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Senate asks that CBN suspend ATM Card Maintenance Charges

Senate asks that CBN suspend ATM Card Maintenance Charges

For too long Nigerians on social media have complained about their banks deducting random figures from their accounts both monthly and annually, these charges described as “Card Maintenance Fee.”

Well, succor has come in the form of the Nigerian Senate, which has on Wednesday directed the Central Bank of Nigeria to suspend ATM Card Maintenance Charges deducted by banks.

The leader of the Nigerian Senate Bukola Saraki, shared the news on his Twitter, writing:

Today, at the Senate, we passed a resolution calling on @CenBank to suspend the excessive ATM card maintenance charges being deducted from customers.

The resolution was sponsored by Olugbenga Ashafa of Lagos East Senatorial District.

The resolution also asked that banks configure their ATM machines to dispense up to ₦40,000 per withdrawal transaction, up from the ₦20,000 they dispense today.

They directed that these be done pending “the outcome of the investigation by the Senate committees tasked with investigating the excessive and illicit bank charges.”

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