The Nigerian Senate has responded to the protests of the people by ordering the suspension of the automated teller machines (ATM) card maintenance fees.The lawmakers also ordered the Central Bank of Nigeria (CBN) to direct commercial banks to increase the maximum amount customers can withdraw from the ATMs to N40,000 per transaction.
The resolution came after a motion sponsored by Senator representing Lagos East, Gbenga Ashafa who said the CBN is becoming insensitive to the plight of Nigerians.
Yesterday, @SenGbengaAshafa (Lagos East) moved a Motion on the illicit and excessive charges by Nigerian banks particularly on ATM maintenance and withdrawal charges. pic.twitter.com/J5UOzhsffN
— The Nigerian Senate (@NGRSenate) October 18, 2018
The Red Chamber directed its committees on banking and finance to investigate the propriety of ATM card maintenance charges and to also invite the governor of CBN, Godwin Emefiele to explain why the charges are allegedly positioned in favour of the banks.
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Contributing to the debate on the motion, Deputy Senate President, Ike Ekweremadu said,“if we have institutions in Nigeria, they should make sure to do their jobs to protect Nigerians…banks should have recognisable charges to let customers know what they are up against.”
The motion was adopted by the Senate after it was put to a voice vote by the Senate President, Bukola Saraki.
In its wisdom,the @NGRSenate agreed with the prayers of the motion & resolved amongst other things that the relevant committee should an investigate while the @cenbank is to suspend the ATM Card maintenance charges pending the outcome of the investigation. #ExcessiveBankCharges pic.twitter.com/6PVPZNGSwu
— Gbenga Ashafa (@SenGbengaAshafa) October 17, 2018
Saraki also maintained that the Senate must work to ensure that the Senate’s resolutions on the excessive bank charges go beyond the debate stage so that whatever action the Upper Legislative Chamber takes, would come into effect.
The Senate concluded by urging the Consumer Protection Council to look into the various complaints of excess and unnecessary charges by Nigerian Banks.
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