Nigerians to pay 7.5% VAT on mobile bank transfers, USSD transactions

Contributing sentiments towards policy:

58% : The levy, also referred to as the Electronic Money Transfer Levy (EMTL), is a one-off charge applied to electronic receipt or transfer of funds deposited in any commercial bank or financial institution.
57% : Legit.ng earlier reported that banks in Nigeria will begin charging senders a N50 stamp duty on electronic transfers of N10,000 and above, following the implementation of the updated Tax Act starting January 1, 2026.
55% : Fintech operator Moniepoint disclosed the development in a notice sent to its customers, explaining that the directive was issued by Nigeria's tax authorities and applies across the financial sector.
54% : The new tax regime, which takes effect from January 2026, is expected to affect millions of Nigerians who rely heavily on mobile banking platforms and USSD codes for daily financial transactions, especially those without access to smartphones or internet banking.
54% : "We would like to inform you of an upcoming government-endorsed regulatory change regarding Value Added Tax (VAT)," Moniepoint said.
53% : " It further disclosed that the tax authority has set a firm deadline for compliance, directing all commercial banks, microfinance banks, and electronic money transfer operators to begin VAT collection and remittance by January 19, 2026.
51% : According to him, subscribers are already paying ₦6.98 per USSD session, and the additional VAT amounts to double or even multiple taxation on the same service.
48% : However, the fintech firm stressed that not all banking transactions will attract the tax.
47% : Consumer groups criticize the tax as burdensome, warning it could lead to financial strain on Nigerians Nigerians will begin paying a 7.5 per cent Value Added Tax (VAT) on selected digital banking services, including mobile bank transfers and Unstructured Supplementary Service Data (USSD) transactions, following a new government-backed regulatory directive.

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