If 50% of Nigerians earn below #50,000 and majority of civil servants earn #50,000 to #150,000 monthly, then who will cash withdrawal of #100,000 per week affect, if not the corrupt people.
- If you have genuine bulk/huge transactions, do transfer.
- Association of POS operators should approach CBN to work-out ways to improve issues they have with the new policy. They should be ready to do all required documentation.
- Banks should be mandated to improve on their network to accommodate the increase in volume of e-transactions.
The advantages of this new policy out weigh the disadvantages and I trust Nigerians will see opportunities in new policy soon.
