Nigerians will begin paying a 7.5 per cent Value Added Tax (VAT) on selected banking services, including mobile transfers and USSD transactions, starting from January 19, 2026, following a new government-backed regulatory directive.
SaharaReporters reported that Moniepoint issued a notice to its customers on Wednesday, informing them of the planned implementation of VAT on certain electronic banking charges. The notice said the move is in line with a directive from tax authorities requiring financial institutions to collect and remit VAT on applicable services.
According to the notice, banks and other financial service providers have been mandated to begin charging the 7.5 per cent VAT from the stated date, with the proceeds to be remitted to the Nigerian Revenue Service (NRS), formerly known as the Federal Inland Revenue Service.
