Hey Partner, we understand that the CBN policies and the redesign of the 200, 500, and 1000 Naira notes have made cash very scarce in the country and this may affect your business negatively. You’re probably wondering how your business will thrive, and that’s why we are here to help. We want to assure you that as with most things we have faced as a country, we will always adapt and find the best ways to grow. We have some tips to help you reduce losses and make gains during this period.
- Swap and deposit your old Naira notes
Luckily the CBN has extended the usage and swap of the old Naira notes till February 10 and also the deposit of the old notes in banks till February 17 so that’s enough time for you to transact with the old notes, get new notes and deposit the old notes at your bank so you don’t run at a loss.
- Make sure your business name is properly registered
According to the CBN withdrawal policy, registered businesses can withdraw more cash over the counter than individuals, so we recommend that you get your business name registered with the Corporate Affairs Commission (AC). As an individual, you can withdraw up to N500,000 per week but as a registered business (corporate organization), you can withdraw up to N5,000,000 per week. What you need to register your business is your approved business name, the nature of your business, the address of your business, your name, your house address, occupation, your signature, and any other details that will be required.
- Ensure proper documentation of your registration requirements and information
In cases where you need more cash, you will be required to provide a valid means of identification (National ID, International passport, or voter’s card), certificate of registration of business, etc., on the CBN Portal. You are to ensure proper documentation of your registration requirements and information as a business and PayCentre Agent.
- Partner with other businesses to get cash
Businesses such as raw foodstuffs, gas, and petrol stations, and provision kiosks deal with a lot of cash. You can partner with them to carry out funds transfer transactions for them so you can get their cash. You also connect with other agents who need to deposit their cash in hand.
- Do other types of transactions
One of the ways to comply with the new CBN withdrawal policies is to limit the number of cash-out transactions you can perform. So, do more funds transfer and bill payments transactions to increase your profit and get more cash to do cash-out transactions. This will also reduce the pressure on you to get more cash.
- Educate your customers on the new policies
Inform and educate your customers on the new policies and deadlines so that they are not surprised when they realize that they can only withdraw a certain amount or expect to do cash-out transactions beyond your limit.
- Always stay alert
Not everyone who comes to your location is your customer. Ensure you always stay alert and beware of fraudsters who may want to perform transactions, e.g., funds transfer using fake currency. Make sure you confirm the authenticity of every cash you receive. Click here for more details on the public security features of the new naira notes.
You can also read more on our blog:
- 6 Things You Need To Know About The New Naira Notes As POS Business Owner
- Alert! We have New Features on PayCentre for You!