Access Bank refunds Feb-April stamp duty charge to customers after backlash

Share on Social media
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  

By Shola Abayomi.

Following severe backlash from a cross-section of Nigerians on social media, Access Bank has resolved to reverse the accumulated stamp duty charge for February to April 2020 which was debited from customers on Saturday.

The bank, in a statement issued Sunday, offered to pay the charge on behalf of its customers, while noting that everyone affected would be refunded today.

The financial institution further expressed regret for debiting its customers late.

The statement read: “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.”

The 2019 Finance Act imposes a N50 stamp duty charge on every N10,000 deposit made by bank customers.

Leave a Reply

Your email address will not be published. Required fields are marked *