Wednesday, 17 October 2018

Stop ATM Card Maintenance Charges - Senate Tells CBN


The Senate has instructed the Central Bank of Nigeria (CBN) to suspend the ATM card maintenance charges being deducted from customers.

This resolution came as part of a motion on the illicit and excessive bank charges on customers accounts, sponsored by Senator Olugbenga Ashafa (Lagos East, APC).

The Senate also called on commercial banks operating in the country to configure their machines to dispense up to N40,000 per withdrawal pending the outcome of the investigation by the Senate committees tasked with investigating the excessive and illicit bank charges.

Speaking on the Motion, the Senate President stated that the Senate must work to ensure that the Senate’s resolutions on the excessive bank charges goes beyond the debate stage, so that whatever action the Upper Legislative Chamber takes, would come into effect.

Other Senators who contributed to the debate, called on banks to review their charges.

The Senate further directed its Committees on Banking, Insurance & other Financial Institutions and Finance to conduct an investigation into the propriety of ATM card maintenance charges in comparison with international best practices and report back to the Senate.

The Senate also directed the aforementioned committees to invited the Governor of the CBN to appear before it to explain why the official charges as approved by the CBN are skewed in favour of the banking institutions as against the ordinary customers of the banks.

Finally, the Senate called on the Consumer Protection Council to look into the various complaints of excess and unnecessary charges by Nigerian Banks.

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