₦airaland Forum

OPay, MoniPoint, other banks have notified customers of the introduction of a 7.5 per cent Value Added Tax (VAT) on bank transfers and Unstructured Supplementary Service Data (USSD) transactions.

According to a notice sent to Moniepoint customers and obtained by The Pendulum News on Wednesday, the VAT will take effect from January 19, following a directive from the Nigeria Revenue Service (NRS). The bank explained that the move is part of a government-approved regulatory adjustment to VAT collection.

“From Monday, January 19, 2026, we are required to apply a 7.5 per cent VAT, which will be remitted to the Nigeria Revenue Service (NRS), formerly known as the Federal Inland Revenue Service,” the notice read.

https://thependulumnews.com/opay-monipoint-others-to-begin-7-5-vat-on-transfers-ussd-transactions-from-january-19/

Aha for my money again?

Continue

Ain’t no way some of us won’t go back to the conventional way of keeping money Aswear

This administration has just destroyed the beauty of mobile and USSD transactions.Banks will bear the brunt as customers will flock banking halls now for transfers.
This administration does not have conscience. Stamp duty,SMS charges,Card maintenance charges,Account maintainance charges,7.5 vat.On one account oh.
They take so much from you,Without giving anything back.

We all d*e here till 2027. Emilokan will finish Nigerians

People will start going to bank to transfer and also pay in cash.
What kind of government is this

wait...so if I transfer 100k they will remove 7500 as vat from my account again?

Wait o o o
I yam nt understanding... Which kind of useless gvt is that that make living more hard for it citizens.... Baba God na ur hand i dey o o o... Because e no go better for them..

onyxo76:
wait...so if I transfer 100k they will remove 7500 as vat from my account again?

The Tinubu government has very wicked and bad advisers. Imagine paying school fees with vats? Imagine buying goods with vats outside the cost of goods and services. I hope we don't have coconut head's as leaders in this country? They should not allow the people to rise up in resistance. Otherwise, it could lead to revolution.

p

Dreal1247:
The Tinubu government has very wicked and bad advisers. Imagine paying school fees with vats? Imagine buying goods with vats outside the cost of goods and services. I hope we don't have coconut head's as leaders in this country? They should not allow the people to rise up in resistance. Otherwise, it could lead to revolution.

no be just revolution, this is simply forcefully taking my money ,they collect tax and then collect vat on my transfers again, wetin person go live on

onyxo76:
wait...so if I transfer 100k they will remove 7500 as vat from my account again?

trade by batter will come back to Nigeria, if you give me rice I give you beans

onyxo76:
p no be just revolution, this is simply forcefully taking my money ,they collect tax and then collect vat on my transfers again, wetin person go live on

When he said he wants to widen tax net, slow down economy and reduce purchasing power of the people , Una think say na joke? It has turn to reality already.

DMCY:
Ain’t no way some won’t go back to the conventional way of keeping money Aswear

Or e currencies
Would be buying things in bulk

onyxo76:
wait...so if I transfer 100k they will remove 7500 as vat from my account again?

You go school at all 7.5% vat is like 3.75#


They are not charging your main money this how is works

Service fee for ₦100,000 transfer ≈ ₦50 - ₦100 (varies by bank)
7.5% VAT on ₦50 fee = ₦3.75
-Total fee = ₦53.75

So, on ₦100,000, VAT ≈ ₦3.75 (if service fee is ₦50).

Frank2025:
You go school at all 7.5% vat is like 3.75#


They are not charging your main money this how is works

Service fee for ₦100,000 transfer ≈ ₦50 - ₦100 (varies by bank)
7.5% VAT on ₦50 fee = ₦3.75
-Total fee = ₦53.75

So, on ₦100,000, VAT ≈ ₦3.75 (if service fee is ₦50).

aha, at least you have a good information to tell us about this thing, do you work in the bank, they should have said it was on the service charges not the main transfer.

Like 7.5% vat on each transfer? 😂
Then another tax? So you have 100k Tinubu will collect 40k?

So a client pay you 1m as an artisan, you add 7.5%, when 1m get into your account, Tinubu will remove Tax. You're buying materials from 5 different people at the cost of 200k, each of these people will add 7.5% to 200k... Tell me if that 1m can still run the project but the time you pay all those tax.


Make we dey jonx as people.

yinkeys:
Or e currencies
Would be buying things in bulk

Quote my word, presido go still find way layer tax E-currencies with the way things are going

onyxo76:
aha, at least you have a good information to tell us about this thing, do you work in the bank, they should have said it was on the service charges not the main transfer.

Yes that's why misinformation can cause problems , they don't explain it very well, they want to put fear in heart of the masses wicked government