Moniepoint and a number of other Nigerian banks have notified customers that a 7.5 per cent Value Added Tax (VAT) will now be charged on bank transfers and Unstructured Supplementary Service Data (USSD) transactions.
A customer notice obtained on Wednesday revealed that the new VAT charge will take effect from January 19, in line with a directive from the Nigeria Revenue Service (NRS).
The banks explained that the move is part of a government-approved adjustment to VAT collection on financial transactions.
According to the notice, “From Monday, January 19, 2026, we are required to apply a 7.5 per cent VAT, which will be remitted to the Nigeria Revenue Service (NRS), formerly known as the Federal Inland Revenue Service.”
Customers were also informed that the VAT is separate from existing charges, including the ₦50 stamp duty and other transaction-related fees already applicable.
As of the time of filing this report, the NRS has yet to release an official statement on the rollout of VAT on banking transactions.
It will be recalled that the Executive Chairman of the NRS, Dr. Zacch Adedeji, on Tuesday refuted claims that the federal government intends to tax or directly debit individual bank accounts.