Nigeria’s Access Bank waives 3-month accrued Stamp Duty for customers

NIGERIA – Access Bank, one of Nigeria’s leading multinational commercial banks, has announced that it will be offering its customers a waiver on the three-month accrued stamp duty owed to the bank.

This development follows Access Bank’s earlier notification sent to customers, informing them that it “will be required to process the accumulated charges” incurred between February 1, 2020 and April 30, 2020.

Access Bank in a press statement explained that the decision to rescind its earlier position to deduct from its clients was in line with its promise to deliver more value to its customers.

Expressing empathy with the inconvenience the debiting brought upon customers, Access Bank said, it has “heard customers’ feedback that this charge is unwelcome, especially as it coincides with the challenging economic backdrop.”

 “While we still have to remit these funds via the CBN to the Federal Government, we realize that we got it wrong by debiting our customers late, and we are refunding the affected stamp duty charge today to all affected customers,” Access Bank said.

The Nigerian multinational bank further explained that, all individuals and SMEs who were debited for the accumulated Stamp Duty charge for February to April 2020 will be refunded.

Stamp Duty collection is in compliance with the mandate of the ‘Finance Act, 2019 (Stamp Duty Act, Cap S8)’, a law that mandates financial institutions to debit N50 for all credits received into current and savings accounts.

Access Bank like all other banks in Nigeria are required upon collection to remit all the funds to the Federal Government.

Last month, Access Bank Plc launched Cashflow Loans by Access, a digital lending portal which allows business owners to access loans to grow and expand their business from the comfort of their homes, while staying safe. 

Cashflow Loans by Access provides an online platform accessible to Small and Medium Enterprise so that they can apply, process and receive their loans from home. 

Victor Etuokwu, the Executive Director, Retail Banking, Access Bank Plc, said that the platform was aimed at ensuring that businesses access loans to sustain continuity, even in the face of the pandemic-induced restrictions on movement. 

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