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Access Bank To Refund Stamp Duty Deductions After Complaints On Social Media

Today, 28th of June, Access Bank said it will make a refund of all stamp duty deductions made from the account of customers after users laid complaint on social media on Saturday.

Stamp duty deductions apply to all credits received either in savings or current accounts in respect to electronic transfer and teller deposits on NGN10, 000 and above. The money deducted is hereby sent to the Central Bank Of Nigeria (CBN).

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.

“We have considered your feedback and have decided to pay the stamp duty on our customers’ behalf for the affected period only.

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