The Senate on Wednesday mandated its committees on Banking, Insurance & other Financial Institutions and Finance to invite the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele in respect of its approval of ‘illicit and excessive’ ATM charges as well as the N10,000 maximum withdrawal at ATM centres.
It also asked the committees to investigate the propriety of ATM Card maintenance charges in comparison with international best practices and report back to the Senate.
The resolutions followed a motion moved by Gbenga Ashafa (APC, Lagos East) on “Illicit and Excessive Charges by Nigerian Banks on customers account with particular focus on Automated Teller Machine (ATM) Maintenance and Withdrawal Charges.”
According to him, there have been several complaints from Nigerians generally and on social media concerning illicit and excessive charges by commercial banks on customers’ account with particular focus on ATM maintenance charges and ATM withdrawal charges.
He made reference to a viral campaign that began on social media on September 3, where many Nigerians called for reforms of the banks even as he expressed concern that most banks have deliberately manipulated their ATM not to dispense more that N10, 000 per withdrawal in some cases and in most cases not more than N20,000.
“This is a deliberate ploy to manipulate the ATM machines which are ordinarily manufactured to dispense as much as N40, 000 per transaction, in order to attract more bank charges from customers who are forced to carry out more transactions due to the manipulated machines.
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“It appears the CBN is becoming insensitive to the plight of Nigerians who are already complaining of excessive charges by commercial banks. If the CBN is trying to encourage a cashless Nigeria, why should they be making it more difficult and expensive for Nigerians to do transactions,” he said.
Speaking on the issue, Deputy Senate President, Ike Ekweremadu, noted that ATM charges were not the only charges on customers by banks. He said the CBN has the responsibility to protect the interests of Nigerians and not just make money for other banks.
He also accused the Consumer Protection Council (CPC) of not living to expectation.
The Deputy Senate President pleaded with the Senate to call the institutions to order and protect the interest of customers.
The Senate, thereafter, urged banks to allow N40, 000 maximum per withdrawal through an ATM and not N10, 000.
The Senators also enjoined the apex bank to suspend the ATM Card Maintenance Charges being deducted from customers account pending the outcome of the investigation by the Committees while calling on the Consumer Protection Council “to be up and doing in taking up the plight of ordinary Nigerians by looking into the various complaints of excess and unnecessary charges by Nigerian Banks.”
