News Update
You are NOT paying 7.5% VAT on the money you transfer.
The VAT is charged only on the bank or USSD service fee, not on the transfer amount itself.
What this really means in plain language:
When you use:
Mobile banking apps
USSD codes like *737#, *894#, etc
Banks charge a service fee for the transaction.
7.5% VAT is added to that service fee only.
Simple Examples:
Example 1: App transfer
You transfer ₦10,000
Bank transfer fee = ₦10
VAT (7.5% of ₦10) = ₦0.75
Total charge = ₦10.75
(Not ₦750, not 7.5% of ₦10,000)
Example 2: USSD transfer
You transfer ₦5,000 via USSD
USSD fee = ₦6.98
VAT (7.5% of ₦6.98) = ₦0.52
Total charge = ₦7.50
Example 3: Bigger transfer
You transfer ₦200,000
Transfer fee = ₦50
VAT (7.5% of ₦50) = ₦3.75
Total charge = ₦53.75
What you are NOT being charged for
VAT is not taken from your transfer amount.
You are not losing 7.5% of your money.
The recipient receives the full amount you sent.
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