As part of a motion on the illicit and excessive bank charges on customers accounts, the Nigerian Senate has passed a resolution calling on the Central Bank of Nigeria (CBN) to suspend the excessive ATM card maintenance charges being deducted from customers.
The Senate disclosed this in a tweet.
BREAKING: Today, the Nigerian Senate passed a resolution calling on the Central Bank of Nigeria (CBN) to suspend the ATM card maintenance charges being deducted from customers. https://t.co/englKR9uKr
— Archive of the President of the 8th Senate (@SP8thNGRSenate) October 17, 2018
The Senate also called on commercial banks operating in the country to configure their machines to dispense up to ₦40,000 per withdrawal pending the outcome of the investigation by the Senate committees tasked with investigating the excessive and illicit bank charges.
“This is a motion that affects the lives of every Nigerian — irrespective of what part of the country you come from or whatever political affiliation you might have. This is why we are here: to always defend and protect the interests of the Nigerian people.” Senate President Dr. Abubakar Bukola Saraki was quoted speaking on the motion.
Saraki stated that the Senate must work to ensure that the resolutions on the excessive bank charges go beyond the debate stage. This, according to the Senate President, is to enable effects of the motion.
“This Senate has done this many times before; when there was a hike in the mobile telecommunication data charges, we intervened and put an end to that. When there were discrepancies and increases in electricity prices, we also took action. We have done this on a number of similar cases. Therefore, on this, I want us to take effective resolutions,” Saraki added.
Meanwhile, 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 invite Governor Godwin Emefiele 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.
That is a very nice one, because the banks are seriously reaping off customers. I have been out of the country for years now and they are still charging me for that. Sometimes i wonder why Nigeria financial institutions are full of criminalities and fraud.
You never know in Nigeria,this is the problem in Nigeria,i think the cbn will ignore this message.this maintance fee was authorized by the cbn,which was done by their circular this year.the senate cannot give order out of empty air
This is a good development for the country. In the western world, debit/credit cards are issued free, no withdrawal charges on inter-bank transfers, cash withdrawals etc. The only charge related to the cards are when there are payments/withdrawals on account which makes your account overdrawn.
We are eagerly waiting for this cheery development.
Many thanks, Nairametrics