VAT of 7.5% will be charged on naira transfer

[Karl_3000]

Another tax on the way. VAT is not new as it is charged on Electricity bills, on the cards you load on your phone, businesses and many other places. Now they want to introduce it to the bank transactions.

This is the email that I got from Moniepoint:

VAT will apply to certain banking services that include: electronic banking charges such as mobile banking fees (transfers), USSD transaction fees and card issuance fee.

Services that DO NOT attract VAT include: interest on deposits and savings.

The email message is more than this but this is the most important part.

Another email from Moniepoint:

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).

VAT will apply to certain banking services that include: electronic banking charges such as POS transaction fees, mobile banking fees (transfers), USSD transaction fees, POS activation fee, card issuance fee and Moniebook subscription. It also applies to other fees, such as loan processing and documentation fees.

[DubemIfedigbo001]

This is the email that I got from Moniepoint:

VAT will apply to certain banking services that include: electronic banking charges such as mobile banking fees (transfers), USSD transaction fees and card issuance fee.

I believe these have been in place even prior to now

electronic banking charges was such that both sender and receiver pays but recently it's been modified to only charge senders paying above 10k, at least for a while now I receive above 10k without paying the said Electronic fee, but when I send, I see it deducted

USSD charges have been in place since last 2 years_{To the best of my knowledge}, I don't use ATM cards no more, so I cannot readily verify for card issuance fee.

This looks like an old news existing from the time of Godwin Emefiele because these were his implementations, but I could be wrong though.

[Jubilee58]

The tax policy has really affected bank transaction fees, though before now, people have been paying fees on their transactions but not as much as it is now. Since the tax policy was introduced, banks have increased their transaction fees, platform like opay has increased their fees on transactions above 10k and I believe is thesame thing with other banking platforms.

The tax reform policy should be operated on a transparent ground, the government should not use it to exploit Nigerians, and every body should be involved including the politicians.

[Karl_3000]

Why are people like to post wrong information on naija board, correcting what is right? This is not the first time someone is correcting what I posted which is right? Why are you people not making findings first before correcting anyone?

I believe these have been in place even prior to now

Take note of bank chargers starting from 19th, you will know what I am talking about by that time.

electronic banking charges was such that both sender and receiver pays but recently it's been modified to only charge senders paying above 10k, at least for a while now I receive above 10k without paying the said Electronic fee, but when I send, I see it deducted

This is not what we are talking about. We have talked about this last year: No stamp duty deduction from receivers anymore but from sender

USSD charges have been in place since last 2 years_{To the best of my knowledge}, I don't use ATM cards no more, so I cannot readily verify for card issuance fee.

This looks like an old news existing from the time of Godwin Emefiele because these were his implementations, but I could be wrong though.

Did you make any findings before concluding that it is an old news? It is all over the Internet.

Read this: https://saharareporters.com/2026/01/14/breaking-nigerians-pay-75-vat-mobile-bank-transfers-ussd-transactions-january-19#:~:text=Videos%20Photos%20Documents-,BREAKING:%20Nigerians%20To%20Pay%207.5%25%20VAT%20On%20Mobile%20Bank%20Transfers,Federal%20Inland%20Revenue%20Service).%E2%80%9D

In Nigeria, banks are scheduled to start universally collecting a 7.5% Value Added Tax (VAT) on applicable service fees for electronic transfers and USSD transactions from all customers on January 19, 2026.
While banks in Nigeria have been applying a 7.5% VAT on some specific, already taxable services since February 1, 2020, the new 2026 tax reforms mandate a broader collection on standard electronic banking services. Financial institutions have communicated this new deadline for compliance as directed by the National Revenue Service (NRS), formerly the FIRS.

[DubemIfedigbo001]

Why are people like to post wrong information on naija board, correcting what is right? This is not the first time someone is correcting what I posted which is right? Why are you people not making findings first before correcting anyone?

I believe these have been in place even prior to now

Take note of bank chargers starting from 19th, you will know what I am talking about by that time.

electronic banking charges was such that both sender and receiver pays but recently it's been modified to only charge senders paying above 10k, at least for a while now I receive above 10k without paying the said Electronic fee, but when I send, I see it deducted

This is not what we are talking about. We have talked about this last year: No stamp duty deduction from receivers anymore but from sender

USSD charges have been in place since last 2 years_{To the best of my knowledge}, I don't use ATM cards no more, so I cannot readily verify for card issuance fee.

This looks like an old news existing from the time of Godwin Emefiele because these were his implementations, but I could be wrong though.

Did you make any findings before concluding that it is an old news? It is all over the Internet.

Read this: https://saharareporters.com/2026/01/14/breaking-nigerians-pay-75-vat-mobile-bank-transfers-ussd-transactions-january-19#:~:text=Videos%20Photos%20Documents-,BREAKING:%20Nigerians%20To%20Pay%207.5%25%20VAT%20On%20Mobile%20Bank%20Transfers,Federal%20Inland%20Revenue%20Service).%E2%80%9D

In Nigeria, banks are scheduled to start universally collecting a 7.5% Value Added Tax (VAT) on applicable service fees for electronic transfers and USSD transactions from all customers on January 19, 2026.
While banks in Nigeria have been applying a 7.5% VAT on some specific, already taxable services since February 1, 2020, the new 2026 tax reforms mandate a broader collection on standard electronic banking services. Financial institutions have communicated this new deadline for compliance as directed by the National Revenue Service (NRS), formerly the FIRS.

These have not been announced by relevant bodies, tax agency has not given this information out and it's only 5 days left, I doubt it's authenticity,. Hey, I'm not refuting your claims, but official statements have not been released in that regard.

Moniepoint isn't the official information medium for taxes, so let's kindly wait for the right office to release the news before we conclude on it. That's my major take on the matter. Thank you for sharing though.

[Karl_3000]

Moniepoint isn't the official information medium for taxes, so let's kindly wait for the right office to release the news before we conclude on it. That's my major take on the matter. Thank you for sharing though.

Getting such information from banks is very valid. Moniepoint is a Microfinance bank in Nigeria and which make it very valid because they will not want to tell their customers what is false.

I get the Stamp Duty one from Sterling bank, it was also valid but someone also trying to say I should post a valid link about it. Later GTBank (now GTCO) also sent me email about it. Emails from banks are valid so far the email is not from scammers.

I noticed also that our federal government are trying to let all go silently, maybe they do not want people to against it. Just know that I am not a kind of person that can easily be corrected, although I accept corrections if valid but what most Nigerians are posting to correct me are not correct. This is highly disappointing.

[Roseline492]

Another tax on the way. VAT is not new as it is charged on Electricity bills, on the cards you load on your phone, businesses and many other places. Now they want to introduce it to the bank transactions.

This is the email that I got from Moniepoint:

VAT will apply to certain banking services that include: electronic banking charges such as mobile banking fees (transfers), USSD transaction fees and card issuance fee.

Services that DO NOT attract VAT include: interest on deposits and savings.

The email message is more than this but this is the most important part.

7.5% of charge is much, there is already an ongoing charge of #50 naira on every deposit so how come there is another Vat charge again, perhaps they should also put it the same #50 naira charge as the normal one because 7.5% charge is much, those with small transfer will not understand but those with big transfer will worry about it because for a person withdrawing one million naira will have to pay for a Vat of 75,000 naira and that's too high for an ordinary vat they are supposed to charge #10 naira instead, maybe is only Moniepoint that is affected because I have not gotten any email from the mobile banking I use.