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Exhorbitant Charges: Access Bank set to revert all Stamp duties charges from February

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Due to thousands of complaints from customers of Access Bank for exhorbitant stamp duty deductions, the bank has ever see it’s decision.

Access Bank Made it know in a pictorial tweet, thebtweet read thus:

“Earlier this week, we informed all our customers that we had inadvertently not chargeds stampduty on some accounts from February to April 2020 as mandated by the FederalG Government”

Stamp Duty Charge collection is in compliance with the mandate of the ‘Finance Act, 2019 (Stamp Duty Act, Cap S8). 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 individual and SMEs who were debited for thea accumulated Stamp Duty charge for February to April 2020, will be refunded”.

“While 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”.

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