Following a social media outburst from its customers, Access Bank has opted to reverse the stamp duty charges applicable to transactions between February 1st, 2020, and April 30th, 2020.
The stamp duty charge was reviewed from being charged on every deposit/transfer exceeding N1,000, to a N50 charge for every deposit or transfer that exceeds N10,000 – this new rule commenced early this year.
The Central Bank of Nigeria requires that a stamp duty charge of N50 be imposed on savings and current account holders for transactions (both deposits and electronic transfers) exceeding N10,000.
Read the statement from Access bank below:
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