New 7.5% VAT on Some Bank Charges: What Nigerians Will Notice From January 19

Banks and fintech payment platforms have informed customers that a 7.5% value-added tax will be collected on certain electronic banking service charges from Monday, January 19, 2026. The tax applies to the service fee a provider charges, not the amount you are transferring. The VAT is expected to apply to electronic banking charges such as …
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