Nigerians may have a reason to smile as the Senate during yesterday’s plenary called on the Central Bank of Nigeria to suspend the Automatic Teller Machine card maintenance charges.
The upper chamber of the lawmaking House questioned why customers should be charged by their banks for maintaining ATM.
This followed a point of order motion raised by Senator Olugbenga Ashafa, challenging the illicit and excessive bank charges on customers’ accounts.
The Red Chamber also called on commercial banks operating in the country to configure their machines to dispense up to N40, 000 per withdrawal.
Senate President, Bukola Saraki while reacting to the motion 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 our people.”
Saraki noted that lawmakers must work to ensure that the Senate’s resolutions on the excessive bank charges goes beyond the debate, so that whatever action the Upper Legislative Chamber takes, would be effective.
“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 tariffs we also took action. We have done this on a number of similar cases. Therefore, on this, I want us to take effective resolutions,” he said.
Similarly Senator Emmanuel Bwacha called on banks to review their charges.
“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.”
“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, 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 Committees on Banking, Insurance & other Financial Institutions and Finance is to conduct an investigation into the propriety of ATM card maintenance charges in comparison with international best practices and report back to the Senate.