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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.