bareal:


You don't get it. By the time you calculate these little money from the bar, restaurant, laundry over the weekend, it has become huge. Anyway, you may not understand. We are in a very competitive field. Someone that wants to pay N1,150 for his meal and drink in cash, would you reject it because you don't want to carry cash.

Someone even wanted to pay my front office for 5 rooms in cash at the rate of 10k because he has exceeded his daily limit. When the receptionist called me, I had no option but to instruct her to collect it because I don't want him to go somewhere else.
This thing is complex than that, it's a gradual process and must fairly be done at the same time.

Sometimes u dont get results until u try, even ur so called competitors r left with no choice,try n get a pos. I guess it's a small hotel cos every serious big hotel has pos.

bareal:


A taxi driver who wants to buy fuel with the 500 he just collected from passengers would also use the POS right?

The can deposit 3million per day + pos and transfer sales I guess dey should be fine.

Mordecai:
If you utilize the various options available for payments - POS, QR code, USSD, etc, you would not need cash. Or you'd need just minimal cash.

They have also revisited and introduce stamp duties on POS transaction about #1000 this week. No outcry on that yet ��‍♂️

dammiecool:

So u keep d cash from monday to monday when ur hotel can deposit 3m per day. U have 5 good working days

It's an accumulation of the amount over Friday night through Sunday ( F&B, accommodation, laundry, club conventionaries etc). You may not know that weekends are the peak of hotels and no bank operates during this period.

dammiecool:


Sometimes u dont get results until u try, even ur so called competitors r left with no choice,try n get a pos. I guess it's a small hotel cos every serious big hotel has pos.

There is no place I said we didn't have a POS as a matter of fact, we have 3 POS. I am only telling you the various challenges that could make you keep large some of money at times.

You may not understand though, because you are not in that field. ✌ Peace!

Who is that CBN governor sef making all these useless policies?!
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bareal:


It's an accumulation of the amount over Friday night through Sunday ( F&B, accommodation, laundry, club conventionaries etc). You may not know that weekends are the peak of hotels and no bank operates during this period.

Ok.....all d same encourage ur customers to use pos, I was against dis policy when it was first introduced by Sanusi around 2013, but now I'm used to using pos and transfer and Nigerians already adjusted to the policy b4 emefiele suspended d policy only to bring it back, confused govt.

Filling stations are corporate entity and their daily limit is #3m

If they have more than #3m they can spread it to other banks

pocohantas:


500000/2500

=200 labourers

Please, how many labourers are on this your site?

Depending on the size of your site!!! You know what I mean!!!

How much do you think Dangote will be paying in cash in his refinery site?

What if I make a transfer above #500k, the receiver and sender must have to pay the charges?

bareal:


There is no place I said we didn't have a POS as a matter of fact, we have 3 POS. I am only telling you the various challenges that could make you keep large some of money at times.

You may not understand though, because you are not in that field. ✌ Peace!

I'm in a field don involve high volume of cash so I do understand shebi na 5m u dey make over d weekend, we dey make at least 20m per day.

....

dammiecool:

Ok.....all d same encourage ur customers to use pos, I was against dis policy when it was first introduced by Sanusi around 2013, but now I'm used to using pos and transfer and Nigerians already adjusted to the policy b4 emefiele suspended d policy only to bring it back, confused govt.

In fact, it's the best. It safer and convinient. But you know Nigerians with their wàhálà not to mention the banks as well. It's a gradual process, we will get there.

dammiecool:

I'm in a field don involve high volume of cash so I do understand shebi na 5m u dey make over d weekend, we dey make at least 20m per day.

Good, very good for you. Enjoy your Sunday.

ednut1:
We just like to sensationalize things here. I even thought the charge applied to all the deposits. Even mechanics and petty traders have bank accounts. Why should anyone be carrying cash above 500k

Nigerians r funny people walahi!


Of course it's optional... when you carry more than 500k cash to deposit in the bank or go to the bank to withdraw above 500k then it means that you don't want the optional methods of payment... shikena

bareal:


In fact, it's the best. It safer and convinient. But you know Nigerians with their wàhálà not to mention the banks as well. It's a gradual process, we will get there.

Na so with time dey will adjust,it a gradual process b4 now I was anti cashless,but on d long run it made my job easier, d disadvantage there is dat people in cash collection area might lose their jobs.

fortunejum:
What if I make a transfer above #500k, the receiver and sender must have to pay the charges?

Oga how come this thing is hard for Nigerians to understand?

Cash! Cash! Cash!...is transfer cash?


I weak for una o!

missimelda01:
Do they think we are fools ni

What other option won't involve money? They are currently stealing from us but they want to make it official. I don't see any reason why I should be charged when I receive a credit alert. This is daylight robbery please

You sleep with #20,000 in your account, wake up to #19,950..the devil will tempt you to recharge your phone before you know it current balance #19,000 and the cycle continues

Na piggybank (AKA kolo) go sure pass.. no time for this rubbish

is that your salary ..... not to worry it won't affect you

dammiecool:

Na so with time dey will adjust,it a gradual process b4 now I was anti cashless,but on d long run it made my job easier, d disadvantage there is dat people in cash collection area might lose their jobs.

I have always been a supporter of the policy from inception, but my business must survive too in this very competitive world. We shall get there.

bareal:


Depending on the size of your site!!! You know what I mean!!!

How much do you think Dangote will be paying in cash in his refinery site?

Now it is Dangote?

You think it is those people carrying ponpon with torn boxers showing their black bumbum that are working on Dangote's refinery?

You think the labourers at his refinery won't be outsourced- thus the burden of paying them would be on their contractor?

Please, try another argument.

Country in free fall...

Foreign loan √ accepted Foreign Jeep √ accepted Foreign rice × not accepted

ornicus:


my mechanic has bank acct. the people who sell me water every week have bank acct, so does carpenter and electrician and welder and generator guy

belive it or not, it is safer for most of these people to be paid like this. they are often targeted by miscreants. my geneartor guy has a bus. one night some boys broke into his house because they thought he had the daily proceeds on him.

it is the same reason filling stations are targeted over weekends [money is often not evacuated during this period]

it actually pays a construction company to pay labourers via transfer
its is a simple thing - one of the prerequisites for your employment /engagement is a bank account
me sef if i were a site engineer, i would not want this - cash expenses are an avenue to chop
just add five non existent laborers to daily payroll - that is 50k per week, 200k per month

Honestly, Nigerians just keep reacting withtout understanding something. This policy has been implemented before and they all didn't know- yet somehow they think it is targeted at the common man. The common man that is fighting for N30,000 minimum wage.

The reason politicians are fighting this is for their selfish self. Not like they care about us, because they know we don't even have that kind of money.

If they care so much about the masses, they should fight the plenty charges on a bank acct. They should also mandate the CBN to reduce or remove the charges on alternative channels. That is the first step, but they obviously do not care about that- they launder their millions in cash.

Hahaha very funny.. I don't receive salary yet, I'm still an undergraduate.

ericsmith:




is that your salary ..... not to worry it won't affect you

manontree:
I think what they are saying is for you to avoid the charges simply do not use cash deposits but receive your money by transfers. If you are withdrawing also do so via transfers and non cash methods

That said the banks should know that there are thousands of illiterate Nigerians who would not know how to use these methods. Or doing so may compromise the safety of their money. We have heard cases of others illegally hacking into peoples bank account and making away with their cash

Before we start penalizing cash transactions especially for illiterate traders, we need to first ensure safety and integrity of our online and electronic payment options

as I write to you, I have been trying union banks 826 transfer for two days now its not working. Service providers in Nigeria will always slaughter great interventions and technology on the alter of mediocrity.

Government need more money to steal for their large life that's all because all their policies, i have not seen where it is affecting the poor positively but them. I have 1,500n in UBA which i tensionally left their for months and they charged 52n naira ATM maintenance charge until they finished the money and they rested. I did not use the ATM all this period. They are corporate thieves. Now back to CBN, hear CBN hiding their steal methodology, what concerns me sef, it is those that has money, but why bother about their formula when the stealing politician have thought Nigerians how to save money which is more effective because you need not pay their fake handling charges. My people, you have cemetery. village farm house, go dig space there and save your money. You have your water tanks and others so save your in this places according to politicians and don't loose your money to heartless leaders.

DocH:
Optional as in I have to indicate in my deposit/withdrawal slip I want to pay charge or not? Which kind country is this.

I swear this your comment got me laughing out loud. even though it's not something to laugh about, but I guess as typical Nigerians we are. They no we will get used to it. Quite a pity!

EXTORTIONIST..Oil money and tax payers money are no longer enough for the FG...dey just want to increase their coffers and still will not pay workers their minimum wage..yet Nigerians will still be lavishing in abject poverty..I believe we all know who to blame for this.. GOD BLESS NIGERIA

yes, it's optional because instead of paying 500k and pay 2% on deposit, u can easily deposit #495,990 instead, the receiver or payer should bear the balance #10

ednut1:
We just like to sensationalize things here. I even thought the charge applied to all the deposits. Even mechanics and petty traders have bank accounts. Why should anyone be carrying cash above 500k

Why would banks have bulk room. Why would business men make profits up to 500k stop using your bom bom to think.

missimelda01:
Do they think we are fools ni

What other option won't involve money? They are currently stealing from us but they want to make it official. I don't see any reason why I should be charged when I receive a credit alert. This is daylight robbery please

You sleep with #20,000 in your account, wake up to #19,950..the devil will tempt you to recharge your phone before you know it current balance #19,000 and the cycle continues

Na piggybank (AKA kolo) go sure pass.. no time for this rubbish

You are charged for receiving credit alert because there is a cost to the SMS that delivers it. Imagine how many alerts customers receive everyday, for a bank with millions of accounts and transactions, calculate the cost of SMS and you would understand.

nadesh:
if you do so, u fit escape as depositor but the receiver will pay for receiving over 2M in cash deposit.

The receiver would also withdraw it in tranches below N500k...very simple.