Just In: Access Bank Reacts To Nigerians Outcry Over Outrageous Deduction, ready to refund

By Tunde Olorungbotemi

Nigeria’s leading commercial bank, Access Bank has reacted to customers’ complaint over Stamp Duty charge mandated by the Federal Government.

In a Statement released obtained by VOICEAIRMEDIA on Sunday, 28 June 2020 the management of Access Bank, stated that it has received the feedbacks and is ready to make refunds to all affected customers, despite the fact that the charge was expected to be remitted with the Central Bank.

The statement partly reads: “Stamp Duty Charge collection is in compliance with the mandate of the Finance Act, 2019 (Stamp Duty Act, Cap 58). We are required by law to apply this charge as applicable and remit all funds collected to the Federal Government.

“However, we have heard our customers’ that this charge is unwelcome, especially at this time against a challenging economic backdrop.

We have considered our customers’ feedback and have decided to pay the Stamp Duty on our customers’ behalf for the affected period only”, it reads

Amidst the tension faced by the banks at the first ease of lockdown, when banks were partially allowed to work, Access Bank stood out in terms of effective customer service delivery and operational structure.

Access Bank saw the possibility of a fundamental shift in customer behavior, and predicted a possible decrease in the physical branch visits with an immediate increase in online transactions, peer to peer payments, wallet usages, etc.

Access Bank stepped up her game and converted more of these experiences into positive stories for long-term digital adoption.

A major part of retail banking services including deposits, credits, payments, etc. is part of what governments refer to as ‘essential services’, so banks had to continue these services to minimize the adverse effects on people.

However, managing all these at a much-reduced employee count can be challenging. Access Bank tackles these challenges by embracing digital banking.

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