The Nigeria Revenue Service, NRS, has clarified that the Worth Added Tax, VAT, utilized to banking services is not a new growth and has no connection to any current tax laws.
In a press release posted on its official X account on Thursday, the NRS addressed reviews suggesting that Nigerian banks, together with Moniepoint, had begun introducing a 7.5 % VAT on banking services equivalent to transfers and Unstructured Supplementary Service Knowledge (USSD) transactions from January 19, 2026.
Based on the company, VAT has lengthy been relevant to charges, commissions, and prices related to banking services offered by monetary establishments throughout the nation.
The NRS harassed that claims of a newly launched VAT on banking services are deceptive and incorrect.
“The Nigeria Revenue Service (NRS) needs to deal with and proper deceptive narratives circulating in sections of the media suggesting that Worth Added Tax (VAT) has been newly launched on banking services, charges, commissions, or digital cash transfers. This declare is categorically incorrect,” the assertion learn.
It additional defined that VAT has at all times utilized to banking service prices below Nigeria’s established tax framework, including that the Nigeria Tax Act did not introduce any new VAT obligations on financial institution prospects.
