CBN not encouraging cashless policy with recent charges on electronic transactions – Nigerians

Nigerians have cried out over the negative effect of the Federal Government’s cashless policy, lamenting that the same policy was destroying the problem it tries to address.

Recall that the Central bank of Nigeria, CBN, recently began the implementation of the cashless policy, with the imposition of charges on cash deposits and withdrawals.

But this has been thwarted as there are also directives to charge applicable taxes on individual electronic transactions, including the Point of Sale’s, POS, terminal.


These and many other new policies have affected Nigerians in diverse ways. While some bank customers have seen the development as a way to further impoverish Nigerians, others are of the view that the CBN through this policy may be encouraging a cash-society as against the cashless policy it appears to be advocating for.

Some Nigerians wondered why the FG will introduce such a policy when people are crying of hunger and starvation. In trying to establish the relationship between excess bank charges and the CBN cashless policy, they said many people may withdraw their cash from banks following the development.

Other Nigerians on social media also shared their views about the CBN new policy .

Here are some comments by some Nigerians on social media also shared their views about the CBN new policy gathered from Twitter;

@cremechic11, ”In an economy where barely 40% of the population have bank accounts & a poor mobile money system, this CBN policy will cause more problems than it set out to solve. You can’t be enforcing a cashless policy with punitive measures when the infrastructure to go cashless is deficient.”

@TemmyDiran, ”This country is confused, talkless of our leaders/policymakers They said they want a cashless society but will charge me 50 Naira for making use of POS. To fuel your car, tax! Shop at a mall, tax. Very soon we’ll pay VAT to breathe.”

@MekaUgo, ” how can @cenbank be preaching cashless Nigeria only to introduce 50Naira charge for POS transaction. At the filling station now and the fuel attendant is telling me about a 50Naira charge to my bill. Use ATM dey charge you, use POS now same. Better kill us too.”

@Sima_notension, ”This Country is a Joke, you are encouraging cashless policy and merchants are charging me for using #POS that can lead to #failed #transaction and still be debited. Who cashless help?”

@grace_edibo, ”I was charged 50 Naira for using my ATM with a POS this morning, so who gets the 50 Naira and how is it encouraging cashless society? Who is in charge of this? Please, I need to call out their names, I don’t want to be saying the government #GIDITRAFFIC #Nigeria #APC

@OgbeniDipo, ”Why do I need to pay an extra 2% when I deposit over N500,000 or pay 3% when I withdraw same? After paying account maintenance charges monthly, ATM maintenance charge, stamp duty charges and transaction charges when I transfer to other banks? This cashless policy is confusing. Why is CBN squeezing citizens hard? Why not go about this cashless policy in ways that will not amount to paying extra charges on transactions?”

@krasicmutu, I am really pissed off with this country. Nigeria how can you for over 10 yrs preach cashless and now that is catching on, you are saying I would have to pay #50 to spend my money the way you said I should? It’s manipulative, stupid and shows no direction whatsoever.”

@poundsmide, ”Nigeria is a scam! First, they tell us to go Cashless, then you have yo pay N52.50 for transfers, now you have to pay N50 for POS. I would just keep holding my cash and handing it over to you all.”

@ADUTUK, ”@cenbank want to mandate a cashless society that has not been well thought out considering the dynamics of our economy & financial institutions, is this not something worth looking into, or are you ALL accomplice to this CRIME? It makes no sense that you continue to ignore the plight of the people all for your selfish gains. THIS SECTOR IS THE MOST CORRUPT SECTOR IN NIGERIA, & you ALL sit and say NOTHING. The unfair charges on e-channels have still not been addressed, yet @gtbank wants to score points by eliminating those charges for “undergraduates”

@TheSolape, ”Banking in Nigeria is unfair to citizens! They say they’re encouraging a cashless policy but someone is paying 17k in transfer charges!
If I decide to use POS, I now have to pay 50 Naira per transaction. So I have to resort to cash but still, pay 65naira at the ATM.”

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