The Federal Government has directed all banks and fintechs to collect and remit 7.5 per cent value-added tax on certain electronic banking services, effective Monday, January 19, 2026, according to an email notice issued by payment platforms. The VAT will apply to electronic banking charges, including mobile money transfers, USSD transaction fees, and card issuance fees, according to an email notice on Wednesday shared with customers by Moniepoint. For example, if a bank charges N100 to make a transfer, the 7.5 per cent VAT will be applied to that service fee, not the money being sent........................READ MORE