💸 Banks Alert! 7.5% VAT on Transfers & USSD Coming Jan 19 🚨

Get ready, Nigeria! Starting Jan 19, 2026, you'll pay 7.5% VAT on some banking services, including mobile transfers and USSD transactions. Moniepoint has issued a notice to its users, stating that this change is government-backed and required by tax authorities.

The VAT applies to:

- Electronic banking charges (mobile banking fees, USSD transactions)

- Card issuance fees

But don't worry, some services are exempt:

- Interest on deposits and savings

This isn't a price hike by Moniepoint; they're just collecting and remitting VAT to the Nigerian Revenue Service (NRS). You'll see the VAT charge separately on your transaction reports and statements.

Millions of Nigerians who use mobile banking and USSD services will feel the impact. Would you like to know more about the VAT or how it affects you?