Access Bank on Sunday said it will refund its stamp duty deductions made
from the account of its customers after a social media outcry on
Stamp duty deductions apply to all credit received into current and
savings accounts in respect to electronic transfer and teller deposits
of N10, 000 and above. The money is remitted to the Central Bank of
The collection of the fee took effect in February but the bank delayed
inadvertently its implementation until this week. Access Bank said in an
email it sent to customers on June 23 that it “will be required to
process the accumulated charges” incurred between February 1, 2020 and
April 30, 2020.
But many customers said they did not see the bank’s message and huge
social media backlash ensued when Access Bank began making the
deductions incurred since February.
Some customers said the deductions, even if legal, were outrageous and
beyond what was necessary, with #AccessBankScam trending at number one
spot in Nigeria as at the time of writing this report.
“We have have heard our customers’ feedback that this charge is
unwelcome, especially at this time against a challenging economic drop,”
the bank said in a statement.