What to know about VAT on bank charges
[NigerianEye - Nigeria] - 16/01/2026
On Thursday, banks said they will start deducting 7.5 per cent value-added tax (VAT) on banking services, including point of sale (POS) transaction fees, mobile banking transfer fees, from January 19. In an email to customers, Moniepoint Microfinance Bank said the charge stems from a government-endorsed regulatory change, with the proceeds of the charge remitted to the Nigerian Revenue Service (NRS). “The NRS has communicated a deadline of 19th January for all financial institutions (commercial banks, microfinance banks and electronic money transfer operators) to start collecting and (…)
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