There was a thread on FP with daft and lame excuses on how CBN cashless transaction will favour POS operators. This is completely untrue.

The guy claimed that the policy is all about encouraging people to transfer money by using cashless alternatives. So does this mean Nigerians shouldn't withdraw anymore but rather engage in transfers only? What is the meaning of this nonsense?

nobody is talking about transfer here but rather withdraw. Over 90% of Nigerians withdraw this days than even transfer. So how will the POS operator gain when he will be limited to just 20k cash withdrawals a day?

You are worst, instead of Insulting him bring out your own view, there are sensible nairalanders who will compare and contrast

Nigerians will learn to transfer money now, no more bulk cash withdrawals.

I only withdraw cash when I need small cash at hand and do transfer mostly.

This policy will strengthen agency banking and create more jobs.

What does a person need bulk cash for if they are not criminals trying to hide stolen money.

You can still do POS.

We are Nigerians and can find ways around almost any law.

You would need a different POS so you set the withdrawal as INVOICE (payment for something which would get VAT), then you charge extra... Also people can withdraw above the 20k limitation but the government would take 5%... I think their is still opportunity for those that are not intimidated by this law. There is also the option of account to account transfer and the need of trusted agent to assist the illiterate receive transfer like a Fulani selling a 200k naira ram on Sallah day.


https://www.youtube.com/watch?v=RfaIEnw15w0

My own question is that If I have multiple banks I operate can I continue transactions on the other banks so as to withdraw more. Or will I be limited by all the other banks I use. I hope you get my question.

StrongAlphMale:
There was a thread on FP with daft and lame excuses on how CBN cashless transaction will favour POS operators. This is completely untrue.

The guy claimed that the policy is all about encouraging people to transfer money by using cashless alternatives. So does this mean Nigerians shouldn't withdraw anymore but rather engage in transfers only? What is the meaning of this nonsense?

nobody is talking about transfer here but rather withdraw. Over 90% of Nigerians withdraw this days than even transfer. So how will the POS operator gain when he will be limited to just 20k cash withdrawals a day?

You will transfer to the POS operator and he or she will give you cash. People also bring cash to them and they make transfer on that person's behalf and most of them collect cash from business people and they will transfer the agreed sum to them.
They can pay you N100k and you transfer to them.
Either ways, it will benefit them.

TechW:

You will transfer to the POS operator and he or she will give you cash. People also bring cash to them and they make transfer on that person's behalf and most of them collect cash from business people and they will transfer the agreed sum to them.
They can pay you N100k and you transfer to them.
Either ways, it will benefit them.

So if I transfer 500k to the pos operators how will they withdraw it and give it to me knowing fully that they're limited to just 20k withdraw a day and 100k a week?

You seem pretty confused

StrongAlphMale:


So if I transfer 500k to the pos operators how will they withdraw it and give it to me knowing fully that they're limited to just 20k withdraw a day and 100k a week?

You seem pretty confused

If they have enough cash, yes. they also collect cash from customer to do transfer for them and also collect cash from traders that do not want to go to the banks

TechW:

If they have enough cash, yes. they also collect cash from customer to do transfer for them and also collect cash from traders that do not want to go to the banks

How can a pos operator have upto 500k in his possession when he or she is only limited to 20k withdraws a day and 100k withdrawals a week?

Oga abeg stop arguing without reasonable point. Seems you're even confused yourself

StrongAlphMale:


How can a pos operator have upto 500k in his possession when he or she is only limited to 20k withdraws a day and 100k withdrawals a week?

Oga abeg stop arguing without reasonable point. Seems you're even confused yourself

It is not arguing, POS operator can transfer to someone's account.
You can give them cash and they will transfer to whoever you want them to transfer to. Atleast, they can transfer up to 5million in a day.
Some traders that do not want to go to the bank to deposit money sometimes give them cash and they will transfer from their account to the intended receiver. With this, they may have enough cash on them and you can transfer to them and they will give you from the cash they have.
The only snag here is security. There is a danger of been robbed but nevertheless,
Where your knowledge ends is where another person's own starts.
If everyone is intelligent, then there will be no foolish people around.