A New 7.5% VAT Hits Bank Transactions — What Is Going On?

Sahara Reporters reported that Nigerian banks and other financial institutions are applying 7.5% Value Added Tax (VAT) on certain electronic banking services. The report stated that the VAT applies to charges linked to transfers, USSD transactions, and card-related services. According to the report, the tax is based on existing government regulations and is collected by banks on behalf of the tax authority. Banks clarified that the VAT is not a new fee introduced by them, but a statutory tax required by law. Disclaimer: This content is for news reporting and public information only. It is based on reports published by Sahara Reporters and statements from financial institutions. No bank or government agency is accused of wrongdoing. The information is subject to change as official clarifications and updates emerge. This content does not provide financial or legal advice.