The Senate has in a motion organized by former Minister of Interior, Senator Patrick Moro in Abuja ordered its committee on Banking, Insurance and other Financial Institutions to look into the Commercial banks regarding their excessive charges on bank users accounts.
This statement came as a result of the constant complaints by individuals who are usually hurt and caught unaware by the charges ranging from different amounts at different times.
The Chamber hereby sanctioned the Central Bank of Nigeria to work on the issue in view to reducing the charges.
Senator Moro 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.”
“The Nigeria Inter Bank Settlement System in their 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” he added.
By Taiwo Michael
GGB reports
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