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Senate summons CBN governor over alleged illicit, excessive charges by banks

By Henry Umoru

ABUJA- THE Senate has summoned the governor of Central Bank of Nigeria, CBN, Godwin Emefiele to explain why the illicit and excessive charges by Nigerian Banks on customers with particular focus on Automated Teller Machine, ATM Maintenance and withdrawal charges.


Against this backdrop, the Senate has asked Senator Rafiu Ibrahim, incharge of the Senate Committee on Banking, Insurance and other Financial Institutions to invite the CBN governor to give insight into the issue.

The Upper Chamber had also mandated the Committee to carry out a holistic investigation into the propriety of ATM Card maintenance charges in comparison with international best practices and report back to the Senate.

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The Senate has also urged the Central Bank of Nigeria to suspend the ATM Card Maintenance Chagres being deducted from customers account pending the outcome of the investigation by the Committees and allow the banks to configure their machines for withdrawal of N40,000.

Against this backdrop, the  Senate also called on commercial banks operating in the country to configure their machines to dispense up to N40,000 per withdrawal pending the outcome of the investigation by the Senate committee charged with the responsibility of investigate the excessive and illicit bank charges.

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The Upper Chamber has also asked  the Consumer Protection Council, CPC 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.

Resolutions of the Senate yesterday were sequel to a motion by Senator Olugbenga Ashafa, APC, Lagos East and entitled, “Illicit and Excessive Charges by Nigerian Banks on customers account with particular focus on Automated Teller Machine (ATM) Maintenance and Withdrawal Charges.”

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