JUST IN: Senate orders CBN to suspend ATM card maintenance charges
The National Assembly has ordered the Central Bank of Nigeria (CBN) to suspend with immediate effect, charges on ATM card maintenance.
The Senate, acting on a bill sponsored by Senator Olugbenga Ashafa (Lagos East, APC), passed a resolution on Wednesday that the illicit and excessive bank charges on customers’ accounts should be stopped.
The lawmakers also urged commercial banks 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 investigating the excessive 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 Bukola Saraki said.
Saraki stated that the Senate must ensure that whatever action the Upper Legislative Chamber eventually takes on illicit bank charges would be effected.
“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 said.
Other Senators who contributed to the debate called on banks to review their charges.
“The common man is also a victim,” said Senator Emmanuel Bwacha, “Banks declare profits and you wonder where these profits are coming from – it’s from the sweat of the common man. Let us come up with a law that puts banks on their toes.”
Another Senator, Bala Ibn Na’Allah, said: “It won’t be out of place to institute a committee that will call on the CBN to tell us what these charges are about. The Senate by fiat should abolish charges if they can’t be verified.”
Senator Kabiru Gaya said: “The Senate must take a serious stand on this issue. Nigerians are really suffering. The banking system is not encouraging. I had an issue, took it to the bank and was refunded but how many Nigerians can do this? The issue needs to be addressed.”
The Senate also directed members of the set-up committees to invite CBN Governor, Godwin Emefiele, to explain why the official charges as approved by the apex bank are skewed in favour of the banking institutions as against the ordinary customers of the banks.
The lawmakers also called on the Consumer Protection Council to look into the various complaints of excess and unnecessary charges by Nigerian banks.
