Connect with us


Senate Summons CBN, Orders ATM to Dispense N40,000 Per Withdrawal

Nur'deen Olaitan



Senate Summons CBN, Orders ATM to Dispense N40,000 Per Withdrawal

The Senate today at the plenary debate and reached a resolution on illicit and excessive charges by Nigerian banks in customers accounts with particular focus on Automated Teller Machine (ATM) maintenance and withdrawal charges. It was introduced on the the floor of the house by Senator Gbenga Ashafa.

Deputy Senator President, Ike Ekweremadu seconds the motion, and condemns the effectiveness of The CPN.

“The ATM charge is not the only charge we get from the bank, there are VAT charges and so on; this is unacceptable. We have the Customer Protection Agency in Nigeria, but they are not living up to expectations. If we have Institutions in Nigeria, they should make sure to do their jobs to protect Nigerians. Banks should have recognizable charges to let customers know what they are up against.” He said.

After much deliberation, the Senate President contributes his quota and reads out the resolutions. He said that this issue affects all Nigerians and that the Senate is ready to defend and protect Nigerians. He also said that the Senate has succeeded in cases of this nature before.

“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.” He caps it with the fact that he was the one that brought the first ATM to Nigeria over 25 years ago.


Senate resolves to:

  1. Direct the Committees on Banking Insurance & other Financial Institutions and Finance to conduct an investigation into the propriety of ATM card maintenance charges in comparison with international best practices and report back to the Senate;

  2. Mandate the Committees on Banking, Insurance & other Financial Institutions and Finance to invite the governor of Central Bank of Nigeria to appear before the Committee in order to explain why the official charges as approved by the CBN are skewed in favour of the banking institutions as against the ordinary customers of the banks;

  3. Urge the Central Bank of Nigeria to suspend the ATM card maintenance charges being deducted from customers account as well as instructing the commercial banks to configure their machines to extend to N40,000 per withdrawal pending the outcome of the investigation by the committees and;

  4. Urge 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.

Copyright Nigeria News Live 2019 Chat with Us on Whatsapp on 08059984535 Send us enquiries, press releases.Advertise with us.

Nur'deen Olaitan, a Linguist from University of Ilorin. Passionate about sport, travelling, writing, & politics. He puts humanity above anyone or anything. He hold honesty and integrity in high esteem.Reach him via




Top Trending News