₦airaland Forum

Nigerians will begin paying a 7.5 percent Value Added Tax (VAT) on selected banking services, including mobile bank transfers and USSD transactions, from January 19, 2026, following a new government-backed regulatory directive.

SaharaReporters obtained a notice sent to customers on Wednesday afternoon by Moniepoint, informing users of the impending implementation of the VAT
regime on certain electronic banking charges.

According to the notice, the development is tied to a directive from tax authorities mandating financial institutions to begin VAT collection and remittance.

“We would like to inform you of an upcoming government-endorsed regulatory change regarding Value Added Tax (VAT),” the notice stated.

It added, “From Monday, 19 January 2026, we are required to collect a 7.5% VAT, to be remitted to the Nigerian Revenue Service (NRS) (formerly known as the Federal Inland Revenue Service).”

The company disclosed that the tax will apply to “certain banking services,” including “electronic banking charges such as mobile banking fees (transfers), USSD transaction fees and card issuance fee.”


Source:
https://saharareporters.com/2026/01/14/breaking-nigerians-pay-75-vat-mobile-bank-transfers-ussd-transactions-january-19?fbclid=IwZXh0bgNhZW0CMTEAc3J0YwZhcHBfaWQPMjc1MjU0NjkyNTk4Mjc5AAEesYwhCXMawxnDNKkp7b3wxE46yKmGJmbmDj2DeegMsNkKyPAvDQCbLPAIOOo_aem_x_2ds6Mi5Vfpbnl83b_6vg

The good and bad thing in all these taxes is that both the supporters and non supporters of this Emilokan government are in it.

Georgry:
Nigerians will begin paying a 7.5 percent Value Added Tax (VAT) on selected banking services, including mobile bank transfers and USSD transactions, from January 19, 2026, following a new government-backed regulatory directive.

SaharaReporters obtained a notice sent to customers on Wednesday afternoon by Moniepoint, informing users of the impending implementation of the VAT
regime on certain electronic banking charges.

According to the notice, the development is tied to a directive from tax authorities mandating financial institutions to begin VAT collection and remittance.

“We would like to inform you of an upcoming government-endorsed regulatory change regarding Value Added Tax (VAT),” the notice stated.

It added, “From Monday, 19 January 2026, we are required to collect a 7.5% VAT, to be remitted to the Nigerian Revenue Service (NRS) (formerly known as the Federal Inland Revenue Service).”

The company disclosed that the tax will apply to “certain banking services,” including “electronic banking charges such as mobile banking fees (transfers), USSD transaction fees and card issuance fee.”


Source:
https://saharareporters.com/2026/01/14/breaking-nigerians-pay-75-vat-mobile-bank-transfers-ussd-transactions-january-19?fbclid=IwZXh0bgNhZW0CMTEAc3J0YwZhcHBfaWQPMjc1MjU0NjkyNTk4Mjc5AAEesYwhCXMawxnDNKkp7b3wxE46yKmGJmbmDj2DeegMsNkKyPAvDQCbLPAIOOo_aem_x_2ds6Mi5Vfpbnl83b_6vg

These people are looking for trouble. I think this will be the end of APC misrule in this country. 7.5 per cent VAT over mobile bank transfer among other taxes? Make it make sense now

What is happening? Leave our accounts ALONE! Useless thieving government. Leave our accounts alone!

The major problem with these taxes is that Tinubu will embezzle it. He has invested so much in bribing state governors to defect and has to recoup the money by taxing Nigerians.

He has no empathy for anyone but is desperately pursuing his 2027 ambition.

It's like there is a COALITION of Media Houses who have conspired to be AWFUL at their jobs.

ALL over the world, news companies are FAILING left and right. They are more concerned with MANIPULATING people than communicating the news.

Just look at this NONSENSE headline.

It made it seem like banks would deduct 7.5% VAT from the FULL amount of each transfer.

Meanwhile, the reality is that the 7.5% would be charged on the BANK CHARGES for said transactions.

If your bank charges you #26 to transfer #100K.
The government now says they must charge 7.5% of #26.

That is it.

It may NOT be ideal given the CRIMINALITY of Nigerian Politicians.
But this news article is NOT doing a good job of passing the CORRECT info.

VAT has always been charged on the CHARGES T OF THE TRANSFER NOT ON THE VALUE OF THE TRANSACTION.
If a transfer of ₦100,000 is made and the transfer charges of your bank on the transaction is ₦60 or ₦100 , the VAT WILL BE CHANGED ON THE ₦60 OR ₦100 NOT. ON THE WHOLE ₦100,000.

Hehehe! Increase the tax next, reduce their purchasing power and slow down the economy. More shege promax taxation loading. Everyone will feel the heat.

Already they deduct almost 2 different taxes in each transfer. Double taxation is just way too much and unfortunately the money is for just few cabals.

So for mobile transfer of 200,000, I'd be charged 15,000 extra as VAT ?

Tinubu Onikure !

thomas2024:
These people are looking for trouble. I think this will be the end of APC misrule in this country. 7.5 per cent VAT over mobile bank transfer among other taxes? Make it make sense now

That's in addition to electronic money transfer which has been re Christianed stamp duties
All the APC know how to do is to add to people's burden not to alleviate it ,which is the duty of government and which serious government all over the world do
Well the people like been burden, because some people will still vote them ,so they can continue the punishment

At this point if you're still supporting this inhumane treatment from Tinubu, you need to have your brain checked and be committed into a mental institution

Tpain is out to kii us all

MemphitzDgreat1:
At this point if you're still supporting this inhumane treatment from Tinubu, you need to have your brain checked and be committed into a mental institution

Kidneys liver heart and lungs join...

thomas2024:
These people are looking for trouble. I think this will be the end of APC misrule in this country. 7.5 per cent VAT over mobile bank transfer among other taxes? Make it make sense now

As if they need your vote for re election.
Are you bigger than Inec and supreme Court?

7500 for each 100k you transfer

He is not called THIEFNIBU Baban Baban BARAWOO for nothing.

Who pays the vat.
Is it the customer or the bank

Tinubu needs to be removed
When selfish motives supersedes the nation’s best interest, those greedy individuals are not better than an entire nation

kaludestiny10:
The good and bad thing in all these taxes is that both the supporters and non supporters of this Emilokan government are in it.

If it is 50k or #100,it is all good provided they don't steal it.

This is not even new. I’ve been paying VAT on bank charges since like forever.

Only APC EXCO members will attend Tinubu 2027 presidential nationwide campaign. Vawulence will breakout if street Boyz lap

VAT
Transfer charges
Bank charges
They’re mad


Bank to bank transfers locally here are free
Zero charges


When a government lacks initiative, innovation and ideas they use repressive taxes to shore up government spending

But these ones are not even using the new funds to benefit Nigerians reciprocally as they’re taking

Why not make it 10percent eh brother Agbado?

Sibc 2018 i have known digital banking is an extortion by the government

I remembered one woman in a commercial bus I boarded said this thing oo that if bat should win this election that we would even pay for the air that we breathe(hyperbole) she was right...

I always tell people, it is Nigerians that will still fund Tinubu's reelection with their hard-earned income😆.Tax go drive alot of people crazy this 2026.

All the taxes I paid from 2015 to 2022 under Buhari administration was embezzled directly and indirectly. Look at all the moneys efcc is chasing after...

If they take money in taxes from the society and use it to the benefits of the society, people will not complain. It's pathetic how things work down here in Nigeria.

MemphitzDgreat1:
At this point if you're still supporting this inhumane treatment from Tinubu, you need to have your brain checked and be committed into a mental institution

Everybody go hear am no be small

lastmessenger:
7500 for each 100k you transfer

Not like that though. It’s 7.5% x #6.98 on the previous charges making #0.52

Total charges will now be 0.52 + 6.98 equals #7.50.

Apply that on others charges too.

E.g 7.5% times 26.33 or 7.5% times 53.75 etc and add the result with the charges money.

Yet, this government is the most fraudulent government in history. You can imagine this after your stamp duty charges, and the draconian tax fraud, and other numerous taxes upon taxes. It’s only braindead fellows that are clapping for Tinubu. No one can have his brain working and keep supporting a disaster known as Tinubu. He’s a weaponised fashioned against Nigeria.