Nigerians React as Senate Orders Banks to End ATM Charges and Increase ATM Withdrawal Limit to N40,000

Nigerians React as Senate Orders Banks to End ATM Charges and Increase ATM Withdrawals to N40,000
Bukola Saraki, Senate president

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.

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.

“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.

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