Quick Guide for Nigerians Using Opay, Moniepoint, PiggyVest & More

The Short Story

Starting now, a 7.5% VAT applies to fees charged by FinTech apps in Nigeria. This means:

· Transfer fees will cost slightly more

· POS charges will increase

· App service fees will go up

The money you send isn't taxed—just the service fee itself.

How It Affects You

Regular Users:

That ₦50 transfer fee on Opay or Palmpay? It's now ₦53.75.

Business Owners:

You'll pay VAT on payment processing fees, but can claim it back if registered with FIRS.

What's Changing?

You'll pay VAT on:

· Instant transfer fees

· POS transaction charges

· Payment gateway fees (Paystack, Flutterwave)

· App withdrawal charges

No VAT on:

· The actual money you send

· Bank account fees

· Airtime purchases

· Interest earned

What to Do Now

1. Check your transaction details - Look for "VAT" in the breakdown

2. Use free transfers when possible (24-hour option)

3. Business owners: Get proper receipts and your TIN ready

4. Budget for slightly higher digital transaction costs

Why This Matters

The government is expanding tax collection to digital services. While it means paying a little more for convenience, it's part of Nigeria's digital economy growth.

Stay smart with your money. Choose free options when you can, and always check those transaction details.

Need your TIN? Visit the official JTB registration portal.

Note: This is general information. For specific tax advice, consult a professional.