The upper chamber of the National Assembly, the Senate urged the Central Bank of Nigeria, CBN, to direct banks to increase the maximum per transaction withdrawal by customers automated teller machines (ATMs) to N40,000 up from the N20,000 currently.
This is even as the ‘red chamber’ also canvassed immediate cancellation of ATM card maintenance fees being charged by the banks as a way of reducing the cost of banking and by implication, leveraging the national financial inclusion drive.
The Senate, through its resolution, directed its Committees on Banking and Finance to investigate the propriety or otherwise of ATM card maintenance charges and to invite the apex bank governor, Godwin Emefiele, to explain why the charges were allegedly skewed in favour of banks.
The resolution of the Senate was sequel to a motion sponsored by, Sen. Gbenga Ashafa, who alleged that the apex bank was becoming insensitive” to the plight of Nigerians.
Contributing to the debate on the motion, Deputy Senate President, Ike Ekweremadu, said the numerous charges by the banks were unacceptable, pointing out that institutions in the country can only justify their actions or services if they are in the interest of the people.
He said: “If we have institutions in Nigeria, they should ensure to do their jobs to protect Nigerians. Banks should have recognisable charges to let customers know what they are up against.”
In his contribution, the senator representing Lagos West, Adeola Olamilekan, said banks should stop cheating Nigerians of their hard-earned money, saying “I have stopped using ATM for transactions.”
Similarly, the Deputy Senate Minority leader, Senator Emmanuel Bwacha, noted that “the common man is also a victim. Banks declare profits and you wonder where these profits are coming from.
“It is from the sweat of the common man. Let us come up with a law that puts banks on their toes.” Bwacha added.
Also, in his input to the debate on the motion, the Deputy Senate Majority leader, Senator Bala Ibn Na’Allah, said that it won’t be out of place to constitute a committee that will call on the CBN to tell the lawmakers what the charges were about.
“The Senate by fiat should abolish charges if they can’t be verified”, he posited.
The Senate President, Bukola Saraki, said that the Senate must work to ensure that the resolutions on the excessive bank charges were followed up, so that whatever action the upper legislative chamber needs to take to remove the charges should be taken.
