NewStats: 3,262,088 , 8,176,039 topics. Date: Saturday, 31 May 2025 at 06:28 PM 1v4o6q

Nigerians, we shouldn't wait for things to fall apart. Banks must be called to order and CBN must push more liquidity to the banks as well. There’s no use chasing what is not lost or trying to give the dog a bad name because you want to hang it. Dear citizens, may I approach the court of public opinion to make my case?

From ages past, there have been banks. And there has also always been money - cowrie shells, kudi, owo, gold bars, or bank notes) Without banks and money, what kind of life will this fast paced, commercial driven and transaction reliant society look like?

Ok. So let's ask ourselves, one big question - wetin banks dey do sef? They take your money, keep it as deposits. When you need your money, they give it back to you as cash or transfers. And when you are not using your money, it is used as loans and investment. In all, banks are society’s tool for ensuring that the levers of commerce continue to roll smoothly.

My lords, let’s tackle the big elephant in the room. These days across Nigeria, you find people venting and querying the performance of banking channels, especially the Automated Teller Machine (ATM) in many cities. Many of the rants have been founded on ignorance and mischief, and I will provide concrete evidence on the real state of play and why we are not pointing fingers where they should be. Or do we just like to leave the substance and chase ghosts?

Customers are venting that these ATMs aren’t dispensing cash and that even bank branches don’t have enough cash to give customers. The question is why? I put it to you that this is simply a problem of cash in circulation and cash domiciled in the bank. If a lot of people are refusing to keep their money in the banks because of big bank charges for cash handling and deposits? Need I remind your Lordships that for individual cash deposits, the rate is two percent for transactions above N500,000 while cash withdrawal is three percent for transactions above N500,000. How is this the fault of POS agents? Mark this as Exhibit A.

For Exhibit B, the facts speak for themselves, as banks are no longer interested in maintaining these ATM machines. This is because these services have a very huge cost element to them, especially in of transporting cash to them, security, personnel and other costs of maintaining it. Did you know that ATM machines are usually imported into the country and the customs duty on ATMs is over 25%? This, my fellow citizens, is why banks have reduced their investments in them and opted for low maintenance options like mobile banking and USSD.

My last point is a combination of these two factors listed above. Banks have no incentive to push ATM withdrawals when you consider that it is just one among many channels, and probably the most expensive. Banks love money and they are in business to make money. So why would they put cash in an ATM when mobile banking or USSD is there for the customers, at little or no cost of servicing. Also, the total number of ATMs across the country is put at around 22,600 ATM locations across the country. This is grossly insufficient to cater to Nigeria’s huge population that needs financial services.

As I round up my case, there are a few pertinent issues worthy of due cognizance. The government has made many efforts to get Nigerians to embrace a cashless society especially with some of the associated risks like robbery attacks but not much progress has been made. Why doesn't the government use the right policy to encourage digital payments and financial literacy? On the evidence of some of the growth that has been seen, a lot more people are adopting transfers and other forms of payments.

Agency banking is a service. As with all services in the banks, financial institutions and everywhere else, there are service charges to be paid. When people make withdrawals from the ATM and over the counter, and pay the transaction charges, do

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The masses blamed Meffy back then. Isn’t it okay to blame Cardy?

The truth is that the banks are now selling cash to POS operators and making brisk cash in the process.

Every industry in Nigeria has its own fraud signature

We need to embrace cashless policy

From ages past, there have been banks. And there has also always been money - cowrie shells, kudi, owo, gold bars, or bank notes)

Digital money is the next evolution of money, and bank notes would soon be as dead as cowrie shells, it seems.

Our super mod is now a lawyer by default. The truth is there are limited cash in the bank. Probably the CBN is not doing enough in this regard. You have to wet the ground before you get enough cash in the bank now.

Treasure17:
Our super mod is now a lawyer by default. The truth is there are limited cash in the bank. Probably the CBN is not doing enough in this regard. You have to wet the ground before you get enough cash in the bank now.

If there are truly limited cash in banks, where are pos operators getting cash for transactions?

Filling stations deposit cash in the bank almost every day, but, banks sell the cash to pos operators, the reason ATMs are not functioning.

Very sad reality. Even the pos guys are making money too .... Now u pay 200 Naira for 5k

I'm not in Nigeria, so I cannot relate. Still, from here, it's obvious the CBN has ordered a directive to mop up excess liquidity in circulation. And that is the reason why physical naira is hard to come by.

Nonetheless, most Nigerians are unaware of their rights. A typical Nigerian will open an , pay different types of bank charges, and yet cannot withdraw their hard-earned funds from the bank ATM.

That by itself is a breach of contract, and the customer has every right to sue that bank for the non-performance of their obligations.

Cant the last time i used an ATM machine..

meum:
The masses blamed Meffy back then. Isn’t it okay to blame Cardy?

Okay na
Suddenly cardi B is blameless despite plenty trial and error but they wanted to kill meffy for his errors too.

ValCon888:
I'm not in Nigeria, so I cannot relate. Still, from here, it's obvious the CBN has ordered a directive to mop up excess liquidity in circulation. And that is the reason why physical naira is hard to come by.

Nonetheless, most Nigerians are unaware of their rights. A typical Nigerian will open an , pay different types of bank charges, and yet cannot withdraw their hard-earned funds from the bank ATM.

That by itself is a breach of contract, and the customer has every right to sue that bank for the non-performance of their obligations.

In a working society this will fly and said bank will pay up.
It won't work in Nigeria, no rule of law..

ValCon888:
I'm not in Nigeria, so I cannot relate. Still, from here, it's obvious the CBN has ordered a directive to mop up excess liquidity in circulation. And that is the reason why physical naira is hard to come by.

Nonetheless, most Nigerians are unaware of their rights. A typical Nigerian will open an , pay different types of bank charges, and yet cannot withdraw their hard-earned funds from the bank ATM.

That by itself is a breach of contract, and the customer has every right to sue that bank for the non-performance of their obligations.

Law in Nigeria are just on books. The laws over here is just to keep the lower classes in order.
If the higher classes are affected by certain financial decisions, it's quickly modified or completely reversed.

Mosdiii:
Very sad reality. Even the pos guys are making money too .... Now u pay 200 Naira for 5k

what you just said is pure lie, pos charge #100 for 5k

Follow Solife TV on Facebook for data and other giveaway.

You are jobless if you still queue trying to get money from atm machine
Something POS Can give you or even bring it to your house without hassle

The only reason is because, NIGERIA is the headquarter of evil people
Greedy bastarɗs
Exploiters
Hypocrites

It has been hijacked by POS operators in collaboration with bankers...

meum:
The masses blamed Meffy back then. Isn’t it okay to blame Cardy?

Tinubu-led APC dwells so much on propaganda. Tinubu's bad policy, even if reversed, will take Nigeria 4-5 years to recover. Cfa, which used to be the worst currency has taken over the naira. People now prefer to trade in cfa more than in naira at the border.

Let me remind you of some events or policies under the buhari-led apc istratiin, which tinubu said were not right, but ended up adopting

1- Naira rescue using the dollar

2- Cash scarcity as a result of reduction of cash in circulation.

3-Subsidy is gaan! But he's now paying it, even in trillions monthly.

4-Imprtation of food items, but he's now doing that. He's forgotten about the law of comparative advantage, which will always compell some countries to import certain products. This brings a doubt to his University degree cos the baba go slow seems to be more knowledgeable than him in handling the economy, despite being seen to be far worse than his predecessors.

Please add your own.

meum:
The masses blamed Meffy back then. Isn’t it okay to blame Cardy?

E no go better for EmefiOle once again...

🤕

If you read that post, you are jobless and broke. The wey collect money post am no read am too.

Whois:
We need to embrace cashless policy

for what reason?

It's been long I used the ATM or visit the bank. Last time I went to the bank I wanted to take all the money in my first bank savings and these people said I can only withdraw 5k omo na so I kuku leave the money for them till now. Mind you this wasnt the first time I tried. The whole thing is so annoying

Reason is that the country is dead and Tinubu will be ruling for two .

Also, from the POS agent to the banks, to the government are all corrupt idiots.

I was at the bank today but did not bother taking cash (they will give me 10k). I just stopped by at a PoS and quietly collected the sum I needed and moved on. I mostly transact using card or transfer, abroad has structured my head on that when I almost slept on the street, till my cab man found a hotel in East London that collected cash. I stopped depending on cash payments/transaction

Corrupt bank employees.
Everyone is corrupt in Nigeria. The only saints are the ones that have not had an opportunity to steal.

meum:
The masses blamed Meffy back then. Isn’t it okay to blame Cardy?

😄

People hardly deposit their cash in banks anymore. Too stressful, comes with charges. They prefer to give it to POS operators.