No be small matter wey dey trend for Naija o! As wey dey enter January 2026, e go hot for our pockets as Nigerians go start dey pay extra 7.5% Value Added Tax (VAT) for some banking services like mobile transfers and USSD wahala. This one na directive wey come from government wey don yan say all financial institutions gats begin dey collect this tax from January 19, 2026.
Na Moniepoint first drop the notice for their customers say dem go start to collect dis VAT on electronic banking charges. According to de notice, dem talk say, “We go collect 7.5% VAT, wey go dey sent to Nigeria Revenue Service (NRS), formerly Federal Inland Revenue Service.” Even though dem dey collect dis VAT, Moniepoint clear say e no be price increase for dem o, na government wahala!
The tax go affect many bank services, especially mobile money transfers and USSD transaction charges. But hear dis, no be all banking services go carry VAT. If you dey make money from your savings or deposits, you no go pay any VAT for dat. Only banking service charges like transfer fees and card issuance fees na where dem go collect dis extra money!
We don see reactions from Naija people wey dey cry foul! President of National Association of Telecom Subscribers (NATCOMS), Deolu Ogunbanjo talk say dis VAT go just dey add burden for customers wey already dey pay N6.98 for USSD. He no gree for this double taxation matter o, say dem need to rethink am or else dem go carry dem matter go court! People dey vex as dem dey wonder how una go dey ask dem to pay more for services wey wey don already dey pay for.
Moniepoint talk say dem go show dis VAT clearly for transaction reports and statements, so customers go sabi how much dem dey pay wey be VAT. Dem assure say from January 19, na everybody wey dey use mobile banking platforms go feel dis one. Many banks don follow suit, we fit expect more similar notices from dem.
This VAT enforcement fit touch many normal Nigerians wey dey use these banking services every day. But make we no forget, dis na part of government move to standardize tax collection on digital services. As we dey pray say make dem no tire us with more charges, we still dey hope dat databases wey affect us go get better management. Naija, we go see how dis matter go play out!
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