Access Bank to refund stamp duty deductions after outcry

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 Saturday.

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. 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.

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