SenateRules: Banks ordered to suspend deductions.

    After much deliberation and consideration, it has finally been passed at the floor of the house the suspension of the card maintenance fees by banks.

    According to the Senate President, Senator Olubukola Sarai, he said;

    “This is a motion that affects the lives of every Nigerian — irrespective of what part of the country you come from or whatever political affiliation you might have.

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

    “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. We have done this on a number of similar cases. Therefore, on this, I want us to take effective resolutions.”

    “The common man is also a victim,” said Senator Emmanuel Bwacha, “Banks declare profits and you wonder where these profits are coming from — it’s from the sweat of the common man. Let us come up with a law that puts banks on their toes.”

    “It won’t be out of place to institute a committee that will call on the CBN to tell us what these charges are about. The Senate by fiat should abolish charges if they can’t be verified,” said Senator Bala Ibn Na’Allah.

    “The Senate must take a serious stand on this issue. Nigerians are really suffering. The banking system is not encouraging. I had an issue, took it to the bank and was refunded but how many Nigerians can do this? The issue needs to be addressed,” stated Senator Kabiru Gaya.

    “For me, this is a major step that we are taking. This is because I introduced the first ATM machine that came into Nigeria over 25-years ago,”

    Things to note;
    – Banks ordered to stop card maintenance fees
    – It was passed on 17th of October
    – It was moved by Senator Gbenga Ashafa of the APc
    – Also, banks has been ordered to increase the amount withdrawable at once using Automated Teller Machine to #40, 000

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