Facebook Twitter Instagram
    Trending
    • Nigeria Records 922 Cholera Cases, 32 Deaths
    • Fake LASTMA Officer Jailed Two Years
    • Zoom Activates ‘Catching Up’ Features For Latecomers
    • Naira Scarcity: NLC Suspends Planned Nationwide Strike
    • I ‘ll Retire From Boxing If Jermaine Franklin Defeats Me – Anthony Joshua
    • Paystack Co-Founder Shola Akinlade Buys Danish Club, Aarhus Fremad
    • Two Nigerian Artistes To Perform In Spain 2023 Summer Festivals
    • Unverified Twitter Users Lose Access To Poll Features
    Facebook Twitter Instagram YouTube
    Sync News NigSync News Nig
    • NEWS
      • Business & Economy
      • Politics
      • Banking & Finance
      • Tech & Innovation
      • Health
      • World
    • BRAND NEWS
    • SPORT
      • Football
      • Boxing
      • Basketball
    • ENTERTAINMENT
      • Celebrities
      • Music
      • Movies
    • FEATURED
    • TRAVELS & LIFESTYLE
      • Beauty &Health
      • Fashion
      • Food, Travel, Arts & Culture
      • Relationships & Weddings
    • SYNC TV
    Sync News NigSync News Nig
    Home»News»Senate Investigates Banks Over Illicit, Excess ATM, SMS Charges
    News

    Senate Investigates Banks Over Illicit, Excess ATM, SMS Charges

    Deborah AdegokeBy Deborah AdegokeOctober 8, 2020Updated:October 8, 2020No Comments2 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The Senate on Wednesday mandated its Committee on Banking, Insurance and Other Financial Institutions to investigate the alleged illicit and excess bank charges by commercial banks operating in the country.

    The upper chamber urged the Central Bank of Nigeria to look into the complaints of Nigerians in that regard with a view to reviewing downward all charges on their bank accounts.

    The resolutions were reached following the consideration of a motion sponsored by Senator Patrick Moro, a former minister of interior.

    The lawmaker noted the Senate became concerned following several complaints from Nigerians over illicit and excessive charges by Nigerian commercial banks on customers’ accounts.

    Moro said such charges and deductions ranged from bank SMS charges, intra-bank transfer charges in the sum of N52.59, ATM card renewal charges, and account maintenance charges in the sum of N93.13.

    He said, “These charges being deducted from customers’ accounts by banks have caused uproar within the public as Nigerians have expressed their dissatisfaction and displeasure over such excessive deductions which they feel are fraudulent and targeted at further impoverishing Nigerians.”

    He recalled that in April 2017, the Central Bank of Nigeria revised the card maintenance charges in the new guide released from N100 annually to N50 monthly.

    Moro said, “The Nigeria Inter Bank Settlement System the Central database for banking transactions in the country showed that as of September 30, 2016, there were 29.4 million active cards being used by the 63 million active bank customers.

    “Thus, bank customers in Nigeria will pay not less than N1.46bn to banks as card maintenance charges every month, totaling about N17.54bn in a year.

    “Nigerian banks in a bid to further extort customers have set most of their ATM machines to dispense cash below the maximum sum of N40,000 that ATMs are programmed to dispense per transaction.

    “This customers using the Automated Teller Machines do not have a choice than to withdraw much lesser amounts per transactions thereby incurring additional cost of N65 per transaction after using another bank’s ATM machines beyond three times.”

    The Senate also on Wednesday urged the Federal Government to assist the immediate evacuation and resettlement of affected citizen from the flood prone and ravaged areas to temporary displaced persons camp.

    Committee on Banking Insurance and Other Financial Institutions Senate The Nigerian Senate
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Deborah Adegoke

    Related Posts

    Nigeria Records 922 Cholera Cases, 32 Deaths

    March 28, 2023

    Fake LASTMA Officer Jailed Two Years

    March 28, 2023

    Naira Scarcity: NLC Suspends Planned Nationwide Strike

    March 28, 2023

    Leave A Reply Cancel Reply

    Recent Posts
    • Nigeria Records 922 Cholera Cases, 32 Deaths
    • Fake LASTMA Officer Jailed Two Years
    • Zoom Activates ‘Catching Up’ Features For Latecomers
    • Naira Scarcity: NLC Suspends Planned Nationwide Strike
    • I ‘ll Retire From Boxing If Jermaine Franklin Defeats Me – Anthony Joshua
    Recent Comments
    • buy cheap neurontin on TAJBank Launches e-Commerce Business ‘TAJMall’
    • FUCK SHEMALES on TAJBank Launches e-Commerce Business ‘TAJMall’
    • TRAVESTIS BAHIA on TAJBank Launches e-Commerce Business ‘TAJMall’
    • vivo slot on Ondo Deputy Governor Officially Resigns From PDP
    • lina on Edo 2020: Court Bars Gov. Obaseki From Participating In PDP Primary
    Archives
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • March 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • December 2018
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Facebook-f Twitter Instagram
    • Banking & Finance
    • Business & Economy
    • Health
    • Politics
    • World
    • Tech & Innovation

    Copyright ©, 2020-2021 syncnewsng.com. All Rights Reserved