By Jemimah Wellington, JKNewsMedia Correspondent
A NEW 7.5 percent Value Added Tax (VAT) will be applied to bank transfers and Unstructured Supplementary Service Data transactions, following notices issued to customers by Nigerian banks including Moniepoint.
The customer notice, obtained on Wednesday said the VAT charge will take effect from January 19, based on a directive from the Nigeria Revenue Service (NRS). The notice explained that the adjustment forms part of a government approved regulatory change on VAT collection.
“From Monday, January 19, 2026, we are mandated to apply a 7.5 percent VAT, which will be remitted to the NRS, previously known as the Federal Inland Revenue Service (FIRS),” the bank stated in the message.
The bank clarified that the VAT charge is separate from existing fees currently borne by customers, including the N50 stamp duty and other transaction related charges.
On Tuesday, the Executive Chairman of the Nigeria Revenue Service (NRS), Dr Zacch Adedeji, dismissed reports suggesting that the Federal Government (FG) plans to tax or directly debit individual bank accounts.
Aside that, as of the time of reporting, the NRS had not issued an official statement on the implementation of VAT on banking transactions.

