Uncategories Senate Tells CBN To Suspend ATM Card Maintenance Charges

Wednesday 17 October 2018



Senate Tells CBN To Suspend ATM Card Maintenance Charges

October 17, 2018
The issue of ATM charges generated much debate on the floor of the Senate and after much deliberations, a few resolutions were made. 

File Photo
 
The Senate has urged the Central Bank of Nigeria (CBN) to look into the suspension of the Automated Teller Machine (ATM) maintenance and withdrawal charges by banks.
 
This was after a motion on "illicit and excessive charges by Nigerian banks in customers accounts" was raised by Senator Gbenga Ashafa during the plenary session on Wednesday.
 
Deputy Senate President Ike Ekweremadu seconded the motion, saying: "The ATM charge is not the only charge we get from the bank, there are VAT charges and so on; this is unacceptable. We have the Customer Protection Agency in Nigeria, but they are not living up to expectations."
 
The issue generated much debate on the floor of the Senate and after much deliberations, a few resolutions were made.
 
The Senate directed the committees on banking insurance and 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.
 
It also mandated the committees on banking, insurance and other financial institutions and finance to invite the CBN Governor to appear before the body in order 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.
 
The lawmakers urged CBN to suspend the ATM card maintenance charges being deducted from customers accounts, just as they called on the CBN to instruct the commercial banks to configure their machines to extend to N40,000 per withdrawal, pending the outcome of the investigation by the committees.
 
The Consumer Protection Council was called upon to be up and doing in taking up the plight of ordinary Nigerians by looking into the various complaints of excess and unnecessary charges by Nigerian banks.



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