Nigerians will start paying a 7.5 per cent Value-Added Tax (VAT) on selected banking services, including mobile bank transfers and USSD transactions, from January 19, 2026, following a directive from the Nigerian Revenue Service, (NRS). The development was disclosed in a notice sent to customers by Moniepoint on Wednesday, informing them of a government-backed regulatory change mandating financial institutions to begin collecting and remitting VAT on certain electronic banking charges. According to the notice, the VAT will apply to service fees such as mobile banking transfer charges, USSD transaction fees…
Read More7.5% VAT hits mobile transfers, USSD from Jan. 19
