Senate Ask Central Bank of Nigeria (CBN) To Suspend ATM Maintenance Charges.

Senate asks Central Bank of Nigeria (CBN) to suspend maintenance charges, the Senate passed a resolution on the central bank of Nigeria to suspend the payment of ATM charges on customers. This comes as a result of excessive charges on customers.
Senate, also asked them to begin dispensing 40,000 from their ATM machines, pending the result of investigation by the Senate committee set up.

The Senate made this known via a tweet @SPNigeria. This resolution came as part of a motion on the illicit and excessive bank charges on customers accounts, sponsored by Senator Olugbenga Ashafa, representing Lagos East.

The Senate President, Dr. Bukola Saraki noted:

“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”.

Saraki also noted that:

“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”.

The Senate further directed its Committees on Banking, Insurance & 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.

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