On Wednesday the Nigerian Senate urged the Central Bank of Nigeria (CBN) to
suspend the Automatic Teller Machine (ATM) maintenance charges being
deducted from customers account pending the outcome of the investigation
by its committees.
A motion moved by Gbenga Ashafa of the ruling All
Progressives Congress representing Lagos State East Senatorial district.
The Senate president Bukola Saraki reacting to the motion said,
“this is something 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.”
The Red chamber also mandated commercial banks in the country to
immediately configure their ATMs to ensure N40,000 per withdrawal,
instead of the current limit of N10,000.
The upper legislative chamber also authorised its Committees on
Banking, Insurance and other Financial Institutions as well as Finance
to invite the Governor of Central Bank of Nigeria, Godwin Emefiele, to
explain why the official charges are skewed in favour of the banking
institutions as against the ordinary bank customers.
The committees are also expected to conduct an investigation into the
propriety of ATM Card Maintenance Charges in comparison with
international best practices.
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