Banks to begin 7.5% VAT on Transfers, USSD from Jan 19

[Augusta]

Banks to begin 7.5% VAT on Transfers, USSD from Jan 19 .Nigerians will soon pay a 7.5 percent Value Added Tax on some banking services, including mobile transfers and USSD transactions, beginning January 19, 2026, following a new government-backed regulatory directive
The planned implementation was made known in a customer notice issued on Wednesday by Moniepoint, alerting users that VAT would now be charged on certain electronic banking fees