The Federal Government has announced the enforcement of a 7.5% Value Added Tax (VAT) on selected electronic banking services, including mobile transfers and USSD transactions, effective from Monday, January 19, 2026.
This directive, issued by the tax authorities, mandates all financial institutions to begin collecting and remitting the VAT to the newly restructured Nigerian Revenue Service (NRS). In a customer notice, Moniepoint informed users of the impending change, stating the company is “required to collect a 7.5% VAT, to be remitted to the Nigerian Revenue Service.”
The move is part of the government’s broader strategy to enhance tax compliance and boost revenue from the rapidly growing digital financial services sector. Members of the public are advised to note the commencement date and factor the additional cost into their planning for electronic transactions from next Monday.
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