Tag: Bank customers

…Demand clarity, CBN oversight Nigeria’s sweeping tax reforms are beginning to hit everyday life, sparking growing frustration among bank customers, tenants and businesses who say the new charges are poorly explained, inconsistently applied and increasingly burdensome amid rising living costs. Across the banking sector, customers are already feeling the impact of the newly enforced 7.5% Value Added Tax (VAT) on selected electronic banking services, which takes effect from January 19 following a directive by the Nigerian Revenue Service, (NRS). The VAT applies to service charges on mobile and online transfers,…