FG begins VAT collection on USSD, mobile transfers as banks notify customers Commercial banks and fintech companies, including Moniepoint, have started informing customers of the Federal Government’s decision to enforce a 7.5 per cent Value Added Tax (VAT) on selected electronic banking services, notably USSD transactions and mobile transfers. Customer alerts issued on Wednesday indicate that the policy will take effect from Monday, January 19, 2026. The directive was issued by the Nigerian Revenue Service (NRS), formerly known as the Federal Inland Revenue Service (FIRS). Under the new regime, all commercial banks,...