The policy doesn't go down well with me. The first and last time I was going to use the service was last week, during the hausa-yoruba crises in ife. Banks were not opening on campus and I needed money. I was without my debit card and it was on a Friday. The ATM refused to 'vomit ' money but I was debited. The transaction wasn't reversed until Sunday evening.

mykelmeezy:




keyword eased



what does the cattle rearer in zamfara know about going cashless



reasons like this is why people still keep money in holes


a cow Should cost abt 100k or more

now consider those who buy cow during Muslim festivals .....do you think most of them will pay via banking


.so having cash suits most of this people rather than mitb

That the probe with us, u think those guys are backward, missed it. They do transfer more better than you.

mykelmeezy:




keyword eased



what does the cattle rearer in zamfara know about going cashless



reasons like this is why people still keep money in holes


a cow Should cost abt 100k or more

now consider those who buy cow during Muslim festivals .....do you think most of them will pay via banking


.so having cash suits most of this people rather than mitb

Who told u

Why is it insensitive ?

You want to be carrying more than 500,000 cash up and down on the road ?

Is it a proceed of crime ?

The only reason u will not do transfer or want to involve bank is to clean ur track

I move large cash too and the only time I need to deal with huge cash is when I dnt want traces. So paying charges for not wanting traces is not a big deal.

So let us be objective and go and sit down.

dessz:
it won't affect me the highest I have ever withdrawn is #200k. that day till I got home everybody looked like a robber.

It is unfortunate that some of you guys commenting here forgot our banks are not that effective in terms of transfering a huge sum of money especially if it is urgent.

Besides, what about those selling good in millions by cash and need to deposite it in their bank accounts everyday.

yemmit90:
It is unfortunate that some of you guys commenting here forgot our banks are not that effective in terms of transfering a huge sum of money especially if it is urgent.

How ?

That is a huge lie.


With NIP interbank transfer is near instant.

You can do Internet banking transfer .

So u will withdraw huge cash, count and carry it to another bank to go and queue ?

Face it, the only time u want to carry cash around is to clear ur track and paying that charges to cler the track is ok.

dessz:
it won't affect me the highest I have ever withdrawn is #200k. that day till I got home everybody looked like a robber.

Because you are thinking in the now only and you are not putting in consideration your potentials to exceed your current level of earning...
Too bad!!

Some people don't even take their time to understand policies before criticising them.

Why do you need so much cash when you can easily move your funds from your account to wherever you want to move it?

The only downside I foresee is the messed up online services of most of these banks

Your money could just be in the air for days

But overall, it has more good than harm

If u are a trader and u make sales of over 500k per day, kinldy get a POS and inform your customers of the need to pay with those cards. In that case, u won't need to carry cash of 1.3 million to bank and get being charged. U hear ?

Now my problem is.....if they are trying to curtail corruption, why excempt the Federal parastals, Embasies n other Government establishments. We all know these are the real culprits...

philfearon:

Because you are thinking in the now only and you are not putting in consideration your potentials to exceed your current level of earning...
Too bad!!

Transfer.

Why do u need to carry 500k and above cash around ?

Is it your share of robbery ?

Emilo:
Now my problem is.....if they are trying to curtail corruption, why excempt the Federal parastals, Embasies n other Government establishments. We all know these are the real culprits...

The reason is that those people collect cash and might need to remit to bank on a daily basis.

So u cnt be charging Govt for Govt. It does not make sense

philfearon:

Because you are thinking in the now only and you are not putting in consideration your potentials to exceed your current level of earning...
Too bad!!

I haven't started earning yet, it was my moms money. lol....but who in his right mind would stay stagnant... I will make my own money with determination. :-)

yemmit90:


What is this one saying for God sake!

For instance, there was a day i wanted to tranfer some money to a company(very urgent through Diamond bank), only for me to be told the damn thing would materialized after 24 hours.

and what has that got to do with cashless policy.

if u don't understand something, simply ask.

There is a neft transfer which takes about 24 hours, and an nip transfer which is instant

coolcharm:
I woke up to an e-mail from my bank this morning, notifying me of the Nationwide Implementation of Cashless Policy.

After going through the mail, and studying the charges imposed on daily cash deposits and withdrawals, I felt Not this time!

This doesn't look good. As a nation, we are quick to adopt and implement pro government policies but sluggishly slow in considering pro people polices.

I understand this rates do not apply on electronic bank transfers, but it is too harsh!

Who takes the percentage? What will it be used for?

Dont bother your head too much. I had #1.3m cash on friday to deposit in the bank and I simply split it into #400k in 3 places and another 100k.if they want to make it cumulative, then I'd simply pay into separate accounts with 2 or 3 banks.they think they're wise abi, we'd let them know we are equally as smart. The trade off is you now need to fill more tellers instead of just one. The choice is yours-either you pay their charges (which wud av been like #26,000 in my own case) or fill more tellers.

Ngasky:
This policy is double edged sword. Pay for deposits and also pay for withdrawal.
I supposed the government wants to encourage cashless society but no nation can exist without money.
The withdrawal charges are somehow understandable but deposits? It baffles me.
Imagine a market trader who was lucky to have a transaction of 1.3 million during the day decided to deposit the money with the bank later in the day and you ask him to forfeit about 20000 you are sending him away from the bank.
I supposed what people need to do is to open at least 20 bank accounts with different banks so as to avoid these charges.
Secondly, who will benefit from these charges? The banks or the government? If it is the government it is somehow understandable but if it is the bank this is a NO NO policy. I dont want the bank to benefit any extra deductions apart from their stupid multiple ambiguous wording charges they are currently charguing with their poorly services and dismal customer service

They want all businesses to have POS or rather have you pay to their account through internet or mobile banking- this also comes with charges.

There is a lot of big deal there, or did you not see the exemption notice?

If the government LACKS the capacity to implement the so called cashless policy in its own revenue generating agencies, then it lacks moral authority to EXTORT people in the name of that same policy it fails to keep.

Why enforce cashless policy when the larger soceity is still unable to access the infastructure?

Rather than steal from private businesses and individuals, the government should rather compel the banks to develop a sales funnel that moves its customers from cash to cashless transactions through well structured, monitored and super effective customer education and incentives.

The banks are just so disgustingly inept. But this anti-people government is taking the ineptitude of the banks to a new level.

Activa:


It costs money to process cash.

Those who bear the cost of processing the cash take the charges. It costs money to print, transport, store, count and handle currencies.

Use of cash also tend to encourage corruption and crime like robberies. Use of cash creates the need to look for change or round up prices of goods and services. Let's support this cashless policy. It's good for all of us.

Use electronic transfers or cheques if you want to dodge the charges or do transactions that are lower than the limits. You have other payment options.

I don't see any big deal here.

cooldood:

Dont bother your head too much. I had #1.3m cash on friday to deposit in the bank and I simply split it into #400k in 3 places and another 100k.if they want to make it cumulative, then I'd simply pay into separate accounts with 2 or 3 banks.they think they're wise abi, we'd let them know we are equally as smart. The trade off is you now need to fill more tellers instead of just one. The choice is yours-either you pay their charges (which wud av been like #26,000 in my own case) or fill more tellers.

Lol. You didn't read that it will start taking effect from 1st of April in certain states?

When the policy starts taking effect, try the first drama you wrote there if you won't get charged. Go and open a corporate account to be doing your millions with.

A lot of big traders in the market collect mobile transfer. They don't like POS and no time to be carrying 2million naira cash around.

paschu:
There is a lot of big deal there, or did you not see the exemption notice?

If the government LACKS the capacity to implement the so called cashless policy in its own revenue generating agencies, then it lacks moral authority to EXTORT prople in the name of that same policy it fails to keep.

Why enforce cashless policy when the larger soceity is still unable to access the infastructure?

Rather than steal from private businesses and individual, the government should rather compel the banks to develop a sales funnel that moves its customers from cash to cashless transactions through well structured, monitored and super effective customer education and incentives.

The banks are just so disgustingly inept. But this anti-people government is taking the ineptitude of the banks to a new level.

Abeg which official and legal thing did you pay to any government agency with cash? They ALL collect either draft or send you their account number to pay in. Be paying bribe and be thinking you are paying to govt revenue agency. #smh

Boss13:
What are you doing with so much cash? I think there is need to cut cash out of our system. The benefits are much. Monies can easily be trailed. Criminals would be scared.

If I'm CBN governor, the minimum deposit/withdrawal would be N50,000, plus there would be a cash forfeiture act enabling the police to seize any large sum of cash and consider it a proceed of crime.

Thats why you are not the cbn governor.... emotional reaction to issues instead of clear thinking

Little girl, mind how you talk on a public forum.

Now go back to the original post and read the fine lines of that email.

And don't quote me again.

Parisfran:


Abeg which official and legal thing did you pay to any government agency with cash? They ALL collect either draft or send you their account number to pay in. Be paying bribe and be thinking you are paying to govt revenue agency. #smh

Following

coolcharm:
I woke up to an e-mail from my bank this morning, notifying me of the Nationwide Implementation of Cashless Policy.

After going through the mail, and studying the charges imposed on daily cash deposits and withdrawals, I felt Not this time!

This doesn't look good. As a nation, we are quick to adopt and implement pro government policies but sluggishly slow in considering pro people polices.

I understand this rates do not apply on electronic bank transfers, but it is too harsh!

Who takes the percentage? What will it be used for?

You haven't really explained why this is a bad policy, you haven't also explained why you think this is a 'pro-govt' policy and 'anti-people'.

In my opinion, the cashless policy is very good, it is pro-people and anti-govt because of the kind of rogue govt officials we have. I just dont think this is the very right time to implement it strictly especially since Nigerian is yet to be equiped with the right infrastructure and people arent well educated in these things yet; I think they should increase the limits.

I feel for my customers, besides there have been 3%charges on savings account holders before now on any transaction made after a withdrawal of 500k,
I think funds transfer would b d best bet this time around, this policy would really affect savings account holder

paschu:
Little girl, mind how you talk on a public forum.

Now go back to the original post and read the fine lines of that email.

And don't quote me again.

Old man stop being stupid. The news is not even new anymore.

It's only evil, selfish and sub-intelligent people will support this rubbish policy.

iceberylin:
This will eradicate stealing a bit. You dont expect the government to calmly ask Nigerians to use cashless poly. They need to impose a Tax to achieve it.

wch stealing would it eradicate. Someone that stole #5b won't mind the charges of #200m as long as he gets the money to the safe destination.

dessz:
it won't affect me the highest I have ever withdrawn is #200k. that day till I got home everybody looked like a robber.

Hahaha. Sleep gree come that day?

DirtyGold:
I disagree with you OP. what do you need such huge amounts of money in CASH for?

So you were lucky to make sales worth N1.2 million, and you would be charged N14,000 for taking it to the bank for deposit?

To me they want to use the policy to monitor our transaction, thereby introducing keep money at home wich will finally lure 70% of Nigerians to robbery.

Activa:
You didn't give the reasons why the policy is bad.

What are you doing with so much cash on a daily basis?

Don't worry, you'll soon rephrase your question once it affects you