Following social media backlash and complains about unwarranted deductions from customers account, the management of Access Bank has rescinded on its earlier stand that the deductions were done on behalf of the Central Bank of Nigeria.

In a statement released today, Access Bank said they have heard the customers’ feedback that this charge is unwelcome, especially at this time against a challenging economic backdrop.

The bank said it has considered the customers’ feedback and have decided to pay the stamp duty on the customers’ behalf for the affected period only. This means individual and SMEs who were debited for the accumulated stamp duty charge for February to April 2020, will be refunded.

The bank further stated that while they still have to remit the funds via the CBN to the Federal Government, they realised that they got it wrong by debiting customers’ late , and will be refunding the affected stamp duty charge to all affected customers.