Access Bank to refund stamp duty deductions

Access Bank has said it will refund its stamp duty deductions recently made from the account of its customers
Stamp duty deductions apply to all credit 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.

The collection of the fee took effect in February but the bank delayed inadvertently its implementation until last week.

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

But after an outcry by the customers, the bank decided that “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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