After Backlash, Access Bank To Refund Stamp Duty Deductions To Customers

After social media outcry, Access Bank on Sunday said it will refund its stamp duty deductions 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  bank has also promised to revert deductions made between Saturday and Sunday back to customers.

In a statement on Sunday, the bank said it recognized that it is a tough period for customers.

“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.”

In an earlier statement, the bank had 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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