₦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 Regulatory Directive Backed By The Federal Government.

The Development Was Disclosed In A Notice Sent To Customers On Wednesday By Moniepoint, Informing Users Of The Impending Implementation Of The VAT Regime On Certain Electronic Banking Charges.

According To The Notice, The Directive Was Issued By Tax Authorities Mandating Financial Institutions To Begin The Collection And Remittance Of VAT.

Part Of The Notice Read: “We Would Like To Inform You Of An Upcoming Government-Endorsed Regulatory Change Regarding Value Added Tax (VAT).

“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).”

Moniepoint Said The Tax Would Apply To “Certain Banking Services”, Including “Electronic Banking Charges Such As Mobile Banking Fees (Transfers), USSD Transaction Fees And Card Issuance Fee”.

The Company, However, Clarified That Not All Banking Transactions Would Attract The Tax.

“Services That DO NOT Attract VAT Include: Interest On Deposits And Savings,” The Notice Read.

Moniepoint Also Distanced Itself From Responsibility For The New Charges, Saying The Deductions Were Not A Price Increase By The Company.

“This Is Not A Price Increase By Moniepoint. Moniepoint Is Required To Collect And Remit VAT To The Nigerian Revenue Service (NRS).

“The NRS Has Communicated A Deadline For 19th January 2026 For All Financial Institutions — Commercial Banks, Microfinance Banks And Electronic Money Transfer Operators — To Start Collecting And Remitting VAT. VAT Applies Only To Banking Or Service Fees, Not Interest,” It Said.

Customers Were Also Informed That The Deductions Would Be Clearly Itemised, As “VAT Charge Will Appear Separately On Your Transaction Reports And Statements”.

The New VAT Enforcement Is Expected To Affect Millions Of Nigerians Who Rely Daily On Mobile Banking Platforms And USSD Services For Financial Transactions.

https://politicsnigeria.com/2026/01/14/just-in-nigerians-to-pay-7-5-vat-on-bank-transfers-ussd-transactions-from-january-19/?utm_source=operamini&utm_medium=feednews&utm_campaign=operamini_feednews

Tax!!! Tax!!! Tax!!!!..... that's the only thing he's good at but good governance is a no! no! For the dullard.

Tinubu appears unwilling to wait until 2027 before his sack from the presidential seat. I wonder who is giving him this anti people counsel. Meaning that one cannot borrow to each other through bank transfer. I perceive, he is trying to know if Nigerians will take it. Through NNPC, Nigeria has lost more than the national debt. Nobody is arrested and no effort to recover the fund, yet he wants to kill the people through taxation.

That means 1m transaction, 75k which is 7.5% will be deducted either using transfer or ussd?

We await the outcome. Better times for ONLY CASH transactions. It you nor get cash, waka .... This is not governance please. Killing the poor to enrich the rich is not how governance works

todaynewsreview:
That means 1m transaction, 75k which is 7.5% will be deducted either using transfer or ussd?

We await the outcome. Better times for ONLY CASH transactions. It you nor get cash, waka .... This is not governance please. Killing the poor to enrich the rich is not how governance works

One would have thought you were very smart looking at your name.VAT on charges are usually very negligible,eg Transfer charges are usually around 20 Naira to 50 Naira for most commercial banks.
7.5% of N20 is 1Naira 50kobo

TrueReports:
One would have thought you were very smart looking at your name.VAT on charges are usually very negligible,eg Transfer charges are usually around 20 Naira to 50 Naira for most commercial banks.
7.5% of N20 is 1Naira 50kobo

7.5% of 1m is 75k
7.5% of 20 1naira 50kobo.

What's the difference?

Not a fan of Tinubu but this your reporting get k leg. You make it seem like tax is on the actual transfer which is wrong. The tax is on the transfer charges. Why do you people enjoy spreading falsehood like this? This sortof reporting ought to be criminalised. This report is down right disturbance of the public peace.

TrueReports:
One would have thought you were very smart looking at your name.VAT on charges are usually very negligible,eg Transfer charges are usually around 20 Naira to 50 Naira for most commercial banks.
7.5% of N20 is 1Naira 50kobo

Oga, pack one side...
who bears the burden of VAT if not the consumer.
yet you claim to be the smartest.
Na all of us go chop the koboko!!!

TrueReports:
One would have thought you were very smart looking at your name.VAT on charges are usually very negligible,eg Transfer charges are usually around 20 Naira to 50 Naira for most commercial banks.
7.5% of N20 is 1Naira 50kobo

lecture us on the margin of 7.5 to 1000,000 abeg. The good thing here is that apc members will not have a different charges.

I read this News on Daily Post Newspaper this morning.
It means if transfer 100k , #7,500 Plus additional #50 Bank Charges and #4 Sms Charge , Totalling #7,554.
So in all this TAX DEDUCTIONS what are my expected Benefits From the Govt.

This is not funny at all.
No Job provision for the common Citizens.

YOU PAY FOR ELECTRICITY.

YOU PAY FOR SECURITY

YOU PAY FOR WATER

YOU FOR THE ROAD ,
You pay virtually for every Amenities in this Country,
You struggled to set-up a Business, after Graduation without Job, yet Govt will still not allow the Business to flourish with their Unstable Policies.

My God help us in this Country.

The rioting wey go erupt untop jagaban head no go get part 2