Moniepoint, Other Nigerian Banks to Charge 7.5% VAT on Transfers, USSD Transactions

Worries as customers pay 7.5% VAT on mobile bank transfers, USSD

Indications emerged yesterday that from January 19, 2026, Nigerians will begin paying a 7.5 per cent Value Added Tax (VAT) on selected banking

Moniepoint, other Nigerian banks to charge 7.5% VAT on transfers, USSD transactions

Moniepoint and several other Nigerian banks have informed their customers of a new 7.5 percent Value Added Tax (VAT) to be applied to bank transfers and Unstructured Supplementary Service Data (USSD) transactions. According to a customer notice obtained by DAILY POST on Wednesday, the VAT charge will take effect from January 19, following a directive from the Nigeria Revenue Service (NRS). In the message, the bank explained that the development …

FG Orders Banks, Fintechs to Remit 7.5% VAT on Electronic Services Effective Jan 19

In a major move to solidify the nation’s digital tax framework, the Federal Government has directed all commercial banks, microfinance institutions, and fintech platforms to begin the collection and remittance of a 7.5% Value-Added Tax (VAT) on electronic banking service fees.The directive, issued through the Nigeria Revenue Service (NRS) the recently rebranded Federal Inland Revenue Service (FIRS) is set to take effect on Monday, January 19, 20…

What Nigerians Need to Know About the 7.5 Percent VAT on Transfers - OloriSuperGal

Recent news about the introduction of a 7.5 percent VAT on mobile bank transfers and USSD transactions have triggered widespread concern among Nigerians, with many fearing that the government is about to deduct a portion of their actual transfer amounts. However, a closer look at the directive shows that much of the panic is rooted in misunderstanding rather than the reality of the policy. The directive, which takes effect on January 19, 2026, w…

Exclusive: Who pays 7.5% VAT on mobile transfers, banks or Nigerians? NRS clarifies

Nigerian Revenue Service has clarified the 7.5% VAT regulation affecting mobile transfers as financial notices circulate nationwide. Key details inside.

Banks To Start Deduction Of 7.5% VAT Charges On Cash Transfers And USSD

The Genius Media NEWS ALERT!!! Banks To Start Deduction Of 7.5% VAT Charges On Cash Transfers And USSD From Monday NEWS ALERT!!! Banks To Start Deduction Of 7.5% VAT Charges On Cash Transfers And USSD From Monday   The Federal Government has directed all commercial banks, microfinance institutions and fintech platforms to begin the collection and remittance of a 7.5 per cent Value-Added Tax (VAT)on selected electronic banking service fees. The d…