Moniepoint and other Nigerian financial institutions will begin applying a 7.5% Value Added Tax on electronic transfers and USSD transactions starting January 19,
Key Points:
- Moniepoint and other banks will apply 7.5% VAT on transfers and USSD transactions.
- The charge takes effect January 19, following a directive from the Nigeria Revenue Service.
- The VAT is separate from existing fees like the N50 stamp duty.
- Banks will remit collected VAT directly to the NRS.
- The NRS has not yet issued an official public statement on the implementation.
- NRS Chairman Zacch Adedeji recently denied plans to directly debit personal accounts.
- The move integrates VAT into the daily flow of digital financial activity.
Source: Business Day, Daily Post Nigeria
