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Moniepoint and Nigerian banks to begin charging 7.5% VAT on bank transfers and USSD transactions from January 19, 2026.
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Nigeria Revenue Service (NRS) directed banks to implement the VAT as part of a government-approved tax adjustment.
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Banks say the 7.5% VAT is separate from stamp duty and other transaction charges already paid by customers.
Moniepoint and several other Nigerian banks have notified customers of a new 7.5 percent Value Added Tax (VAT) on bank transfers and USSD transactions, set to take effect on January 19, 2026.
According to customer notices obtained on Wednesday, the VAT charge follows a directive from the Nigeria Revenue Service (NRS), formerly known as the Federal Inland Revenue Service (FIRS).
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The banks explained that the move is part of a government-approved regulatory adjustment on VAT collection, stressing that the tax will be remitted directly to the NRS.
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They also clarified that the VAT charge is independent of existing fees, including the ₦50 stamp duty and other transaction-related charges currently borne by customers.
As of the time of filing this report, the Nigeria Revenue Service has not issued an official public statement confirming the implementation of VAT on banking transactions.
Meanwhile, the Executive Chairman of the NRS, Dr. Zacch Adedeji, had earlier dismissed claims that the federal government planned to tax or directly debit individual bank accounts, assuring Nigerians that such reports were misleading.
