Access Bank to refund stamp duty charges to customers

Access Bank
Access Bank Logo

Access Bank on Sunday, June 28, said it will refund the stamp duty deductions charged from some of the account of its customers after a social media screech on Saturday, June 27.

Stamp duty deductions apply to monies sent into current and savings accounts in respect to electronic transactions and teller deposits of N10, 000 and above, which the 2019 finance act provides. The money is in turn remitted to the Federal Government through the Central Bank of Nigeria.

News Wheel Nigeria learnt that Access Bank has also promised to refund all stamp duty deductions made between February to April 2020 back to customers.

According to a statement made on Sunday, via the bank’s official Twitter Handle, access bank recognized that this period is a tough for its customers.

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Reacting to customers’ reactions over the usual deductions, Access Bank said,

“We have heard our customers’ feedback that this charge is unwelcome, especially at this time against a challenging economic backdrop.

“We have considered your feedback and have decided to pay the stamp duty on our customers’ behalf for the affected period only.

“This means that individuals and SMEs who were debited for the accumulated stamp duty charge for February to April 2020 will be refunded.

“While we still have to remit these funds via the CBN to the federal government, we realize that we got it wrong by debiting our customers late, and we are refunding the affected stamp duty charge today to all affected customers.

“We hope this gesture goes some way to make this better.”

In an earlier statement, the bank notified customers that it did not deduct stamp duty charges on transactions that occurred between February 1, 2020, and April 30, 2020.


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