The Federal Government has instructed banks and financial technology companies to begin collecting and remitting a 7.5% Value-Added Tax on certain electronic banking services, effective Monday, January 19, 2026.
The directive, confirmed in customer notifications issued by payment platforms such as Moniepoint, will apply specifically to service charges, not the principal transaction amounts. Affected fees include mobile money transfer charges, USSD transaction fees, and card issuance fees.
“From Monday, January 19, 2026, we are required to collect a 7.5 per cent VAT, to be remitted to the Nigerian Revenue Service,” read an email sent to Moniepoint customers on Wednesday. Other operators are expected to issue similar advisories in the coming days.
The tax expansion excludes returns on savings and deposits, meaning interest earned on accounts will remain VAT-free.
