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JUST IN: Access Bank To Refund Stamp Duty Deductions After Outcry



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Following an outcry by Nigerians on social media, Access Bank Plc on Sunday said it will refund stamp duty deductions from accounts of its customers.

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

Access Bank had in a statement said the money is remitted to the nation’s apex bank, Central Bank of Nigeria (CBN).

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

Access Bank, said in an email it sent to customers on June 23 that it “will be required to process the accumulated charges” incurred between February 1, 2020 and April 30, 2020.

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

In a statement obtained by Igbere TV on Sunday, Access Bank said it would refund the deductions and foot the charges instead.

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

“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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