What you should know about 7.5% VAT on bank transfers from January 19
Effective Monday, January 19, 2026, many Nigerians will see a 7.5% value-added tax (VAT) added to certain banking service charges, including fees for mobile/app transfers, USSD transactions, and some POS-related charges. The key point is this: VAT is applied to the bank’s service fee, not to the amount of money you send, withdraw, or receive..