Nigerians will start paying a 7.5% Value Added Tax (VAT) on certain banking services, including mobile bank transfers and USSD transactions, from January 19, 2026.
This follows a government-backed regulatory directive mandating financial institutions to collect and remit VAT.
Moniepoint, a fintech company, has informed its customers of the change, stating that the tax applies to electronic banking charges such as mobile banking fees, USSD transaction fees, and card issuance fees.
However, interest on deposits and savings are exempt from VAT.
The Nigerian Revenue Service (NRS) has set a deadline for compliance, and customers will see VAT charges itemized separately on their transaction reports and statements.
