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Payment Of New Deposit/Withdrawal Charges Optional - CBN - Politics (3) - Nairaland

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Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by nadesh(f): 8:55am On Sep 22, 2019
egopersonified:
will it be possible to fill two tellers of N490k when paying in, will the tellers accept that?
if you do so, u fit escape as depositor but the receiver will pay for receiving over 2M in cash deposit. kiss
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by OlawaleBammie: 8:55am On Sep 22, 2019
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.

Nope, i tink wat dey mean technically is dat should u choose to withdraw tru d counter den b prepared to pay d charges and if u choose to use other means den u wont hav to pay....the choice if yours....

but to me its rubbish.
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by elishaelijah: 8:55am On Sep 22, 2019
How many of us crying have N500,000 to deposit or withdraw daily? If you have that daily you can not be calling yourself a common man again.
And if a small business make a daily turnover of over 500k every day, it should be registered and have a corporate account in which case it's limit will be 3m.
So the policy is not against the common man.

This cbn policy to me is a step in the right direction if we want to reduce the excessive use of cash.

6 Likes

Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by pocohantas(f): 8:57am On Sep 22, 2019
bareal:


Now let me help you out!

You want to pay direct labourers at your site, these labourers are so poor that, they can haldly operate an account. They demand you pay them their 2,500 naira in cash so they can buy 2 tins of rice, pepper and oil for their hungry family... Would you not rather withdraw the money and pay them so that they can work for you the next day?

500000/2500

=200 labourers

Please, how many labourers are on this your site?

2 Likes

Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by thatigboman: 8:58am On Sep 22, 2019
HeyCorleone:
The CBN just wants to use mental gymnastics to confuse people.

The other day, they gave a shady example on how the 2% only affects money above 500k. so if it's 501000, you pay 2% of the 1000, that's N20.
But who the hell withdraws N501000?
if u deposit N800,000. It will be 2% of 300,000 etc
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by bareal(m): 8:58am On Sep 22, 2019
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



Oga there's more to it than that. By the time you accumulate the N250, N500 you pay for drink at the bar, by the time you accumulate the 1k,the 2k you pay for fuel at the filling station, 500k don land oh.. By the time 2% is taking form such amount, what's the gain of the bar and the filling station?

1 Like

Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by nadesh(f): 8:59am On Sep 22, 2019
ednut1:
pos dey
Okada riders, keke riders, bus drivers who are their major clientele pay cash. Going cashless should be an option not compulsory
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by executive12: 8:59am On Sep 22, 2019
bareal:


Now let me help you out!

You want to pay direct labourers at your site, these labourers are so poor that, they can haldly operate an account. They demand you pay them their 2,500 naira in cash so they can buy 2 tins of rice, pepper and oil for their hungry family... Would you not rather withdraw the money and pay them so that they can work for you the next day?

I doubt that you will need up to #500,000 to pay those laborers their #2,500.
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by thatigboman: 9:00am On Sep 22, 2019
joseph1832:
All this is just noise making. I know Nigerian banks, greedy sons of bitches, until when you want to make deposit or withdrawal that's when you'll know if it's optional of not.
the option is online transactions
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by OlawaleBammie: 9:00am On Sep 22, 2019
nadesh:
if you do so, u fit escape as depositor but the receiver will pay for receiving over 2M in cash deposit. kiss

No u re wrong, notin consan d reciever here sofar he's not d one payin physically

I wil b d one to pay a charge of 60k should i choose to lodge 2M into ur account, which means if i want to deposit a certain 2M into ur acount den i wil prepare my charges. in dis case the depositor pays and nt d recver/acount owner.
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by OlawaleBammie: 9:04am On Sep 22, 2019
HeyCorleone:
The CBN just wants to use mental gymnastics to confuse people.

The other day, they gave a shady example on how the 2% only affects money above 500k. so if it's 501000, you pay 2% of the 1000, that's N20.
But who the hell withdraws N501000?

1M is the lowest we withdraw in a week in our store, as in if we dont withdraw at all, we wil withdraw 1M.

Even d POS man is tired of us cus of our numerous 500k, 300k 200k we use to colect from him.
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by engrchykae(m): 9:04am On Sep 22, 2019
WHERE IS TEAM "BUT GOODLUCK JONATHAN NEEDED TO GO"
GEJ have gone and he is living fine,he is not affected by the first change or next level change.
zombies brace up because by the time this mafia is through with nigeria,those who survived will download sense by force.
useless willing tools
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by executive12: 9:05am On Sep 22, 2019
bareal:


Even hotels. I deposit over 5m in cash every Monday for my hotel.

Your company should keep doing it until you get robbed. Maybe then you guys will start making more use of POS platform.
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by izzou(m): 9:06am On Sep 22, 2019
pocohantas:


500000/2500

=200 labourers

Please, how many labourers are on this your site?

The labourers in the Kingdom of God cannot be numbered angry
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by Duggedised12(f): 9:08am On Sep 22, 2019
ednut1:
pos dey
bus driver or keke driver or even tipper or trailer driver will come and use POS abi? You think its only private cars and people using generator that make use of filling stations?

So also some stores makes sales of 3k ,5k small small like that amounting to 500k.The problem here is you think only one customer will bring the whole 500k.

I can understand that of withdrawal,but what i am still trying to wrap my head around is that of deposit , that will only hinder mopping up cash undecided

Lets not also forget how many days it takes to transfer money when network decides to get crazy. Last time i had to send mails, make calls before i received alert in the fourth day.
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by airsaylongcon: 9:08am On Sep 22, 2019
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.

All these other channels are prone to "network failure". USSD is even highly insecure. Cash however is never affected by "network issues" and is still king anywhere

1 Like

Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by mrskillz: 9:09am On Sep 22, 2019
I guess its a way to stem corruption. Corrupt government officials no longer accept transfers but Cash. They need to be curbed somehow

Btw what the CBN is saying is that, we should use alternative methods of payment. USSD code, QRcode, Mobile Banking, ATM transfer to make payments

1 Like

Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by F117nighthawk: 9:09am On Sep 22, 2019
Authority stealing, PEN ROBBERS, it's the docile and gullible masses I blame, they never react and ground stupid government policies to a halt, u people will not go and deal with the political and government criminals and collect looted and stolen monies, it's the poor masses u will continue to levy useless taxes in which way to continue to steal from them,CBN is a FRAUD
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by Speedo17(m): 9:10am On Sep 22, 2019
There is no "Optionality" when it comes to charges with banks oh! They will whisk it out of you. No telling this "white lie"
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by pocohantas(f): 9:13am On Sep 22, 2019
izzou:


The labourers in the Kingdom of God cannot be numbered angry

Lol. They are just coming up with some kind baseless analogies. Which one be pay labourers again. grin
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by Moahmed: 9:13am On Sep 22, 2019
[quote author=toprealman post=82454049]I keep saying it, we are led by incompetent buffoons. What manner of response is this from a supposedly national financial regulator [/quot

No you are the buffon here.The option is not to do transaction, if you must do cash based transaction be ready to pay the fines. It is a fair deal my guy. By the way how much transaction do you do over day?
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by Moahmed: 9:16am On Sep 22, 2019
nadesh:
if you do so, u fit escape as depositor but the receiver will pay for receiving over 2M in cash deposit. kiss

Si down make pant dey wear you. Once the cash deposit in your account per day exceed 500k be ready for the automated fine. If you like fill deposit through different cashiers you will still pay.
Now I know why the say lazy Nigerian youth.
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by Jiokejohn: 9:17am On Sep 22, 2019
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

If you are operating a grocery shop or petrol station and after daily sales, cash at hand runs in million, how will you manage such a situation? Won't you carry the cash and deposit in a bank? Will you insist that all customers payment must be electronically on this 'network failure' operating environment? Oh! I forgot, we should embrace cheque payment. Take your cheque book and run to grocery shop or petrol station and see who will attend or listen to you. You don't just erect a house without digging and ensuring strong foundation. Cashless society is a healthy practice, but we haven't done much in building strong foundation for it to thrive in Nigeria. A country that doesn't have central data, improve electricity, reliable internet service provider and advance technology cannot effectively operate cashless society.
Wait, why do we want to operate cashless society that involves electronic business transaction for everybody, but we can't implement and embrace electronic voting for adults (voting age) exclusively? This is more beyond the eyes can see.
[somebody who has not experienced electric shock will never know that electricity is both precious and dangerous].
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by dammiecool(m): 9:17am On Sep 22, 2019
Mutemenot:
The option is for you not to withdraw cash, transfer the amount to the recipient via bank . You should also pressure your customers to pay direct to your account so as to avoid you from going to bank to make huge deposits which attracts the 2,3 percent charges

What I do It understand is why they selected some states for this practices . The idea would encourage people to travel to another state to make deposit .imagine a business man loosing 2 percent of 500k, what's his profit shocked
It is not 2% of 500k it that off d amount dat makes it higher dan 500k. If u pay in 550k u will be charged 2% on 50k
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by Moahmed: 9:19am On Sep 22, 2019
[quote author=engrchykae post=82454333]WHERE IS TEAM "BUT GOODLUCK JONATHAN NEEDED TO GO"
GEJ have gone and he is living fine,he is not affected by the first change or next level change.
zombies brace up because by the time this mafia is through with nigeria,those who survived will download sense by force.
useless willing tools[/quot


Yeye
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by san316(m): 9:21am On Sep 22, 2019
Those that have sense would know that the options are the electronic platforms. POS and transfers.
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by Nobody: 9:21am On Sep 22, 2019
pocohantas:


500000/2500

=200 labourers

Please, how many labourers are on this your site?

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
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by dammiecool(m): 9:23am On Sep 22, 2019
bareal:


Even hotels. I deposit over 5m in cash every Monday for my hotel.
So u kept d cash from monday to monday when ur hotel can deposit 3m per day. U have 5 good working days
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by bareal(m): 9:25am On Sep 22, 2019
executive12:


Your company should keep doing it until you get robbed. Maybe then you guys will start making more use of POS platform.

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.

There was even a case a customer refused to use the POS because according to him the bank double billed him and he complained to the bank only for the bank to keep posting him for more than one month. He even did not believe all we told him. We are not there yet.

This thing is complex than that, it's a gradual process and must fairly be done at the same time.

1 Like

Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by alexvatt(m): 9:25am On Sep 22, 2019
Foxflames:


ask petrol stations, traders and many businesses
U can buy fuel using POS. It is just that we are still ignorant in Nigeria.
Re: Payment Of New Deposit/Withdrawal Charges Optional - CBN by bareal(m): 9:29am On Sep 22, 2019
alexvatt:
U can buy fuel using POS. It is just that we are still ignorant in Nigeria.

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

1 Like

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