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Senate Task CBN to Stop Bank Charges on ATM
Senator Olugbenga Ashafa (Lagos East, APC) moves the motion to stop banks from deducting amount of money as ATM maintenance charged. The Nigerian Senate on Wednesday passed a decision to suspend the ATM maintenance charges. President of the Senate, Dr. Abubakar 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,” Senator Emmanuel Bwacha "The common man is also a victim, Banks declare profits and you wonder where these profits are coming from — it’s from the sweat of the common man. Let us come up with a law that puts banks on their toes." Senator Bala Ibn Na’Allah said: “It won’t be out of place to institute a committee that will call on the CBN to tell us what these charges are about. The Senate by fiat should abolish charges if they can’t be verified,” “The Senate must take a serious stand on this issue. Nigerians are really suffering. The banking system is not encouraging. I had an issue, took it to the bank and was refunded but how many Nigerians can do this? The issue needs to be addressed,” stated Senator Kabiru Gaya. Dr. Saraki also said "For me, this is a major step that we are taking. This is because I introduced the first ATM machine that came into Nigeria over 25-years ago, Now, after 25-years, we should have grown out of these excessive charges and moved on. So, I believe that this is something that we must address to create an environment that protects all Nigerians, because these kind of charges in this economy affects everyone." 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.