The Senate has passed a resolution calling on the Central Bank of Nigeria to suspend the ATM card maintenance charges being deducted from customers.
The Senate made this known via a tweet @SPNigeria.
This resolution came as part of a motion on the illicit and excessive bank charges on customers accounts, sponsored by Senator Olugbenga Ashafa (Lagos East, APC).
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.
Speaking on the Motion, the 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.”
The Senate President stated that the Senate must work to ensure that the Senate’s resolutions on the excessive bank charges goes beyond the debate stage, so that whatever action the Upper Legislative Chamber takes, would come into effect.
“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 said.
Other Senators who contributed to the debate, called on banks to review their charges.
“The common man is also a victim,” said Senator Emmanuel Bwacha, “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.”
“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,” said Senator Bala Ibn Na’Allah.
“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.
“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,” the Senate President, Dr. Saraki told his colleagues, “Now, after 25-years, we should have grown out of these excessive charges and moved on. So, I believe that this 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 and 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 invited the Governor 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.
Finally, the Senate called on the Consumer Protection Council to look into the various complaints of excess and unnecessary charges by Nigerian Banks.
from punch...
Hallelujah.........welcome development
ReplyDeleteThank God the senate are awake to their responsibility,may be because majority are not coming back they decided to have a record for themselves.
DeleteOne thing to call and another one to implement. They should look into dstv subscription. They are milking Nigerians dry.
ReplyDeleteMust you use DSTV?
DeleteWhat they should do is to encourage Nigerian business men who are keen to go into that TV business stuff, rather than the 'pull him down' syndrome that we usually witness, just like what happened with the TSTV guy.
Pls is there any other alternative apart from dstv? Why not stop using bank and keep ur money at home since it’s not compulsory to use dstv.
DeleteYes... DSTV!
DeleteI can't wait for that to happen.
Those guys are not smiling at all.
They need to be curtailed big time
I so much love this news jare... Imagine UBA programmed their machines to be dispensing only ten thousand at a go, that you must go ten times to get 100k and 15 times to get 150k. I don't like using other banks ATM due to how my transfer stayed two weeks before reverting. We have complained tired for the machines to dispense at least 20k whosai...Funny thing my account being current is usually charged N50 in every credit, they said is Stamp duty. Within the same UBA to UBA transfer they still charged me N52. Month end they will charge for maintenance of card and still charge for alerts. Make them kuku kill me. Na crime to operate account again for this country?
ReplyDeleteNa wah oooo, what is really happening in Nigeria with all the charges. So a bank will charge you for using a debit 💳, if someone had told me this: I would have called the person a liar and an illiterate.
DeleteIf you now use debit card nko, how much dem go come charge? Mtcheeeeeeeeeeeeeeeew, Nigeria is sincerely backward.
That #52 transfer charge dey pain me die. I'm glad they're doing something about it.
DeleteNice one! Unfortunately, he will not not be there to see this through.
ReplyDeleteSays who? Na you go pursue am? This is one of the best news emanating from the Senate.
DeleteNigerian banks are highway robbers. They rob without conscience. Ndi oshi ndi oshi
Senator Olugbenga Ashafa was denied APC ticket
DeleteOsheey jare.It's a welcome development.
ReplyDeleteSay no to broad daylight robbery😬😂
Great good news!!!!
ReplyDeleteThis is really great news! Can you imagine that UBA charges N100 every month for card maintenance . That's in a year N1200. Which card are they maintaining? This is day light robbery. I complained and they said the charges are approved by CBN. Why is CBN working for the banks and not for the common man on the road?Gtb on the other hand charges N100 annually. Meanwhile we pay N1000 fee to get these cards!!!!
ReplyDeleteYou people in Nigeria pay to get Atm cards and also pay for maintenance, hmmmmmmm 🤔! This is sincerely ridiculous, why are we so backward, this really makes me sad 😔.
DeleteWhich way Nigeria 😢😔🙊🙆🤦🤷
UBA charges me three times monthly for card maintenance.
DeleteWhen i went there to complain, I found out that that I was being charged for:
1)My card that was collected by armed robbers the day my car was snatched. I reported the next day and did all the necessary things required and the card was blocked...yet they were still charging me.
2) after that i applied for a new ATM card but was given a VISA card saying they ran out Mastercards. It turned out useless because it can't make online transfers. Months later, I returned the card back to them because I hardly use it and applied to be given the Mastercard (then available) but they refused to take it back...saying I should keep it only for me to realize they are still charging me.
3) the 3rd charge is for the one in use.
👏👏👏👏This is a welcome development. What they are maintaining On the card I don't understand. Stamp duty charge should be look into as well
ReplyDeleteThis is a great news o. First bank are always debiting my account with different charges. We pay for this ATM card and yet they keep deducting monthly charges.
ReplyDeleteSocialmediaawardsng
To vote @stelladimokokorkus as BLOGGER OF THE YEAR
Text sma18 stella to 33352
You want to collect 40k from another bank with another bank ATM, do you know how much interest banks pay in monies they borrow to service the ATM's? Do you know that ATM custodians sit in office even on weekends servicing the ATM's?
ReplyDeleteWhat do you mean? If I dint read this on the blog I would never have imagined such a ridiculous thing. What nonsense!
DeleteI use my Atm in any Atm machine and I get my cash and would never be charged, its mostly in prime places that you will ever be charged for using some machines here and it will be written on those machines that it will charge you a particular fee.
Access bank is the biggest thief in this.
ReplyDeleteU cough 50naira is debited
U laugh 10naira debited.
This evening too same 50naira for card maintainance.
Me that av not used their ATM card for a year now.
Oleh people!!!
Ah you never jam DIAMOND BANK. Chinekeeeee, your account balance will show 5,000 then you carry out transfer of 3,000 to another bank. You expect the 3,000 + 52 transfer charges, ba? My dear, your balance will show 700 only. They will never show evidence of the extra they debited during the transfer. Try and open an account with them and keep a tab on it........ wicked and miserable morafuckers *in cardi b’s voice*
DeleteReally? That is to say Fidelity bank is the best in Nigeria. No unnecessary charges.
DeleteGtb just deducted 6900 naira from my naira account as msintainance charge for my dollar MasterCard, said dollar card has $5 on it. And I haven’t used it in almost a year. Gtb ndi ori
ReplyDeleteNawao
DeleteThis is really indeed a good and welcome development.
ReplyDeleteGreat news indeed
ReplyDeleteThis is great news. Banks configure their ATM to dispense maximum of 10k per withdrawal. I had just 20k as last card. I needed to make soup and stew, buy few items, i totally forgot i was operating a different ATM from the one i bank with. This people deducted N65, i wept Stellz, cos that was the only woman i had. I told the ATM waka and shege... ha ha ha ha.... Ha Life! N1k that i gift people. It is well...
ReplyDeleteHi, after reading this amazing post i am as well
ReplyDeletehappy to share my experience here with mates.
Thanks very nice blog!
ReplyDelete