By Haruna Salami
The Senate has directed its Committees on Banking, Insurance & other Financial Institutions and Finance
to invite the Governor of the CBN to appear before it to explain why the official bank charges as approved by the CBN are skewed in favour of the banking institutions as against the ordinary customers of the banks. It also directed the committee to conduct an investigation into the propriety of ATM card maintenance charges in comparison with international best practices and report back to the Senate.
This resolution followed a motion on the illicit and excessive bank charges on customers’ accounts, sponsored by Senator Olugbenga Ashafa on Wednesday.
Senate President, Dr. Abubakar Bukola Saraki said the motion affects the lives of every Nigerian irrespective of what part of the country you come from or whatever political affiliation you might have, adding “this is why we are here to always defend and protect the interests of our people.”
Saraki stated that the Senate must work to ensure that its resolution on the excessive bank charges goes beyond the debate stage, so that whatever action the upper legislative chamber takes, would come into effect.
“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 tariffs, we also took action. We have done this on a number of similar cases. Therefore, on this, I want us to take effective resolutions,” Saraki said.
Senators who took their turns to contribute to the debate, called on banks to review their charges. “The common man is a victim as 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, Senator Emmanuel Bwacha said.
Senator Bala Ibn Na’Allah, Deputy Senate Leader said it won’t be out of place to institute a committee that will call on the CBN to tell the Senate what these charges are about and the Senate by fiat should abolish charges if they can’t be verified”.
“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.
The Senate also enjoined the Consumer Protection Council (CPC) to look into the various complaints of excessive and unnecessary charges by banks in the country.