Senate tells CBN to stop ATM charges

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Senate tells CBN to stop ATM charges

By Joel ThankGod & UdemeClement

The Senate has called on the Central Bank of Nigeria, CBN, to suspend the Automated teller machine, ATM maintenance charges of N65  being deducted from customers’ accounts across the country.

The Senate also urged the apex bank to prevail on commercial banks doing business in Nigeria to configure their machines, in order to dispense N40,000 per withdrawal.

These were the resolutions made at the Senate plenary session yesterday, just after a motion on illicit and excessive bank charges on customers’ accounts, was raised by the Senator representing, Lagos East, Olugbenga Ashafa.

The motion with title, ‘Illicit and excessive charges by Nigerian banks in customers’ accounts with particular focus on ATM maintenance and withdrawal charges’ was deliberated upon extensively at the upper legislative chambers.

The Deputy Speaker,  Ike Ekweremadu who seconded the motion, stated further that ATM charge is just one of the numerous charges commercial banks get from depositors, even as he mentioned VAT among other charges.

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