BEVERLY HILLS, October 17, (THEWILL) – The Senate Wednesday directed the Central Bank of Nigeria, CBN, to stop banks from charging ATM card maintenance fees.
The resolution followed a motion sponsored by Senator Olugbenga Ashafa (Lagos East, APC).
The Senate also called on commercial banks to increase ATM withdrawal limit to N40, 000 pending the outcome of the investigation by the Senate committees tasked with investigating the excessive and illicit bank charges.
Speaking on the Motion, the President of the Senate, Bukola Saraki said: “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.
“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.”
Nigerian banks have received severe criticisms for milking and diming customers with ridiculous fees.
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