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Tag: Banks

Nigerians To Pay 7.5% VAT On Mobile Transfers, USSD Transactions From January 19

Wale busari02 mins

Starting January 19, 2026, Nigerians will begin paying a 7.5 percent Value Added Tax (VAT) on selected banking services, including mobile transfers, USSD transactions, and card issuance fees, following a government-mandated directive. Moniepoint informed its customers on Wednesday that the new VAT charges would take effect on certain electronic banking services, in line with instructions from the Nigerian Revenue Service (NRS), formerly the Federal Inland Revenue Service. The notice read: “From Monday, 19 January 2026, we are required to collect a 7.5% VAT, to be remitted to the Nigerian Revenue Service (NRS).” Moniepoint clarified that not all transactions would attract the tax, noting that “interest on deposits and savings” would remain exempt. The company also emphasized that this is not a price increase, but a regulatory obligation. “This is not a price increase by Moniepoint. Moniepoint is required to collect and remit VAT to the Nigerian Revenue Service. VAT applies only to banking or service fees, not interest,” the notice said. Customers were assured that all VAT deductions would be clearly itemized on transaction reports and statements. The new VAT policy is set to affect millions of Nigerians who use mobile banking and USSD services for daily financial transactions.

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Nigerian Banks To Apply 10% Withholding Tax On Foreign Currency Deposit Interest From January 2026

Wale busari02 mins

Starting January 1, 2026, Nigerian banks will begin applying a 10 percent withholding tax on interest earned from foreign currency deposits. Access Bank informed its customers on Wednesday via email, explaining that the change takes effect at the start of the new year and aligns with the Nigeria Tax Act, 2025. The bank also highlighted adjustments to the Electronic Money Transfer Levy: “Previously charged to the recipient on transfers of N10,000 or more, this charge will now be deducted from the sender’s account.” “Interest earned on foreign currency deposits will now attract a 10% withholding tax,” the bank added, assuring that all collected taxes will be properly remitted to the Federal Government. This move follows directives from the Nigeria Revenue Service (NRS), formerly the Federal Inland Revenue Service, which in October instructed banks to deduct withholding tax on interest from all short-term investment securities, including payments to non-corporate entities, at the point of payment. President Bola Tinubu confirmed on December 30 that the tax reforms will take effect as scheduled, describing them as a once-in-a-generation opportunity to build a fair and robust fiscal system without raising the overall tax burden.

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Banks To Charge N50 Stamp Duty On Transfers Of N10,000 And Above From January 2026

Wale busari02 mins

Starting January 1, 2026, banks in Nigeria will begin charging a N50 stamp duty on electronic transfers of N10,000 and above, following the implementation of the new Tax Act. The stamp duty, also known as the Electronic Money Transfer Levy (EMTL), is a one-off charge applied to any electronic transfer or receipt of money in commercial banks or financial institutions for sums of N10,000 and above, regardless of the type of account. In a Tuesday email to customers, United Bank for Africa (UBA) clarified that the N50 EMTL will now be officially referred to as stamp duty across all financial institutions. The email stated: “Stamp Duty applies to transactions of N10,000 and above (or the equivalent in other currencies). Salary payments and intra-bank self-transfers are exempt. The sender will now bear the Stamp Duty charge. Previously, this charge was deducted from the beneficiary/receiver.” UBA emphasized its commitment to transparency and keeping customers informed about changes affecting banking transactions. The introduction of the N50 stamp duty was first announced by Nigerian fintech firms on September 7, 2024. According to the fintechs, the move aligns with regulations from the Federal Inland Revenue Service (FIRS) and will apply to electronic transfers into both personal and business accounts.

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House of Reps Passes Bill to Prohibit Contract and Casual Staff Employment in Nigerian Banks

Wale busari03 mins

The House of Representatives has advanced a bill seeking to regulate employment practices in Nigerian banks, passing its second reading on Thursday. The legislation, sponsored by Fuad Laguda, an APC member representing Surulere I federal constituency in Lagos, aims to amend the Banks and Other Financial Institutions Act 2020 to “prohibit, criminalise and penalise” the hiring of casual or contract staff by banks. Speaking during plenary, Laguda said the bill is intended to address exploitative practices affecting millions of Nigerians employed on casual or contract terms in the banking sector. He noted that current laws, including the Labour Act 2004 and the Employees’ Compensation Act 2010, do not adequately protect these workers’ welfare. Laguda cited a 2023 report by the Chartered Institute of Bankers of Nigeria (CIBN), stating that banks rely on casual and contract workers to cut costs for pensions, minimum wages, health insurance, promotions, bonuses, study grants, and severance packages. He added that such workers constitute roughly 65 percent of the banking workforce. The bill also targets breaches of section 7(1) of the Labour Act 2004, which limits employment without formal recognition to three months. “I urge my colleagues to support this bill because it corresponds with the viewpoints of the governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, who said casual and contract staff in Nigerian banks are exposed to poor working conditions,” Laguda said. He further explained that banks often hire casual and contract employees to avoid legal obligations, leaving them vulnerable to systemic inequalities, emotional abuse, and mental health challenges. Deputy Speaker Benjamin Kalu called for a voice vote, and lawmakers unanimously approved the bill, moving it forward in the legislative process.

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CBN, Partners host 2nd IFIC; unveil We-Fi Code, WFID, roadmap for FDPs

Fola Badmus03 mins

Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso has reaffirmed that inclusive finance is not just about access to banking—it is the bedrock for #EconomicGrowth in Nigeria. Cardoso restated this at the 2nd International Financial Inclusion Conference (IFIC) in Lagos on Tuesday.  He craved for Bank’s unwavering commitment to financial inclusion, just as he pledged to reduce barriers and make finance accessible to all.  “By reaching the unbanked, we are building a resilient, $1 trillion economy. “Financial inclusion is not just a goal; it is key to poverty reduction, income equality, and economic growth. For Nigeria, this means empowering citizens to save, invest, and thrive economically. “Women are essential to Nigeria’s economic growth, yet they face financial exclusion. When women thrive financially, they uplift families and communities. The CBN is committed to closing this gap, offering support for women and youth to achieve financial independence and drive economic growth,” Cardoso assured.  Nigeria is advancing in financial inclusion through resilient policies, digital solutions, and financial literacy programmes that empower young Nigerians to achieve financial independence, foster entrepreneurship, and drive growth. Let us invest in the next generation!  In a similar vein, CBN Deputy Governor, Financial System Stability (FSS), Mr. Phillip Ikeazor, called for greater teamwork across government, private sector, FinTech, and civil society to achieve the goal of 95% financial inclusion by 2024.  “Nigeria’s commitment to the #MayaDeclaration has driven progress in financial access. Since our 2012 National Financial Inclusion Strategy, the adult exclusion rate dropped from 46.3% in 2010 to 26% in 2023. A collaborative journey!”

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