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Breaking: Senate orders CBN to suspend ATM card maintenance charges

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Nigerian Senate has urged the Central Bank of Nigeria (CBN) to suspend the Automatic Teller Machine (ATM) Maintenance Charges being deducted from customers account pending the outcome of investigation by its committees.

The upper legislative chamber also mandated commercial banks in the country to immediately configure their ATMs to ensure N40,000 per withdrawal, instead of the current limit of N10,000.

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The upper legislative chamber also mandated its Committees on Banking, Insurance and other Financial Institutions as well as Finance to invite the Governor of Central Bank of Nigeria, Godwin Emefiele to explain why the official charges are skewed in favour of the banking institutions as against the ordinary bank customers.

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The committees are also expected to conduct an investigation into the propriety of ATM Card Maintenance Charges in comparison with international best practices.

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This followed a motion moved by Gbenga Ashafa (APC, Lagos State) at Wednesday plenary.

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