Access Bank Rescinds Decision, Refunds Customers Stamp Duty Charges

Access Bank Plc has chosen to reverse the stamp duty charges debited from its customers last weekend following a social media backlash.

The bank had previously informed its customers in an email sent earlier that it failed to implement a mandated stamp duty charge on applicable transactions between February 1, and April 30, 2020 and that the accumulated charges for the said period would be deducted.

But the decision didn’t go down well with their customers last weekend after Access bank started debiting accounts for the accrued stamp duty charges

However, Access bank in a statement issued on Twitter, said the decision to cancel the stamp duty collection was because it cared about its customers. And mantained that the earlier decision to withdraw the accrued charges was legal.

“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.”

“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.”

Following the statement, customers have now started receiving a refund of the said charges.

Note that stamp duty charges on bank customers’ transactions are usually collected by the banks on behalf of the Federal Government of Access bank Nigeria.

 

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