Nigerians React as Senate Orders Banks to End ATM Charges and Increase ATM Withdrawal Limit to N40,000
For years, Nigerians have voiced their frustrations concerning what they consider excessive and unfair charges levied by banks. Seemingly ignoring these complaints, banks continued their practices, prompting the Nigerian Senate to finally intervene. After a recent session, the Senate passed a resolution aimed at protecting bank customers from these excessive deductions.
# Public Sentiment and Senate Action
The Senate’s resolution specifically calls on the Central Bank of Nigeria (CBN) to regulate banks more stringently, putting an end to these deductions, particularly those related to ATM usage. In addition to halting excessive charges, the Senate is advocating for an increase in the daily ATM withdrawal limit. They propose that banks reconfigure their ATM machines to allow customers to withdraw up to N40,000 per transaction, a significant increase from the current limits of N20,000 or even N10,000 in some cases. This move, spearheaded by Deputy Senate President, Ike Ekweremadu, and other senators, is intended to alleviate the burden on citizens and provide greater convenience in accessing their funds.
The Senate’s intervention reflects a growing awareness of the financial strain these charges place on ordinary Nigerians. It remains to be seen how quickly and effectively the CBN will respond to the Senate’s resolution and how banks will adapt their practices in the face of increased regulatory scrutiny. However, the initial reaction from Nigerians has been largely positive, viewing it as a step towards greater financial fairness and accessibility within the banking sector.
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