Senate Orders CBN To Suspend ATM Maintenance Charges, Increase Withdrawal To N40,000
The Nigerian senate on Wednesday, October 17, directed the Central Bank of Nigeria (CBN) to inform all commercial banks in the country to increase the maximum amount customers can withdraw from automated teller machines (ATMs) to N40,000 per transaction.
Presently, the maximum withdrawal is N20,000.
The senate also asked the apex bank to suspend ATM card maintenance fees.
The upper legislative chamber directed its committees on banking and finance to conduct an investigation into the propriety of ATM card maintenance charges and to also invite Godwin Emefiele, governor of CBN, to explain why the charges are allegedly skewed in favour of the banks.
This was after a motion on “illicit and excessive charges by Nigerian banks in customers accounts” was raised by Senator Gbenga Ashafa during the plenary session on Wednesday.
While moving the motion, Ashafa said the CBN is becoming “insensitive” to the plight of Nigerians.
Contributing to the debate on the motion, Ike Ekweremadu, deputy senate president, said the numerous charges by the banks are unacceptable.
“If we have institutions in Nigeria, they should make sure to do their jobs to protect Nigerians,” Ekweremadu said.
“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.