[{"_1":2,"_81":-5,"_82":-5},"loaderData",{"_3":4},"routes/topics.$topicSlug.$articleSlug",{"_5":6,"_13":14,"_25":26},"topic",{"_7":8,"_9":10,"_11":12},"id",258,"name","Vat","slug","vat-258","article",{"_15":16,"_17":18,"_7":19,"_11":20,"_21":22,"_23":24},"content","

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.

","createdOn","2026-05-18T09:00:54.000Z",584,"why-am-i-seeing-vat-charges-now-584","status","ACTIVE","title","Why am I seeing VAT charges now?","articles",[14,27,33,39,45,51,57,63,69,75],{"_15":28,"_17":29,"_7":30,"_11":31,"_21":22,"_23":32},"

VAT applies to service fees such as:

POS transaction fees
POS issuance fee
Electronic/mobile banking fees
USSD transaction fees
Card issuance
Moniebook subscription

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

","2026-05-18T09:01:25.000Z",585,"which-services-attract-vat-585","Which services attract VAT?",{"_15":34,"_17":35,"_7":36,"_11":37,"_21":22,"_23":38},"

Interest on loans and advances
Interest on deposits and savings

Any type of interest remains VAT-free.

","2026-05-18T09:01:59.000Z",586,"which-services-do-not-attract-vat-586","Which services do NOT attract VAT?",{"_15":40,"_17":41,"_7":42,"_11":43,"_21":22,"_23":44},"

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.

","2026-05-18T09:02:26.000Z",587,"is-moniepoint-increasing-prices-587","Is Moniepoint increasing prices?",{"_15":46,"_17":47,"_7":48,"_11":49,"_21":22,"_23":50},"

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

","2026-05-18T09:02:52.000Z",588,"does-moniepoint-keep-this-vat-588","Does Moniepoint keep this VAT?",{"_15":52,"_17":53,"_7":54,"_11":55,"_21":22,"_23":56},"

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

","2026-05-18T09:03:12.000Z",589,"how-much-is-vat-589","How much is VAT?",{"_15":58,"_17":59,"_7":60,"_11":61,"_21":22,"_23":62},"

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

","2026-05-18T09:03:38.000Z",590,"why-is-loan-interest-not-vatable-590","Why is loan interest not VATable?",{"_15":64,"_17":65,"_7":66,"_11":67,"_21":22,"_23":68},"

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

","2026-05-18T09:03:58.000Z",591,"will-vat-appear-on-my-receipt-or-statement-591","Will VAT appear on my receipt or statement?",{"_15":70,"_17":71,"_7":72,"_11":73,"_21":22,"_23":74},"

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

","2026-05-18T09:04:36.000Z",592,"who-charges-vat-592","Who charges VAT?",{"_15":76,"_17":77,"_7":78,"_11":79,"_21":22,"_23":80},"

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

","2026-05-18T09:05:04.000Z",593,"why-am-i-seeing-vat-on-loan-processingdocumentation-fees-593","Why am I seeing VAT on loan processing/documentation fees?","actionData","errors"]

Vat

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Why am I seeing VAT charges now?