Access Bank decides to pay stamp duty charge for three months on behalf of its customers

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.

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.

Sharing the statement from Access Bank on Instagram, Amaechi Okobi, Group Head, Corporate Communications of Access Bank plc, wrote: “It was an incredible weekend. Twitter and other social media platforms blazed with how upset Access Bank customers were over Stamp Duty deductions. And we trended like crazy. The memes… The Gifs… Wow! Access Bank customers really let us know that they were… well, upset.

“Make no mistake, I love it when people talk about Access Bank but, my goodness, it’s much more fun to trend based on the good things we do. Because we do do some incredible things. But that’s not the story.

“The Bank heard all the feedback. I was also tagged on so many posts and messages. We heard. Loud and clear. These are tough economic times and we got it wrong. Debiting our customers late was wrong.

“So Management has decided to pay the Stamp Duty charge for February to April on behalf of its customers. The deductions are being reversed for individuals and SMEs for the affected time only. That’s still not the story.

“Banks are often accused of being cold and unfeeling. Sometimes deservedly so, other times notsomuch. So here’s the thing: Access Bank is run by human beings – people like you and me – who are not perfect. Mistakes will be made. Spectacular ones on occasion. But at the end of the day, our customers really do come first. Which is what necessitated this gesture. I hope it goes some way to make things better.”