Senate Orders All Banks to Suspend Card Maintenance Charges With Immediate Effect

Today, the Nigerian Senate passed a resolution calling on the Central Bank of Nigeria (CBN) to suspend the excessive ATM card maintenance charges being deducted from customers.

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.