Access Bank refunds Stamp Duty deductions after outcry

Following social media outcries, Access Bank on Sunday said it will refund stamp duty deductions f​​rom accounts of its customers that was carried out on Saturday.

According to reports, the stamp duty deductions applied to all credits received into current and savings accounts in respect to electronic transfer and teller deposits of N10,000 and above.

The money is remitted to the Central Bank of Nigeria (CBN), according to the bank.

The collection of the fees took effect in February but the bank inadvertently delayed implementation until this week.

Access Bаnk, ѕаid in an еmаil it sent to customers оn June 23 thаt it “will be rеԛuirеd tо рrосеѕѕ thе ассumulаtеd сhаrgеѕ” inсurrеd bеtwееn Fеbruаrу 1, 2020 аnd Aрril 30, 2020.

Some customers, who took to social media to express their dissatisfaction, described the deductions as outrageous and unnecessary.

“We have heard our customers’ feedback that this charge is unwelcome, especially at this time against a challenging economic drop,” the bank said in a statement.

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

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