NAPS Senate commends CBN appeals 50% slashes on electronic transfer, ATM withdrawal charges etc, for Students' owned accounts.

NAPS Senate commends CBN appeals 50% slashes on electronic transfer, ATM withdrawal charges etc, for Students' owned accounts.

Protocols;

The Senate leadership of National Association of Polytechnic Students (NAPS) receives in great joy the reduction of exorbitant bank charges. This development came at a point most needed by Nigerian Students populace considering the financial instability groaning the Nation.

According to the information before our disposal;

The Central Bank of Nigeria (CBN) has reviewed downward electronic transfer and ATM fees as well as card maintenance fees.

The new charges were contained in the latest Guide to Charges by Banks and Other Financial Institutions just released by the CBN

According to the CBN, bank customers will now pay N10 for electronic transfers below N5,000, and N25 for electronic transfer between N5,000 and N50,000. Only electronic transfer above N50,000 will attract N50 charge.

Previously, bank customers pay N50 charge for electronic transfers below N500,000.

Further, the CBN in the new Guide to Bank Charges slashed charges for cash withdrawal via Other bank’s ATM to “maximum of N35 after the third withdrawal within the same month” from “N65 after the third withdrawal within the same month”.

The CBN also removed Card Maintenance Fee (CAMF) on all cards linked to current accounts, a maximum of one Naira per mille for customer induced debit transactions to third parties and transfers or lodgments to the customers’ account in other banks on current accounts only.

While we appreciates this development, it is imperative to note that Nigerian Students are Oliver twist and as such, we will always ask for more, as long as it promotes and uphold our honor and glory as a Nation.

It is in this vein I on behalf of about 30 million Polytechnic, Monotechnic, and Colleges of Technology Students representing all SUG Presidents (NAPS Senators) across-the-board enjoins all necessary working stakeholders in the banking and financial institutions to consider all students owned account operations the honor of a 50% cut to this new charges directives while self employed or entrepreneural Students maintains the status quo of this new implementations. It is not a gainsaying that Students' account has a minimum of funds to be transacted as this varies on banks, we appeal that this request be granted unconditional favor as Nigerian Students will commend this policy if favorably granted as we hope the implementation from 1st of January 2020.

Upon our reasonable diplomatic appeal, any means to sweep this under the carpet shall leave me with no other option than to converge all ever progressive SUG Presidents whom constitutes NAPS Senate Assembly to decide on the next line of action as it concerns our constituencies in massive capacity.

Finally, as apostles of justice in the temple of peace and orderliness, we urges all concerned financial institutions and it affiliates to adhere strictly to this new development directed by CBN as the leadership of NAPS led by her National President, Comr. Olasunkanmi Ijaduoye and the National Senate President, Distinguished Senator, Amb. Ibrahim Olawale Seriki would not take any breach by any bank on our students and or parents/guardians/relatives related to our structure with levity hands.

As long as we lives, the struggle for justice must continue...


Signed:

Distinguished Senator, Amb. Ibrahim Olawale Seriki, NAPS National Senate President. 08100766636.
serikiibrahim99@gmail.com



Sen. Alimi Lekan Idris, NAPS Senate clerk.