VAT

VAT (Value Added Tax) is a Government-mandated tax applied to the supply of certain goods and services in Nigeria. Moniepoint collects it on behalf of the Nigeria Revenue Service (NRS) and remits it to the Government.

The Law now requires VAT at 7.5% to be applied to certain banking fees of financial institutions such as commercial and microfinance banks and electronic money transfers operators. This is not a Moniepoint price increase.

VAT applies to service fees such as:

1. POS transaction fees
2. POS issuance fee
3. Electronic/mobile banking fees
4. USSD transaction fees
5. Card issuance
6. Moniebook subscription

Loan processing and documentation fees (VAT applies to processing/documentation only, not the loan interest)

1. Interest on loans and advances
2. Interest on deposits and savings

Any type of interest remains VAT-free.

No, Moniepoint is not increasing fees. VAT is a government tax that applies on goods and services, not a Moniepoint fee increase. Moniepoint charges remain the same as in 2025.

No. Moniepoint collects and remits VAT in full to the Government.

VAT is charged at 7.5% of the applicable service fee and will be shown on your receipt and account statement separately.

Loan interest is considered a financial return, not a service fee, so it is exempt from VAT.

Yes. VAT will be clearly shown separately on your receipt and account statement for transparency.

The Federal Government charges VAT. Moniepoint only collects it on behalf of the government.

VAT applies to the service of processing and reviewing loan documents, not the loan interest itself.