Cashless FCT! Are you ready?

The Central Bank of Nigeria (CBN) has introduced a new policy on cash-based transactions which stipulates a ‘cash handling charge’ on daily cash withdrawals or cash deposits that exceed N500,000 for Individuals and N3,000,000 for Corporate bodies. The new policy on cash-based transactions (withdrawals & deposits) in banks, aims at reducing (NOT ELIMINATING) the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.).
   The policy was first introduced in Lagos sometimes last year and was met by outright complaint by majority of lagosians who sees the policy as another means by both bank and CBN to start deducting from their hard learned money.
    Abuja are you ready? The CBN is planning to role out the second phase of the cashless policy in Abuja and other selected states come July 1st, 2013. So as from July 1st, FCT would witness a change in its cash policy,daily withdrawals and cash deposit that exceed N500,000 for individual and N3,000,000 for corporate bodies will now attract a service charges. So with the new policy, bank customers will have to let go N100 for every N1000 withdrawn or deposit above the stipulated amount(i.e if you want to withdraw N600,000 you will have to pay N10,000 for the extra N100,000 above the N500,000 daily limitation).
      Alternative Banking System
       Banks in the country are now coming up with alternative means of banking without stepping into the banking hall, some of these means are the ATM, POS (point of sales machines), standing order, internet banking, National Electronic Fund Transfer(NEFT) etc, yet these alternatives still have there own short form. These shortfalls  come in the area of infrastructures like electricity,internet connection and the rest.
    Now tell me which  would you rather go for? Is it the 10% deduction on every kobo above the daily transaction limit or the high fraud risky available alternatives. The choice is yours.