x

Senate begins probe on commercial banks over ‘illicit, excess’ charges

The Senate on Wednesday mandated its Committee on Banking, Insurance and Other Financial Institutions to investigate the alleged illicit and excess bank charges by commercial banks operating in the country.

The upper chamber urged the Central Bank of Nigeria to look into the complaints of Nigerians in that regard with a view to reviewing downward all charges on their bank accounts.

The resolutions were reached following the consideration of a motion sponsored by Senator Patrick Abba Moro, a former Minister of Interior.

The lawmaker noted the Senate became concerned following several complaints from Nigerians over illicit and excessive charges by Nigerian Commercial Banks on customers’ accounts.

Moro said such charges and deductions range from bank SMS charges, intra-bank transfer charges in the sum of N52.59 Kobo, ATM Card renewal charges, and account maintenance charges in the sum of N93.13 kobo.

He 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.”

He recalled that in April 2017, the Central Bank of Nigeria revised the card maintenance charges in the new guide released from N100 annually to N50 monthly.

Hot this week

FCT Minister, Flags-off Abuja Light Up Project

HE Nyesom Wike, the FCT Minister on Thursday, called...

NYSC Members in Delta Urged to Drive Sustainable Development, Innovative Solutions

By Anne AzukaDelta State Governor Sheriff Oborevwori has charged...

20 Dead, Several Missing in Fresh Boat Mishap in Kogi

By Noah Ocheni, LokojaAt least 20 people have been...

Bayelsa Media Awards Gets Major Boost as Gov. Diri Endows Fourth Category

By Amgbare Ekaunkumo, YenagoaBayelsa State Governor, Senator Douye Diri,...

UIO Urges FG to Enforce Safety Standards in Inland Waterways Transportation

By Noah Ocheni, LokojaThe Ukomu Igala Organisation (UIO) has...

Coalition Praises Tinubu’s Reforms, Hails Tunji-Ojo’s Role in National Transformation

By Israel Adamu, JosA coalition of civil rights organizations...

Tinubu Approves 100Km Stretch of Lagos-Calabar Coastal Highway Through Edo State

Umahi praises Gov. Okpebholo, contractor CBC for infrastructure effortsBy...

North Central Development Commission Pledges Transparency in ₦140bn Budget as NASS Reviews Estimates

By Israel Adamu, JosThe North Central Development Commission (NCDC)...

Zulum Approves Hospital, Water Facilities, Security Measures for Violence-Hit Kirawa Community

By Achadu Gabriel, KadunaBorno State Governor, Prof. Babagana Umara...

Senator Lalong Chairs UNIJOS Alumni Lecture, Calls for Safeguards in Justice Delivery in Digital Age

Senator Simon Bako Lalong, representing Plateau South Senatorial District...

Amnesty International Urges FG to Cut Political Spending, Prioritize Economic Diversification

By Noah Ocheni, LokojaAmnesty International has called on the...

Related Articles

Popular Categories

spot_imgspot_img