Access Bank to Refund Stamp Duty Charge as Customers Groan


Access Bank has said it would refund all its customers who were debited for accumulated Stamp Duty for the months of February to April today, after admiting that the charges were deducted at the wrong time. 

Many customers have been calling out the bank on Twitter with the hash tag #accessbankscam for deducting accumulated Stamp Duty which was recently introduced by the Central Bank of Nigeria.

The CBN had directed all the nation’s banks to deduct N50 charge on each transaction from N10,000 as Stamp Duty from their customers. 

Access Bank, on Saturday, however, started to deduct the Stamp Duties of each customer which it said had accumulated from February.

The bank had sent a notice to apologise for not deducting the charges ealier, explaining that it was caused by technical glitch. 

Many customers of the bank who were riled took to social media to protest the deductions and other “illegal charges”, vowing to have a show down with the bank at their different branches on Monday. 

A Twitter user, @Enitan_12 said “Same access bank that donated money to F.G and laid off it’s workers without paying them the owed salary are now retrieving their money back from their customers E.B Scam bank PLC #accessbankscam.”

Another user of the app with the nickname, bosslady, noted; “Not even 100# or 50# each… they debited me 3 times… may Ogun kill you.. if you don’t refund my money before Monday I promise to withdraw all my money to another account @myaccessbank #accessbankscam.”

The bank, while reacting to the complaints on social media in a statement, on Sunday, explained that Stamp Duty which it deducted from its customers was in line with the Finance Act, 2019 (Stamp Duty Act, cap 58).

The statement added that it was required by law to deduct the charges and remit all funds to the Federal Government. 

It admitted that the charge was unwelcome at the time it was deducted  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 statement added. 

It stressed that it would still remit the Stamp Duty to the CBN but all customers charged for the said period will be refunded. 


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