Access Bank To Reverse Stamp Duty Deductions

Access Bank on Sunday agreed to refund its stamp duty deductions made from the accounts of aggrieved customers following social media outcry.
Stamp duty deductions apply to all credit received into current and savings accounts in respect to electronic transfer and teller deposits of N10, 000 and above.
The money is remitted to the Central Bank of Nigeria.
Access Bank Nigeria has also promised to revert deductions made between Saturday and Sunday back to customers.
According to a statement made on Sunday, the bank said it recognized that it is a tough period for customers.
Reacting to customers’ reactions over the usual deductions, Access Bank said,
“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.”
In an earlier statement, the bank had notified customers that it did not deduct stamp duty charges on transactions that occurred between February 1, 2020, and April 30, 2020.