Moniepoint has announced that it will begin collecting Value Added Tax (VAT) on selected banking services from Monday, January 19, 2026, following a government-backed regulatory directive.
In a notice to customers, the financial services provider disclosed that the 7.5 per cent VAT will be applied to specific service-related charges and remitted to the Nigerian Revenue Service (NRS), the agency formerly known as the Federal Inland Revenue Service.
According to Moniepoint, the VAT will apply to electronic banking charges, including mobile banking transfer fees, USSD transaction fees, and card issuance fees.
However, the company clarified that interest earned on deposits and savings will not attract VAT.
The firm stressed that the VAT implementation does not amount to a price increase by Moniepoint, noting that it is acting strictly in compliance with regulatory requirements.
The NRS has reportedly directed all financial institutions—commercial banks, microfinance banks, and electronic money transfer operators—to commence VAT collection and remittance on the stated date.
Moniepoint also assured customers that VAT charges will be clearly itemised and shown separately on transaction reports and account statements to ensure transparency.
Customers seeking further clarification have been advised to consult Moniepoint’s FAQ page or contact customer support for additional information.
