Senate Asks CBN To Suspend ATM Card Maintenance Charges

Senate Asks CBN To Suspend ATM Card Maintenance Charges

For too long Nigerians on social media have complained about their banks deducting random figures from their accounts both monthly and annually, these charges described as “Card Maintenance Fee.”

Well, succor has come in the form of the Nigerian Senate, which has on Wednesday directed the Central Bank of Nigeria to suspend ATM Card Maintenance Charges deducted by banks.

The leader of the Nigerian Senate Bukola Saraki, shared the news on his Twitter, writing:

Today, at the Senate, we passed a resolution calling on @CenBank to suspend the excessive ATM card maintenance charges being deducted from customers.

The resolution was sponsored by Olugbenga Ashafa of Lagos East Senatorial District.

Today, at the Senate, we passed a resolution calling on CBN to suspend the excessive ATM card maintenance charges being deducted from customers.

For me, this is a major step that we have taken. This is because while in the private sector, I introduced the first ATM machine, which came into Nigeria over 25 years ago. All these years later, I believe that we should have grown out of these exorbitant charges.

This is why I believe that today’s resolution is necessary, because it affects every Nigerian — irrespective of what part of the country you come from or whatever political affiliation you might have.

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.

This is why we are here: to always defend and protect the interests of the Nigerian people.

I thank Senator Gbenga Ashafa, for sponsoring this important piece of legislation, and all my Distinguished Colleagues who contributed to the debates.

The resolution also asked that banks configure their ATM machines to dispense up to ₦40,000 per withdrawal transaction, up from the ₦20,000 they dispense today.

They directed that these be done pending “the outcome of the investigation by the Senate committees tasked with investigating the excessive and illicit bank charges.”