9jatriot:
Is this 800k everyday or a one off?
I wonder why somebody will pay 800k in cash, any reason why a transfer was not done.
Just for info, 6k is what 800k is required to pay as per the policy.

How of ur parents, uncles and relative can read and write not to talk of being computer/IT savvy??

BigIyanga:

Most Iyabos, Papa Ngozis, and Musas dont operate that way. There is nowhere CAC charges N18k to register a biz. Lawyers and Agents charge close to N100k, and u must nominate a secretary and have directors.. This is cumbersome for business people with little education. Also bank charges are higher on biz acc.. most sole proprietors are trying to stay afloat by saving cost

A business name (sole proprietorship) is cheaper and most mama risi, Baba Tunde has it.
It's not same with ltd. You need no director or sec. With 20k or less, you can register one yourself or through an accredited agent.

9jatriot:
Is this 800k everyday or a one off?
I wonder why somebody will pay 800k in cash, any reason why a transfer was not done.
Just for info, 6k is what 800k is required to pay as per the policy.

Not daily though
But some people will prefer to pay cash and I can't send them away for deciding to pay cash...
The government don't deserve cash from me because they have done nothing and besides the goods were imported and I've paid duties, tax and I still pay my regular tax so why must I pay to keep money in the bank with their crazy bank charges.
And those idiots won't give you a favourable loan.

500k per day is the amount we are talking about in CASH. Anyway, the question is tell us the business so that we can learn.

BigIyanga:

How of ur parents, uncles and relative can read and write not to talk of being computer/IT savvy??

lol. I get your point, glad you said it is not daily, so yours is easy you afford to split the payment for 2 days.

I do not know your business but you may even be paying to your suppliers which will mean you will not be paying to just one account which still means you wont have to pay the charges. I am making many assumptions here so do not hold me accountable.

davillian:

Not daily though
But some people will prefer to pay cash and I can't send them away for deciding to pay cash...
The government don't deserve cash from me because they have done nothing and besides the goods were imported and I've paid duties, tax and I still pay my regular tax so why must I pay to keep money in the bank with their crazy bank charges.
And those idiots won't give you a favourable loan.

Not that I'm a fan of this govt, but For what is worth, I think it's a good policy.

Those who can amass a whopping 500k per day SHOULD be able to invest electronic transfers. Heck I pay my illiterate mechanic now strictly through bank SMS. So what's the fuss about?


CBN and banks could do with better sensitization though

Nonetheless, I believe those making the most noise are not the trader in Idumota, but the silent millionaires/billionaires, some of whom conduct dirty deals in cash and would want to cover their tracks.

Adurofight:
What a senseless tread. If you haven't make 500k before, didn't you pray to make it one day? or you people think every Nigerians are Buharist who believes poverty is permanent in their life?

How does this address the topic?

9jatriot:
lol. I get your point, glad you said it is not daily, so yours is easy you afford to split the payment for 2 days.

I do not know your business but you may even be paying to your suppliers which will mean you will not be paying to just one account which still means you wont have to pay the charges. I am making many assumptions here so do not hold me accountable.

Its my take home,
I remember I sealed a deal of 1.1 on a Friday but I refuse taking cash asked him to pay it in he did but I did not receive any alert but saw the money using my mobile app and I have to wait for about 40 mins before it reflects my balance...before I left.

Okay guy... be careful, was a good thing you refused the Friday cash payment, losing a few charges in the bank is far better than someone brings cash on Friday evening and send boys at night to pick it up.

davillian:

Its my take home,
I remember I sealed a deal of 1.1 on a Friday but I refuse taking cash asked him to pay it in he did but I did not receive any alert but saw the money using my mobile app and I have to wait for about 40 mins before it reflects my balance...before I left.

GenSpecifics:


I don't pay any debt or bill via cash


What job will someone do that will amount to 500k pay out in Buhari's Nigeria ?

The cashless policy will cripple those who engage in illicit activities.

Ibadan female traders who buy trailer loads of pepper in Maiduguri pay cash in excess of fourteen million naira. I guess those are illicit activities.
O I forgot, they are not affected.
Anambra, Abia, Idumota, Alaba traders are the only illicit dealers.

14 million in cash? how do they carry it please?

Marotzke:
Ibadan female traders who buy trailer loads of pepper in Maiduguri pay cash in excess of fourteen million naira. I guess those are illicit activities.
O I forgot, they are not affected.
Anambra, Abia, Idumota, Alaba traders are the only illicit dealers.

9jatriot:
14 million in cash? how do they carry it please?

Bullion vans

OP They keep telling you don't skip your drugs but you won't listen. How can you be so myopic?

OlujobaSamuel:
I doubt is there is any individual running a business without a corporate account that makes 500k daily as turnover, my major issue is the corporate account limit, 3m seems too small for some business in terms of deposit, for instance, bulk recharge card sellers, they will tell you to go pay in bank and bring teller(using ussd or online banking seems to be an issue as most depositors don't know or have means of getting receipt), less than 10customers can deposit a cumulative of 3m sef in an hour

Lately I have confirmed that our greatest problem in this country is not even corrupt but chronic ignorance. In addition to many people criticizing the CBN initiative due to lack of understanding, I would like to enlighten you about a point.
Hope you know that your Mobile App can issue you receipt of a transfer which you can share in a PDF format. btw I sorry if I sound offensive.
About the CBN initiative, if small Kenya could comfortablely use MPESA for low volume transactions, why are we finding it difficult to use mobile transfer for high volume transactions. Cash is old school. How many people can you see in possession of $100 dollar bill in the west. Most transactions are via cards. This is what CBN is trying to achieve. Our government may have failed us but there is still little things they are getting right.

9jatriot:
500k per day is the amount we are talking about in CASH. Anyway, the question is tell us the business so that we can learn.

Guys selling cow, goat and ram make more than that a day.
Guys selling inside idumota, balogu, tejuosho, trade fair etal
In ur deluded mind, that’s a gross sale not profit.

I served in gombe in late 90s.

I tell you, that time there were some of those market men and women that made sales more than five hundred thousand naira per day.
Certainly they would be making millions per day nowadays. While one cannot compare gombe to some bigger states.

Some market men and women in some bigger states would be making amazing sales daily.
But buhari has destroyed the economy.

Buying and selling was very good job in those days.
One nigeria is now a destroyed country.

9jatriot:
There are not many people who earn 500k and above in Nigeria as salary and businesses that earn that amount daily in sales do not keep it as cash rather they pay for more products and are constantly cycling the money.
Those who earn that much get their salary in their accounts and not by hand.

Since CBN introduce the policy of paying charges on withdrawal and deposits above 500k daily, not monthly o, daily, suddenly everybody has become so rich and are now the target of Buhari.

So those of you who just one week ago were complaining that bag of rice was too expensive and have suddenly started making 500k this week should come and tell us the business they suddenly started doing this week that generates cash revenue or requires payments to only be done in cash.

mogbe!!!! 500,000=50 ×10000 or 100 ×5000. Just 50 or 100 customers!!! Being poor bad, being hopeless is worst.

Bu some amala buka in.bodija make more than 500k a day..

Pato5:

Lately I have confirmed that our greatest problem in this country is not even corrupt but chronic ignorance. In addition to many people criticizing the CBN initiative due to lack of understanding, I would like to enlighten you about a point.
Hope you know that your Mobile App can issue you receipt of a transfer which you can share in a PDF format. btw I sorry if I sound offensive.
About the CBN initiative, if small Kenya could comfortablely use MPESA for low volume transactions, why are we finding it difficult to use mobile transfer for high volume transactions. Cash is old school. How many people can you see in possession of $100 dollar bill in the west. Most transactions are via cards. This is what CBN is trying to achieve. Our government may have failed us but there is still little things they are getting right.

Hmmmmmmm, I won't use your tone to respond to your point.
One, my point doesn't sound like I'm against the policy, does it?
I said most not all.
How do you generate receipt for ussd transaction? You present your debit alert? Hardly will anyone accept such from you
On sharing of pdf, how many bank ads have you seen where the bank creates awareness on the use of mobile app generated receipt? Speaking for bulk recharge card sellers (familiar with their system of operations), they won't accept anything but a print out evidence because it must be attached to your invoice and receipt, and the work is so stressful that they don't have time to print for you before giving you your stock

9jatriot:
14 million in cash? how do they carry it please?

You have a lot to learn about doing business in your country.
Anyway, they stylishly exempted them from this outrage
At least for now.

There is something I also don't understand that's happening now...
Before if I want to recharge from my bank account... Even if I'm having 0.00 on my Etisalat account
Once I dial my bank code to recharge any denomination it would be processed

But for the past three days If I don't have up to #4 airtime on my Etisalat line
I can't recharge from my bank

dukeprince50:
I wonder why someone on same level with Albert Einstein didn't get my point, are u into drugs? why are u scared of mobile banking?
some people are so dump

90% of the business people in Nigeria that make above 500k per day use non browsing phones. They got no time for anything except sells, and more sells.

With the disappointing nature of Internet banking, 90% of sole proprietors who make above 100k in a transaction prefer physical cash than wait for alert.

OlujobaSamuel:

Hmmmmmmm, I won't use your tone to respond to your point.
One, my point doesn't sound like I'm against the policy, does it?
I said most not all.
How do you generate receipt for ussd transaction? You present your debit alert? Hardly will anyone accept such from you
On sharing of pdf, how many bank ads have you seen where the bank creates awareness on the use of mobile app generated receipt? Speaking for bulk recharge card sellers (familiar with their system of operations), they won't accept anything but a print out evidence because it must be attached to your invoice and receipt, and the work is so stressful that they don't have time to print for you before giving you your stock

Most if not all mobile banking app generate receipt but unfortunately many are unaware of this. Every transaction you made with the app is logged and you can get the receipt of any one in less than a minute.
This is one from my stanbic bank, my other banking apps have thiers

9jatriot:
Okay guy... be careful, was a good thing you refused the Friday cash payment, losing a few charges in the bank is far better than someone brings cash on Friday evening and send boys at night to pick it up.

Yeah true

9jatriot:
There are not many people who earn 500k and above in Nigeria as salary and businesses that earn that amount daily in sales do not keep it as cash rather they pay for more products and are constantly cycling the money.
Those who earn that much get their salary in their accounts and not by hand.

Since CBN introduce the policy of paying charges on withdrawal and deposits above 500k daily, not monthly o, daily, suddenly everybody has become so rich and are now the target of Buhari.

So those of you who just one week ago were complaining that bag of rice was too expensive and have suddenly started making 500k this week should come and tell us the business they suddenly started doing this week that generates cash revenue or requires payments to only be done in cash.

Poverty of the mind is a much worse sickness than aids.

Davash222:

Not everyone is conversant with ibanking. Sometimes, move away from your brown roof hut and visit other places. 80% of guys doing business in Idumota, Alaba, Ladipo, Ariaria international market, ‘Upiweka’, etc don’t know what your mobile transfer is all about and they make over 500K daily. These guys are the prime target of this nonsense policy.

Isn't that the point of the whole policy?

For them to encourage their customers to do credit and Pos transfers instead of paying the deposit charge.

Davash222:

Not everyone is conversant with ibanking. Sometimes, move away from your brown roof hut and visit other places. 80% of guys doing business in Idumota, Alaba, Ladipo, Ariaria international market, ‘Upiweka’, etc don’t know what your mobile transfer is all about and they make over 500K daily. These guys are the prime target of this nonsense policy.

Stop talking nonsense. Guys that travel abroad, know major currencies and deal with foreign suppliers - are the ones oblivious of ebanking?

Those guys know way more than you. Stop talking nonsense!!!

9jatriot:
lol. I get your point, glad you said it is not daily, so yours is easy you afford to split the payment for 2 days.

I do not know your business but you may even be paying to your suppliers which will mean you will not be paying to just one account which still means you wont have to pay the charges. I am making many assumptions here so do not hold me accountable.

Most of the people creating Meme's and complaining on social media don't even earn 500k per month.

Pato5:

Most if not all mobile banking app generate receipt but unfortunately many are unaware of this. Every transaction you made with the app is logged and you can get the receipt of any one in less than a minute.
This is one from my stanbic bank, my other banking apps have thiers

You just get my point. Awareness is the key. I also use Stanbic and I always prefer transfer except where the person decline. I even have a personal printer I use in printing my receipt when there is need for such.

Sincerely is it possible making 500k as gain everyday. i mean constantly?which kind busines abeg

Not only do not many people earn that as salary in Nigeria, many of them do not even know anybody that earns that in a month not to talk of daily. Some of these people, if they hear say person de earn 150k salary sef, then go use call disturb the person tire, I know their type, make noise for the sake of it.

generationz:


Most of the people creating Meme's and complaining on social media don't even earn 500k per month.