Senate orders CBN to suspend ATM card maintenance charges

The Nigerian Senate has ordered the Central Bank of Nigeria to suspend all Automated Teller Machine (ATM) card maintenance charges.

During plenary on Wednesday, the Senate passed a resolution calling on CBN to suspend the excessive ATM card maintenance charges being deducted from customers.

“For me, this is a major step that we have taken. This is because while in the private sector, I introduced the first ATM machine, which came into Nigeria over 25 years ago. All these years later, I believe that we should have grown out of these exorbitant charges,” Nigeria’s Senate President Bukola Saraki claimed.

He added that, “This is why I believe that today’s resolution is necessary, because it affects every Nigerian — irrespective of what part of the country you come from or whatever political affiliation you might have.

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“This Senate has done this many times before. When there was a hike in the mobile telecommunication data charges, we intervened and put an end to that. When there were discrepancies and increases in electricity prices, we also took action.

“This is why we are here: to always defend and protect the interests of the Nigerian people.

“I thank Senator Gbenga Ashafa, for sponsoring this important piece of legislation, and all my Distinguished Colleagues who contributed to the debated.”