The Central Bank of Nigeria (CBN) in its recently released circular on the implementation of the cashless policy has stated that in addition to already existing charges on cash withdrawal, charges will now apply on Naira cash deposits in some states across the country that is: Lagos, Ogun, Kano, Abia, Anambra, Rivers states and the FCT.
But some people doesn't actually understand the importance of this cashless policy and it is very important to me, you and our country.
And the tax will affect only the transactions that above 500k with 2% respectively.
So, what do you understand by this cashless policy and its importance?
Let's educate our selves....
The cashless policy aims to protect people's money. Carrying cash is a great risk at all times, it is exposed to theft and can get lost. Reducing the use of cash will also reduce robbery, so i think it is a security move.
All in all, it makes transactions easier. I can get whatever I want anytime I want without prior planning.
Cashless policy, just like it sounds 'cashless' it aims at the reduction of robbery and to increase the level of security available for people money and it really fast,eaisy and stressless
Cashless policy was introduced to Nigeria market to ease and save people from the stress of carrying cash around, and also to reduce the rates at which people get robbed of their cash, and it's also creates job opportunity for youths and adult and that's why you now see POS shop all arround
This cashless policy is a welcome development and at the same time not a welcome development. This policy will only favour our rich politicians and not the poor small business people who are trying to save their little money has grown up to 500 thousand naira. Is the bank not supposed to encourage small business owners in Nigeria to save more? Why then is CBN coming up with this anti small business growth policy? This is not fair. This cashless policy should apply only to Politicians. They earn more via salaries and also save more.
This cashless policy is really great and enables us to be safe with our transaction and money handling. As the name implies cashless policy it reduces theft and robbery. Kudos to the government for implementing this policy it will really help our economy and also ourselves
Cashless policy simply means moving from one place to another without Carrying a lot of cash in your possession, buying and selling with just a card rather than much cash. This policy prevent travelling with physical cash for arm rubbers to Rube. Cashless policy is good.
Cashless policy aims at salvaging citizens of the country from loss of money due to theft or other fraudulent means. But I am disheartened by the recent of charges on deposits above #500k. This is going to affect the poor who strive to get such amount of money. Being charged for it will reduce their money. To a great extent this will discourage savings among the poor.
Cashless policy is aimed at carrying less cash around.This is a good initiative as this will curb the case of robbery and other risks involved in carrying cash around.
The policy will curb the carrying around of physical cash.It will also reduce the expenditure made on printing notes and coins.
Another good importance of the policy is that it will love limit corruption as there will be transparency in all financial dealings.
The idea of cashless policy is a very welcome development to encourage our people use the POS, mobile apps for transactions and further avoid carrying of too much money for transactions. Nigerians may not embrace it now but with due time will begin to enjoy the benefits. The era of becoming an independent banker using your banking mobile app and ussd code for tansaction is here with us.
This is robbery, but what they explained on their twitter page is different.
A person from Anambra can risk traveling to Asaba to deposit then, just few minutes drive na
With the increase in crime rate,this is a good way to curb theft and robbery along highways and on the road in general.
It is a welcomed development.
The percentage increase is nothing compared to the benefits
Cash-less Nigeria is a policy established in the year 2012 by the Central Bank of Nigeria to curb excesses in the handling of cash in the Nigerian federation. It prescribed a cash handling charges on daily withdrawal above five hundred thousand Naira (N500,000.00) for individuals and three million Naira for corporate bodies (N3, 000,000.00). The policy was enforced not to eliminate the use of cash but to reduce the volume of cash in circulation.
Withdrawal above N150,000.00 on all third party cheques can only receive value through a clearing house and not across the counter.
Under this policy a bank is no longer permitted to pick up cash services from merchants, while only the licensed cash in transit companies are permitted.
3% cumulative charges are administered on daily cumulative withdrawals in excess of N500,000.00 for individuals while 5% cumulative charges are administered on daily cumulative withdrawals in excess of N3,000.000.00
The charges on these transactions are borne by the account holder.
Cashless policy is another form of robbery from our government it's really bad that our leaders will be looting money from our so called igbo brothers just because they are business owners imports and exports is the implementation going to bring change to the society or it going to be worst high cost of living
Cash-less policy deposit is only on the amount in excess of the limit,for instance if you deposit a Cash of N501,000.00.1000 is in excess of the limit.the bank will charge you 2% of N1000,which is N20.
To me it's a way of milking money from Nigerians, imagine you wanted to save 1M and the 2% is taken from you all in the name of cashless policy, that's robbery and it shouldn't be allow to stand. But on the other hand it's only 2% of Nigerians that have millions of naira in cash and deposit, so they claimed it won't affect the masses. Any which way, cashless policy is a scam.
I feel bad about this because they claim it's to generate tax for the government but other money they have been generating,there is nothing to say about it.i feel it's a new a of exploitation.
I feel this will reduce robbery and also all these senators and politicians stealing our money.
It is a very good idea although as much as the effect might not seem so drastic it might affect us one way or the other.
In as much as the cashless policy is a welcome idea, it still has how it's going to affect the masses, what if the 500k you're about to deposit is for business and your profit could be 20k.. bcos of this 15k will be deducted what's left for you to take home? Not only this but also the increase in % VAT,,, and also 50naira for stamp at any POS stand when you make a withdrawal of 1000 and above... I think this will make people to even stop going to the bank for real... And when they start keeping their money at home. Which can also lead to them being robbed. #MyOpinion
This cash less policy is just to ensure that less amount of money is being carried in cash rather transactions been done through transfer,point of service and the likes aside, deposits or withdrawal. But I would love it that there is exception to it.
What the CBN actually meant is if you deposit 520,000 it is in excess of 500k by 20000. So you would pay a charge of 2% on the extra 20000. It's as simple as that
I'm still blank to the WHY of this policy, for me it'll help keep people's money save and also would also help for cyber crime and money laundering because all transaction would be traced
I don't think that this is the right approach to cashless policy, the service charge is absurd; how can u put such charge.
A cashless policy should be done in such a way that incentives are given to people who save money in banks so as to boost savings but will reduce investments a little, this is how a proper cashless policy actualization is done
One thing about cashless policy in this country is that we can adopt something but can't mentain it so sometimes is not all about cashless policy to me is all about mentioning it so let us put head together and work hard to inp
The best way government can revive our economy is to cut all the salary of our political office holders.instead of putting more borden to the citizenry.Nigerian public are suffering.government should do the right things to revive our economy.
The cashless policy is intended to reduce the much carrying of physical cash in the society. The siphoning of our money into other countries and nation. It is a wellcome development because the wealthy are the vulnerable or culpable.Two percent above every #500,000 lodgement.
Cashless policy is good but what is the meaning of those reductions for cash withdrawal and deposit. It is just a scam. That will even prevent people from taking their money to the bank. That percentage is too much that is stealing with style imagine 2 percent or 3 percent of 5million naira.
Cashless policy is a nice initiative made to reduce robbery and all sort of fraudulent activities of transactions. It is actually good fot us but might be too harsh on just a developing country like Nigeria.
The idea/introduction of cashless policy as been a good idea...I simply means moving from one place to another without money at hand but in banks...the idea of cashless policy has really saved many Nigerians from harmed robberies...do the idea is okay by me
Nigeria is a Nation of riches and wealth they are lots of people who has money but base on Efcc , they don’t come out, if such people come out with all their wealth the listing of the richest men in Africa will have a big change , so the cashless policy by the central is a very good step to take and also a bad one, in as much that for rich people it’s good for the poor it’s bad because it might cause problems among the poor citizens of the nation
Cashless policy is a good and welcome idea but my question is. ..What has been put in place to effect the cashless society has sensitazation begun? Who and who is gonna go cashless? How do we go about our pet buying here and there and transportation so lots needs to be considered
Cash-less Nigeria is a policy established in the year 2012 by the
Central Bank of Nigeria to curb excesses in the handling of cash in the Nigerian federation. It prescribed a cash handling charges on daily withdrawal above five hundred thousand Naira (N500,000.00) for individuals and three million Naira for corporate bodies (N3, 000,000.00). The policy was enforced not to eliminate the use of cash but to reduce the volume of cash in circulation.
I think with this cashless policy it would be easier for business owners to travel Nationwide to buy good without the fear of being robbed or getting ripped of their money....
As it sound cashless policy mean there's no need to carry money whe you you're going you just go cashless and get things done through you bank