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Access Bank apologised to its customers and said it will bear the cost of the stamp duty.


In a statement issued on Twitter, Access Bank explained the decision to cancel the stamp duty collection was because it cared about its customers. The bank, however, maintained that the earlier decision to withdraw the accrued charges was legal.
Part of the statement by Access Bank said:
“Stamp duty charge collection is in compliance with the mandate of the ‘Finance Act, 2019 (Stamp Duty Act, Cap S8). We are required by law to apply this charge as applicable and remit all funds to the Federal Government.
However, we have heard our customers’ feedback that this charge is unwelcome, 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 individual and SMEs who were debited for the accumulated stamp duty charge for February to April 2020, will be refunded.” 





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