Nigerians React as Senate Orders Banks to End ATM Charges and Increase ATM Withdrawal Limit to N40,000
Following years of outcry by Nigerians over excessive charges by banks and the banks’ seeming nonchalance in the face of it all, the Nigerian Senate has finally waded in. After a session, the members of the upper chamber passed a resolution to stop banks from making excessive deductions from customers accounts.
Today, at the Senate, we passed a resolution calling on @CenBank to suspend the excessive ATM card maintenance charges being deducted from customers.
— Bukola Saraki (@bukolasaraki) October 17, 2018
The chamber is calling on the Central Bank of Nigeria (CBN) to rein in on the banks and halt them from making deductions especially ATM charges.
As part of the resolution, the senate also wants an upward review of banks’ ATM withdrawal limit. It wants banks to configure ATM machines to allow withdrawals of up to N40,000, up from N20,000 and N10,000.
Deputy Senate President, Ike Ekweremadu and Senators @YAYIAdeola and Barnabas Gemade on the illicit and excessive charges by Nigerian banks, particularly ATM maintenance and withdrawal charges. pic.twitter.com/QajT2LzwNz
— The Nigerian Senate (@NGRSenate) October 17, 2018
“This is a motion that affects the lives of every Nigerian — irrespective of what part of the country you come from or whatever political affiliation you might have,” Senate President, Bukola Saraki said. “This is why we are here: to always defend and protect the interests of the Nigerian people.”
Now before you start basking in joy, it is imperative that you know that the resolution is only temporary. According to a Senate blog post, these changes may remain until the senate completes its investigations into excessive and illicit bank charges.
Nevertheless, Nigerians couldn’t keep their cool on social media. Their reactions are pretty much everything you could expect with some even asking for more inquisition into other sectors.
Time to celebrate #SenateEndsATMCharges
— Philips M. Ndahi (@MrSipoga) October 17, 2018
What the Nigerian Senate should now do is compel the CBN to direct all Nigerian banks to refund all ATM charges in the last 5 years.
— Dr. Dípò (@OgbeniDipo) October 17, 2018
Flowing directly from complaints by many Nigerians on here, earlier today I sponsored a “Motion condemning Illicit and Excessive charges by Nigerian Banks on Customers Account with particular focus on ATM Maintenance & withdrawal charges” #reform9jabanks #ExcessiveBankCharges pic.twitter.com/uKudGSXwxn
— Gbenga Ashafa (@SenGbengaAshafa) October 17, 2018
UBA plc makes N61b Q3 Profit after Tax…
N61b…tidy sum…but when we consider less than 5% of Nigerian have ever accessed a bank loan (according to EFINA) then we really have to ask if Nigeria really has banks that are engaged in consumer finance.
data credit: Proshare pic.twitter.com/Z5D8CC8kuR
— Financial Planning (@FinPlanKaluAja) October 17, 2018
All I am interested in is the very important motion sponsored by, the Distinguished @SenGbengaAshafa on “Illicit and Excessive Charges by Nigerian Banks on customers account with particular focus on ATM maintenance and withdrawal charges” listed on the order paper today. 🤷🏾♂️ pic.twitter.com/kVVPOaWEbi
— V (@topeatiba) October 17, 2018
Thank you @nassnigeria & @bukolasaraki.
However, we also want the N65 debit after third withdrawal to be canceled too.
The idea of limiting withdrawal to N10,000 when you are using other banks cards is fraudulent too. All machines should be made to issue 40k irrespective of cards
— Olamide Obe (@olajideobe) October 17, 2018
Now that the fraudulent ATM Card Maintenance Fee being charged by Nigerian banks has been declared to be stopped by the #NigeriaSenate, what other charge(s) do you them to work on?
— RoadSafetyAdvoCate (@_teniola1) October 17, 2018
Thank you much @bukolasaraki & @NGRSenate for listening & taking action to an earlier plea by me to look into this monthly charges by Nigerian banks. It adds to the hardships suffered by Nigerians, & to the diminishing purchasing powers of the beautiful naira currency. #YesWeCan https://t.co/kq6JhQNnHR
— Bishop Igomu (@bishopiigomu) October 18, 2018
Nigerian banks will not give a common man loan and get revenue, instead they extort customers through sms alert charge, ATM maintenance charge and N10k withdrawal limit.
— Man Tee (@Sir_Taheer) October 18, 2018
Today's move by @NGRSenate to curb illicit and excessive charges by Nigerian Banks is a welcome development. Kudos to @SenGbengaAshafa for introducing the motion and @NGRSenate ably led by @bukolasaraki for demonstrating capacity..
— Elbechris (@elbechris1) October 17, 2018
Nigerian banks are really funny, you are making use of your ATM card and they continuously debit you for that, but they are paid for maintaining the card and when the card gets missing, you still pay for a new one. This is indeed a poor way of stealing.
— Blessing Louis (@BlessingLouis9) October 17, 2018
knowing Nigerian banks , hope they don’t hit folks with even crazy stuff. We all know that’s how they make legit profit anyway. So hopefully people don’t lose their jobs
— Deacon ‘Dolapo (@dollycent) October 18, 2018
Never underestimate the POWER of a United Voice. Stop playing partisan games & emancipate yourself from mental slavery. Nigeria belongs to all of us & the leaders are meant to serve us all. Keep lending your voice. #EndBankingFraud #SanitizeBankingSector @DrOlufunmilayo 🙏🏽 https://t.co/6RsIqSylpK
— SEGA L’éveilleur®🚨 (@segalink) October 17, 2018
The push for fairer banking practices and considerate charges is a fight that affects everyone no matter your tribe, or party or colour or gender or age or profession.
— YourFavOnlineDoctor (@DrOlufunmilayo) October 17, 2018
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