ACCESS BANK DECIDES TO PAY STAMP DUTY CHARGE AFTER CUSTOMER REDUCTION

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Access Bank

Access Bank has announced that it will shoulder the stamp duty charge for three months so that customers will not have to bear the cost.

Access Bank

As mandated by the Federal Government, banks are required to collect stamp duty charge from account holders and remit the funds to the FG via the CBN. However, due to the COVID-19 pandemic and its effect on the economy, Access Bank held off on charging stamp duty on some customers’ accounts from February to April 2020.

After the lockdown was eased, Access Bank applied the accumulated charge on customers’ accounts.

However, after receiving feedback from customers, Access Bank announced that it will refund all individuals and SME’s who were debited for the accumulated stamp duty charge from February to April 2020.

In a statement released online, Access Bank added that its management will bear the cost of the stamp duty charge from February to April 2020 on behalf of customers.

The bank also thanked customers for giving feedback and asked that they reach out if they have questions regarding the stamp duty charge.