Moniepoint and several other different Nigerian banks have knowledgeable their prospects of a brand new 7.5 % Worth Added Tax (VAT) to be utilized to financial institution transfers and Unstructured Supplementary Service Knowledge (USSD) transactions.
In response to a buyer discover obtained by DAILY POST on Wednesday, the VAT cost will take impact from January 19, following a directive from the Nigeria Income Service (NRS).
Within the message, the financial institution defined that the event is a part of a government-approved regulatory adjustment on VAT assortment.
“From Monday, January 19, 2026, we’re mandated to use a 7.5 % VAT, which might be remitted to the Nigeria Income Service (NRS), beforehand generally known as the Federal Inland Income Service,” the discover said.
The financial institution clarified that the VAT cost is separate from present charges such because the N50 stamp responsibility and different transaction-related expenses at present borne by prospects.
As of the time of reporting, the NRS has not issued an official assertion on the implementation of the VAT on banking transactions.
Recall that the Government Chairman of the NRS, Dr. Zacch Adedeji, on Tuesday dismissed reports suggesting that the federal authorities plans to tax or straight debit particular person financial institution accounts.
