Reps To Probe Banks’ ATM Charges

October 6, 2016

atm bank charges

By Dipo Olowookere

The House of Representatives Committee on Banking and Currency has been directed to investigate the N65 being charged customers by banks operating in Nigeria for the use of Automated Transaction Machine (ATM).

The House claimed banks had been extorting customers for a long time without being cautioned by the Central Bank of Nigeria (CBN), the regulatory body.

A member of the House, Mr Tijani Yusuf, moved a motion under Matters of Urgent Public Importance on Thursday to call the attention of other lawmakers to the issue.

At the moment, customers can use their ATM cards on machines operated by other banks apart from their issuing banks for three times a month without any charges.

But subsequent use of the ATM cards on other banks’ machines attracts a fee of N65 per transaction.

Though some customers have kicked against this policy, but nothing has been done about it.

Arguing on the floor today, Mr Yusuf alleged that some banks were involved in illegal charges.

He pointed out that recently in the United Kingdom, some banks were ordered to pay customers monies collected from them in the name of bank charges.

After much deliberation on the floor, the motion was unanimously adopted by members through a voice vote.

The matter was then referred to the House Committee on Banking and Currency for investigation and the report is expected back in four weeks for further legislative action.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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