Customers Delighted as Access Bank Refunds Accumulated Stamp Duty Charge

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SWITZERLAND, JUNE 29 – In a rare gesture of public solidarity, Access Bank has begun transferring deducted stamp duty charges back to its customers.

Today’s Echo gathers that the management of Access Bank plc on Sunday, offered to pay stamp duty charge for February to April on behalf of its customers. According to the Finance Act of 2019, bank customers are expected to pay a N50 stamp duty charge on every N10,000 deposit.

A statement by the bank said deductions made between Saturday and Sunday would be reversed to customers, adding that the bank recognised that it is a tough period for customers.

The decision follows social media conversations by many Nigerians who complained of the deductions during the weekend.

Today’s Echo gathers that many of the customers received alerts yesterday night notifying them of the refund.

The bank said the decision to pay the stamp-duty charge on behalf of its customers was part of its measures to cushion the impact of the challenging economic situation on them.

“Earlier this week, we informed all our customers that we had inadvertently not charged stamp duty on some accounts from February to April 2020 as mandated by the federal government.

“Stamp-duty charge collection is in compliance with the mandate of the ‘Finance Act, 2019 (Stamp Duty Act. Cap 58). We are required by law to apply this charge as applicable and remit all funds collected to the federal government.

“However, we have heard our customers’ feedback that this charge is unwelcome. especially at this time against a challenging economic backdrop. We have considered your feedback and have decided to pay the stamp duty on our customers’ behalf for the affected period only.

“This means all individuals and SMEs who were debited for the accumulated stamp-duty charge for February to April 2020, will be refunded,” it added.

The bank noted that it would still have to remit the money to the federal government.

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