Several Nigerian banks, including Moniepoint, have informed their customers that a 7.5 percent Value Added Tax (VAT) will now be applied to bank transfers and Unstructured Supplementary Service Data (USSD) transactions.

A customer notice obtained on Wednesday indicated that the VAT charge will take effect from January 19, 2026, following a directive from the Nigeria Revenue Service (NRS).

The banks explained that the adjustment is part of a government-approved regulation on VAT collection.

“From Monday, January 19, 2026, we are mandated to apply a 7.5 percent VAT, which will be remitted to the Nigeria Revenue Service (NRS), previously known as the Federal Inland Revenue Service,” the notice read.

The notice clarified that this VAT is separate from existing fees, such as the N50 stamp duty and other transaction-related charges currently borne by customers.

As of this report, the NRS has not released an official statement regarding the implementation of VAT on banking transactions.

It is worth noting that the Executive Chairman of the NRS, Dr. Zacch Adedeji, recently dismissed claims suggesting that the federal government intends to tax or directly debit individual bank accounts.