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VAT on USSD, Mobile Transfer Fees Not Introduced by Nigeria Tax Act—NRS

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USSD War

By Modupe Gbadeyanka

The Nigeria Revenue Service (NRS) has denied reports that customers performing financial transactions would pay a Value Added Tax (VAT) of 7.5 per cent from January 19, 2026.

Information about this emanated from messages sent out to customers of a financial institution, informing them of the new development in compliance of Nigeria’s new tax laws, especially the Nigeria Tax Act 2025.

It was claimed that Nigerians, as part of efforts of the government to generate more funds from taxes, would begin to pay VAT for the use of banking services like USSD and others.

But reacting in a statement signed by its management on Thursday, January 15, 2026, the tax collecting agency emphasised that the VAT collection for such services was not new.

It stressed that customers have always paid taxes for electronic money transfers and others, as this is charged on the fee, not from the main amount of the transaction.

“The Nigeria Revenue Service wishes to address and correct misleading narratives circulating in sections of the media suggesting that Value Added Tax (VAT has been newly introduced on banking services, fees, commissions, or electronic money transfers. This claim is categorically incorrect.

“VAT has always applied to fees, commissions, and charges for services rendered by banks and other financial institutions under Nigeria’s long-established VAT regime. The Nigeria Tax Act did not introduce VAT on banking charges, nor (sic) did it impose new tax obligation on customers in this regard.

“The Nigeria Revenue Service urges members of the public and all stakeholders to disregard misinformation and to rely exclusively on official communications for accurate, authoritative, and up-to-date tax information,” the statement read.

Business Post reports that what this basically means is that if a customer sends N10,000 and the bank charges N50 for the service, a 7.5 per cent VAT on the N50, which is N3.75, would be paid by the sender, not N750, which is 7.5 per cent of N10,000.

VAT on banking fees

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Banking

Fidelity Bank Plans Gele Masterclass for Women March 30

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Fidelity Bank Building

By Modupe Gbadeyanka

On Monday, March 30, 2026, Fidelity Bank Plc will host a Gele Masterclass to help women build practical, income-generating skills, strengthen professional visibility, and accelerate career growth.

This event will be the second part of a series of masterclasses and support initiatives planned for March 2026 in commemoration of International Women’s Day under the theme Give to Gain.

On March 18, 2026, the lender, through its women-focused proposition, HerFidelity, hosted a masterclass on communication and presentation.

The session offered practical guidance on audience engagement, event moderation, confidence-building, and personal branding, with a strong focus on women looking to improve their public speaking and professional presence.

HerFidelity is positioning the session as a celebration of cultural expression and a marketable skill women can turn into a source of income.

In addition to the masterclasses, the bank will provide professional headshot sessions to help participants update their personal and professional profiles.

“At Fidelity Bank, we believe that empowering women economically creates an impact that extends beyond the individual. It strengthens families, grows businesses, and uplifts communities. That is why we have designed an elaborate plan to upskill women throughout this month.

“We want women to leave these sessions with practical tools they can apply immediately, whether that is speaking confidently in public, building a stronger personal brand, or learning a skill that can generate income,” the Divisional Head of Small and Medium-scale Enterprises Banking at Fidelity Bank, Ms Ugochi Osinigwe, said.

Earlier this month, the bank reaffirmed its commitment to women’s economic empowerment with the signing of strategic MoUs with partner organisations at the launch of its Give Her Power initiative on March 5, 2026.

The collaborations, anchored on the bank’s HerFidelity Apprenticeship Programme, are designed to expand access to vocational training, business support, and sustainable enterprise opportunities for women across multiple sectors.

As part of the initiative, Fidelity Bank is distributing 1,000 sewing and grinding machines to empower women-led microbusinesses across Nigeria.

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Banking

UBA, NiDCOM to Unlock Diaspora Capital for Nigeria’s Growth

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UBA NiDCOM Unlock Diaspora Capital

By Modupe Gbadeyanka

A partnership aimed to unlock diaspora capital for Nigeria’s growth has been deepened by the United Bank for Africa (UBA) Plc and the Nigerians in Diaspora Commission (NiDCOM).

The chief executive of UBA, Mr Oliver Alawuba, underscored the diaspora’s critical role as a powerful economic force and a generation of builders shaping new narratives for the continent.

He also reiterated the financial institution’s readiness to leverage its global network and innovative financial solutions to support diaspora engagement, urging Nigerians abroad to tap into opportunities within Africa’s economic landscape.

“You are not limited here; you have opportunities on the continent, and we want you to make good use of them. That is where banking, and we at UBA, become the connecting point that you need to access the opportunities back home.

“Whether you like it or not, the returns are high in Africa, and we are here to help you navigate that space,” the UBA chief said on Monday when he hosted key representatives of NiDCOM led by its chairman, Mrs Abike Dabiri, at the bank’s office in the United Kingdom.

UBA recently launched a Diaspora Banking platform to provide a seamless, integrated platform for Africans in the diaspora to bank, invest, and manage their financial obligations back home, thus connecting global Africans with investment and wealth opportunities.

The lender introduced the platform, with leading ecosystem partners representing a major step in redefining diaspora banking beyond remittances toward structured wealth creation and long-term investment.

“With UBA, you have a financial partner that is with you, that understands what you are going through, and that can support you to make sure you realise your aspirations, both here and in the country,” Mr Alawuba noted.

In her remarks, Mrs Dabiri-Erewa praised UBA for being a trusted financial partner over the years, especially with the recent launch of its diaspora platform.

“Many of you here are the real game-changers. “For years, it has been wonderful engaging Nigerians all over the world. When I started, it felt like we only heard the bad stories, not the good ones. What we have tried to do internationally is to tell and celebrate the good stories. We have Nigerians doing well all over the world, and they are in this room. We must continue to celebrate you,” she stated.

While remarking that the meeting demonstrates a significant step in aligning public and private sector efforts to deepen diaspora inclusion and accelerate Nigeria’s development agenda, she pledged closer collaboration in driving policies and initiatives that encourage Nigerians abroad to actively participate in the country’s economic growth.

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Banking

Ecobank’s Enhanced Ellevate Initiative Excites Women Entrepreneurs

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Ellevate by Ecobank

By Modupe Gbadeyanka

The launch of the Enhanced Ecobank Ellevate Proposition (Ellevate 2.0) in Lagos has been welcomed by women entrepreneurs.

Ecobank Nigeria, a subsidiary of the pan‑African financial services group Ecobank Group, unveiled the upgraded programme at an event themed Her Voice. Her Power. Her Growth. The initiative was designed to support women‑owned businesses.

The gathering featured inspiring conversations and practical insights from accomplished women in business and professional leadership.

In her keynote address titled The True Woman Power: Strength Rooted in Identity, Resilience and Purpose, the founder of Gatimo Limited and Creative Director of Ruff ‘n’ Tumble, Mrs Adenike Ogunlesi, praised Ecobank for its longstanding support for women entrepreneurs.

“When I was seeking a loan facility many years ago to grow my business, Ecobank was the institution that supported me when others turned me down,” she shared, encouraging women to embrace self-awareness, resilience, and purpose as the drivers of long‑term success.

The panel session featured the chief executive of Strata Advisory, Ms Bode Abifarin; the chief executive of Village Farms Commerce and Exchange, Ms Titilayo Adesoga; and the founder of Beaty Hut Africa, Ms Subuola Oyeleye, who each shared powerful reflections from their personal and professional journeys.

Drawing from her extensive leadership background, Ms Abifarin highlighted the need for women to own their transitions and step confidently into new seasons.

On her part, Ms Adesoga encouraged women to rise above limitations by taking ownership of their personal and business narratives, as Ms Oyeleye highlighted the importance of authenticity, innovation, and investing in quality, reinforcing that women can build globally competitive businesses from Nigeria.

In her welcome speech, the Head of Premier Banking and Wealth Management at Ecobank Nigeria, Ms Ayo Osolake, who represented the Managing Director/Regional Executive, Mr Bolaji Lawal, said, “Ellevate by Ecobank reflects our unwavering commitment to supporting women entrepreneurs, who remain key drivers of economic growth, innovation, and job creation.”

Ellevate Manager for Ecobank Nigeria, Ms Victoria Igun, said, “This enhanced proposition creates stronger pathways for women entrepreneurs and professionals to build sustainable businesses and translate ambition into lasting impact.”

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