FG orders banks, fintechs to remit VAT on service fees January 15, 2026

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...