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Senate Calls For Scrap of ATM Charges

Nigerians have complained about the 65 naira which is deducted from your bank account, anytime withdrawal is made from an ATM which doesn’t belong to your bank.

Well the Senate is beginning to look into this matter, as a bill is being debated on the floor of the Senate. The motion was sponsored by Senator Olugbenga Ashafa (APC Lagos East). The motion seeks to put an end to the excessive bank charges which customers of Nigerian banks are forced to pay.  The Senate has called on the Apex bank, the Central Bank of Nigeria to stop commercial banks from charging for card maintenance. During the discussion also, commercial banks were advised to make sure their ATM dispense up to 40,000 naira per withdrawal.

Most of the senators were in support of the resolution, stating that this is a problem which affects everyone regardless of political/ ethno-religious affiliations. The Senate has also stated that the Senate Committee on Banking, Insurance and Other Financial institutions and Finances should invite the CBN governor, to explain the reasons for the bank charges at ATMs. The committee was also saddled with the responsibility to conduct a research into best world practices and report back to the Senate.

The Consumer protection council has also been called upon to look into the various complaints customers have against their banks.

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