House of Reps to Investigate N65ATM Charges From Bank

October 6, 2016

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The House of Representatives on Thursday resolved to investigate the N65 being charged customers by commercial banks for Automated Transaction Machine (ATM).
The house directed its Committee on Banking and Currency to investigate the charge and other related rates paid by banks’ customers.
The resolution followed a motion under Matters of Urgent Public Importance moved by Hon. Tajudeen Yusuf (PDP-Kogi), which was unanimously adopted by members through a voice vote.
The News Agency of Nigeria (NAN) reports that Nigerian banks charge N65 extra on other banks ATM different from the holders’ bank after each third transaction.
Moving the motion, Yusuf expressed concern that banks across the country had been extorting N65 from customers from every bank transaction while the Central Bank of Nigeria (CBN) failed to act.
He said that recently, banks in the UK were asked to pay customers monies collected from them in the name of bank charges.
Also contributing on the matter, Hon. Aminu Suleiman (APC-Kano) accused the CBN of not doing its job as a regulatory agency.
The house referred the matter to the Banking and Currency committee and was directed to report back in four weeks for further legislative action.
NAN