Starting January 19, 2026, Nigerians will begin paying a 7.5% value-added tax (VAT) on selected banking services, following a government-backed directive.
The VAT will apply to specific electronic banking charges, including mobile bank transfers, USSD transactions, and card issuance fees. However, interest earned on savings and deposit accounts will remain exempt from the tax.
The Nigerian Revenue Service (NRS), formerly the Federal Inland Revenue Service, has directed all financial institutions from commercial and microfinance banks to electronic money transfer operators to start collecting and remitting the VAT from the effective date.
Millions of Nigerians who rely heavily on mobile and USSD banking will feel the impact, as everyday transactions now come with an added cost, marking a notable shift in the country’s digital banking landscape.
Which kain life be this.
See his face like toto wey them roughly handle 😂😂
Kese🤣🤣🤣,I think say na wizkid song him wan sing o🤣🤣
Interest earnings have always been subjected to 10% withholding tax
So it’s not like it’s exempted from tax
Everyone is laughing, you will not laugh on 19th
Remember!
Inside that your evian another evian dey inside meaning say inside that your tax another tax dey inside…
If I enter bank do the transfer nko, will I still be charged?
Banks should be careful ooo.. na them get address
Zachaeus no do reach this one o
He built Lagos. Allow him to build Nigeria.