Banks will start deducting 7.5 percent value-added tax (VAT) on banking services, including point of sale (POS) transaction fees, mobile banking transfer fees, from January 19.
In an email to customers, Moniepoint Microfinance Bank said the charge stems from a government-endorsed regulatory change.
TheCable understands that the VAT is charged on the N50 stamp duty and does not affect the actual amount being transferred or withdrawn.
