Illicit bank charges: senate takes action

• seeks suspension of ATM card charges

As part of a motion on the illicit and excessive bank charges on customers’ accounts, the Nigerian Senate has passed a resolution calling on the Central Bank of Nigeria (CBN) to suspend the excessive ATM card maintenance charges being deducted from customers.

The Senate also called on commercial banks operating in the country to configure their machines to dispense up to N40,000 per withdrawal pending the outcome of the investigation by the Senate committees tasked with investigating the excessive and illicit bank charges.

According to the Senate President, Bukola Saraki, the motion affects the lives of every Nigerian — irrespective of what part of the country they come from or whatever political affiliation they might have.

“This is why we are here: to always defend and protect the interests of the Nigerian people.” Senate President Dr. Abubakar Bukola Saraki was quoted speaking on the motion.

Saraki stated that the Senate must work to ensure that the resolutions on the excessive bank charges go beyond the debate stage. This, according to the Senate President, is to enable effects of the motion.

“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,” Saraki added.

Meanwhile, 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.

The Senate also directed the aforementioned committees to invite Governor Godwin Emefiele of the CBN to appear before it 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.