Access Bank to refund, pay stamp duty on customers’ behalf

Access Bank Plc said it is going to pay stamp duty fees that were not charged from February to April 2020 on behalf of its customers to the Federal Government via the Central Bank of Nigeria (CBN).

Stamp duty charge collection is in compliance with the mandate of the Finance Act, 2019 (stamp duty Act, Cap S8). Banks are required by law to apply this charge as applicable and remit all funds collected to the Federal Government.

Earlier in last week, the bank informed all its customers that it had inadvertently not charged stamp duty on some accounts from February to April 2020 as mandated by the Federal Government.

“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 individuals and SMEs who were debited for the accumulated stamp duty charge for February to April 2020, will be refunded,” the bank said in a statement.

“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, the bank said”.

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