofed on this one.

Have you forgotten there's something called "online transfer"?

Cashless economy is applied when the currency has great value like dollar and pounds. Not for naira that it's 2000 is equivalent to a dollar

maasoap:


Emefiele is a mega thief

He is not.
No court of competent jurisdiction has ever convicted him of any financial crime.
You people were accusing him of causing cash scarcity thereby inflicting pains on the masses.
But Cardoso is even doing worse and the same you people are now applauding him.
That's hypocrisy of the highest order.

OlujobaSamuel:

It is stated in the report, read it again
The report says all channels controlled by the agent, the accounts will be put on a platform controlled by nibss, with the agent BVN used for monitoring.
What is stated in the report is already been done by some banks on individual account.
Some banks no longer allows you to withdraw from different multiple accounts you have with them

When a customer inputs his ATM card in an agent's pos terminal, the customer's account is the one debited and the agent's pos account is credited, this is a card transaction and is sometimes called cash-out. Also, when a customer does bank transfer, the agent's account is credited and customer debited. In both instances, agent is credited and customer is debited but via two different channels. CBN has now said they're limiting cash-out to #100,000, that means card withdrawal, not bank transfer. What this simply means is that you cannot use your card to withdraw above #100,000 on a POS terminal, it does not mean that you cannot trf to the agent and have him release cash. The transfer part now is a loophole that will be exploited by the agents. The major people this will affect are the major agents like Firstmonie agents that want their transactions to show on system so they can receive rewards for POS usage.

franugo:


When a customer inputs his ATM card in an agent's pos terminal, the customer's account is the one debited and the agent's pos account is credited, this is a card transaction and is sometimes called cash-out. Also, when a customer does bank transfer, the agent's account is credited and customer debited. In both instances, agent is credited and customer is debited but via two different channels. CBN has now said they're limiting cash-out to #100,000, that means card withdrawal, not bank transfer. What this simply means is that you cannot use your card to withdraw above #100,000 on a POS terminal, it does not mean that you cannot trf to the agent and have him release cash. The transfer part now is a loophole that will be exploited by the agents. The major people this will affect are the major agents like Firstmonie agents that want their transactions to show on system so they can receive rewards for POS usage.

I think we both have different understanding of the rule.
Let's wait and see the implementation

Can any agbadorians tell me what Tinubu has done differently from Buhari?

Infact Buhari the dullard is far better than this catastrophic failure in power

[b][/b]

Ever8090:
the criminality we should focus on now is the one commited by the same man (CBN governor) politicians and high profile office holders, but unfortunately they dont use POS so limiting pos transactions affects only the poor with zero positive effect on our economy ...so just stfo

Exousiang01:


The POS agents are the reason you don't have money in the banks.
There is cash out there but no money in the banks.
With this move, the POS agents will stop buying cash from traders and traders will have to take their money to the bank so that you can now withdraw from the ATM without anybody asking you to pay for you to spend your money

You really failed economics in school. POS agents now stronger than banks, go back to school.

YeyeGbami:


He knows, he just wan foolish. Why do you need cash to buy bag of rice.

Is POS terminal majorly on cash? Majority of people who buy stuff from the makets and malls either pay with their card or with transfer. Ignorance is a disease.

temitope27:
so selling us our money is business to you

They are doing business. Banks should also find ways to do their own business.

Whenever I remember that Emefiele is suffering and being punished for implementing this same useless cashless policy while this present government is being applauded for its implementation ,it pains me a lot.

:Pwe too like play in this country

Pacesetter123:

Yes, it's business!
If you don't want to buy money,then tell your lord in CBN to make money available in commercial banks and ATM points for you.

Those monies ends up in POS pockets including the monies traders were supposed to take to bank for deposit. Nigerians always take advantage of every loopholes in Government policies. POS was designed for payments in stores, supermarket, Hotel, Filling Station etc. But Nigerians turned it into a business avenue by trading cash. Now, CBN will limit every card withdrawal to 100k per day. That automatically means a POS agent with multiple cards can't withdraw more than 100k from ATM Machines anymore. This will create availability of funds in ATM Machines for others to withdraw for personal use instead of always patronising POS Agents. Their BVN will also be tracked to avoid some of them sending monies into their close associate accounts for withdrawal. We Nigerians are the one lamenting that there is limited cash inflow and the CBN has just come up with a policy in the interest of Nigerians. You can make transfer worth more than 500m in a day but you can't access more than 100k cash from the ATM. Or else you get more by buying from POS.

vanbonattel:
Anything to limit or kill all the small businesses is what drug baron and his bunch of crooks wants.

This is long overdue ; when Emefiele introduced this same policy kidnapping was reduced grossly.

So, who is now better? Emefiele or Cardoso?

Solsix:
If not for opay and palmpay I don't know I will be managing. Tufiakwa

they will take the fight to Fintechs sooner...the goal is frustrate Nigerians and bring them to their knees....

Tinubu is clueless bastard. Nature will punish them for making Nigerians go through this kind hardship.....

usmanktg2:
Don’t think they have implemented this

Why?

franugo:


When a customer inputs his ATM card in an agent's pos terminal, the customer's account is the one debited and the agent's pos account is credited, this is a card transaction and is sometimes called cash-out. Also, when a customer does bank transfer, the agent's account is credited and customer debited. In both instances, agent is credited and customer is debited but via two different channels. CBN has now said they're limiting cash-out to #100,000, that means card withdrawal, not bank transfer. What this simply means is that you cannot use your card to withdraw above #100,000 on a POS terminal, it does not mean that you cannot trf to the agent and have him release cash. The transfer part now is a loophole that will be exploited by the agents. The major people this will affect are the major agents like Firstmonie agents that want their transactions to show on system so they can receive rewards for POS usage.

The policy should take effect on only ATM Machines withdrawal not POS Machines. Cash withdrawn from POS machines shouldn't affect the ATM Machines daily withdrawal. That shouldn't be a problem for CBN to configure if they don't want this policy to cause my havoc to the present inflation.

Chinjo2:
Why is it that it is every December that CBN always bring out policies like this?
You go to your bank and they tell you no cash, now they are telling us you can't withdraw more than 100k daily of your own money vio POS. If you decide to make transfer and they debit you without dispensing, your bank will ask you to wait for 14 working days before reversal.
Na wa for this country sha.

No be only Naija this one dey happen even in USA and some other countries also set a withdrawal limit for their citizens.

It's just that this isn't the right time to bring in a policy and implement it at undemocratically.

May Almighty God bless all Nigerians. Aamin 🤲

elasticlala:
CBN is a major problem in Nigeria. They don’t ever think of other possible solutions to any problem than restrictions. Nonsense!

I know you can think out of your dirty box

OYA think and tell us what can be done and explain the processes of doing it

santaclaws:
LOL all these policies will stifle business activities. Imagine you want to buy a bag of rice for N105k, then they tell you you've exceeded your daily limit (for cash withdrawals).

This is a period when bank transfers aren't so reliable...

Is 100k what it used to be? Cardoso goofed on this one.

Why will you even be paying that much in cash?

Treasure17:

What about card payment and card transfer? You people self.

Do you read the article?

Solsix:
If not for opay and palmpay I don't know I will be managing. Tufiakwa

I tells you
I can easily run 5million naira transaction in a day

Why should CBN make a policy in favour of some illegal business? POS Agent's will have to deal more with transfer than card. They might have to charge extra for card withdrawal. Every Government make policies but trust me, they all always leave loopholes for reasons best known to them

temitope27:
Why must we go around with too much cash, when opay transaction is so cheap

When you give up cash you will findout why the gov does not like cash.
for one thing it will help them to calculate your tax, when all your spending is digitally trackable.

One thing that has been true in the last 100 years, is that anything that governments like has never been in the interest of the people in the long run, maybe in the short term, but not long term.

Whilst youre trusting them, you dont even know where you live. Cause in olden days it was unheard-of that people will build a community without thier own local farm right next to it . for people in cities today all thier food supply can be easily cut off by blocking the roads that lead to the country side, and that is a deliberate design.

If they block all the roads, people will start to die of starvation in days , cause all the ground around you is concrete or toxic.
And you are saying good, you dont even know where you are, you living inside a trap and you dont know it.

Anything that is essential to life has to be local and not remote, unless you setting a trap. That is why modern cities dont have access to essential food source without roads. That is a trap.


You dont know where you are, better you start find secret place to grow your own food supply befor they pull the switch.
Food you grow in city in public view cant help you when they close the roads leading to farms, cause all eyes will be on it and you cant protect it from hungry masses.

And i dare you ask me if people who line up the population to collect poison jab, are not going to close the roads to cause starvation, just like they closed off the borders between african nations to food export/import in order to cause price of food to increase.

Did you know that is partly why the price of food is going up , also they have been killing all the farmers with civil servant terrorists, and if all that does not work to reduce the popplation to what they want, they will eventuall close all the roads leading to farms and sea ports.

gbengene1234:


The policy should take effect on only ATM Machines withdrawal not POS Machines. Cash withdrawn from POS machines shouldn't affect the ATM Machines daily withdrawal. That shouldn't be a problem for CBN to configure if they don't want this policy to cause my havoc to the present inflation.

How would this policy cause havoc to inflation??

santaclaws:
LOL all these policies will stifle business activities. Imagine you want to buy a bag of rice for N105k, then they tell you you've exceeded your daily limit (for cash withdrawals).

This is a period when bank transfers aren't so reliable...

Is 100k what it used to be? Cardoso goofed on this one.

Transfer to the seller.