Breaking: Access Bank To Reverse Stamp Duty Deductions

by on June 28, 2020

Following heavy backlash from customers in the past few days, Access Bank has today released a statement apologizing for the sudden recovery of 3 months stamp duty from customers, which for some customers had accrued up to 30,000 naira.

Access Bank had previously disclosed that it discovered a mistake in its operations records, whereby stamp duty charges on applicable transactions were not passed on to customers.

The bank had said in emails sent to its customers that the omissions occurred between February 1st, 2020, and April 30th, 2020 and that all concerned customers should prepare to pay off the accrued charges.

However, the Bank responded to the heavy criticism from customers with a decision to refund all debits, and pay for stamp duty for the affected period.

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

The bank has insisted that the Stamp Duty charges are in line with the mandate from the Central Bank of Nigeria, according to the Finance Act of 2019.

“We are required by law to apply this charge as applicable and remit all funds collected to the Federal Government”.

Access Bank expressed consideration over it’s customers needs, saying; “We have heard our customers feedback that this charge is unwelcome, especially at this time against a challenging backdrop. We have captured your feedback and decided to pay the Stamp Duty on our customers’ behalf for the affected period only”.

“While we still have to remit these funds via the CBN to the Federal Government, we realise that we got it wrong by debiting our customers late”, the Bank apologized further.

View The Full Statement Below:

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