Access Bank Reverses Controversial Stamp Duty Deductions

Access Bank Reverses Controversial Stamp Duty Deductions

Access Bank has offered to pay stamp duty charge for February to April on behalf of its customers, noting that deductions made between Saturday and Sunday, June 27 and 28 respectively would be reversed to customers.

Access Bank in a statement on Sunday said it recognised 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,” the bank said in a statement.

“This means that individuals and SMEs who were debited for the accumulated stamp duty charge for February to April 2020 will be refunded.

“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, and we are refunding the affected stamp duty charge today to all affected customers.

“We hope this gesture goes some way to make this better.”