Access Bank Pays three-month Stamp Duty Charge for Customers

ACCESS Bank Plc has concluded payment for a three-month Stamp Duty Charge for its customers debited from February to April this year. The affected customers had asked the bank to refund the charges to them, which the lender obliged.

In a statement made available in Lagos, the bank said it decided to remit these funds via the Central Bank of Nigeria to the Federal Government on behalf of the affected customers because of the lateness in debiting the customers’ accounts for the charge.

Access Bank said Stamp Duty Charge Collection is backed by law, and in compliance with the mandate of the ‘Finance Act, 2019 (Stamp Duty Act, Cap S8). The bank said: “We are required by law to apply this charge as applicable and remit all funds collected to the Federal Government.”

It disclosed it had inadvertently not charged stamp duty on some accounts from February to April 2020 as mandated by the Federal Government. As the statement declared: ” we have heard our customers’ feedback that this charge is unwelcome, especially at this time against a challenging economic backdrop.

Thus “We have considered your(customers’)feedback and have decided to pay the Stamp Duty on our customers’ behalf for the affected period only.”