Over the past few weeks, Nigerians have been paying closer attention to tax laws — not because policy suddenly became interesting, but because money is leaving bank accounts faster and explanations are becoming harder to find.
Across social media, users have complained about what they describe as exorbitant and confusing bank charges, many now labelled as “VAT”. Business owners, analysts, and everyday users are asking the same question: what exactly changed?
At the centre of this growing frustration is Moniepoint.
If VAT Is Not New, Why Are Charges Suddenly Higher?
Recently, Moniepoint customers have reported higher deductions on transactions, with VAT cited as part of the reason. On the surface, this appears straightforward. But a closer look raises contradictions.
According to tax authorities, VAT on financial services is not new. It did not begin this year, last month, or with recent reforms. VAT has existed within Nigeria’s financial system for years.
The Nigeria Revenue Service (NRS) has also clarified that it did not introduce new VATs on banking charges and that VAT alone should not automatically lead to increased fees for customers.
This has led to a simple but pressing question dominating online conversations:
If VAT has always existed, why are customers suddenly paying more?
Many users say they are not opposed to tax. The concern is not compliance, but clarity. Right now, customers say they are seeing deductions with labels, not explanations.
“VAT adjustment” is not a breakdown.
“Tax charge” is not transparency.
Customers want to know:
- what the original fee was
- what VAT percentage was applied
- what portion is tax and what portion is internal charges
- and why the total amount has changed
Without this information, confusion turns into suspicion.
A ₦1.67m Case That Deepens Trust Concerns
While the VAT debate continues online, a separate but related issue has raised deeper questions about Moniepoint’s reliability and internal controls.
Moniepoint has continued to hold ₦1,675,000 that was mistakenly transferred to one of its customers by Uchenna Akpa, a petty trader based in Anambra State.
According to Akpa, the erroneous transfer was made from his UBA account on September 7, 2024. Within days, he obtained a court order directing that the funds be recovered and returned.
UBA later confirmed that the court order had been forwarded to Moniepoint for review and reversal.
Sixteen months later, the money has still not been returned.
“The money belonged to customers who wanted to buy bags in bulk from me,” Akpa said.
“I have been in serious debt. This issue has distressed me deeply.”
Despite repeated follow-ups by the Foundation for Investigative Journalism (FIJ), Moniepoint’s responses have remained procedural, repeatedly asking that the issue be routed through UBA — even though the bank had reportedly already submitted the required documents months earlier.
Where Weak Vetting Creates Room for Extortion and Scams
This contradiction has raised wider concerns about KYC enforcement, transaction vetting, and customer protection on the platform.
For many Nigerians, Moniepoint is not just a payments tool — it is where salaries are received, goods are paid for, and life savings temporarily sit. That makes security and accountability non-negotiable.
Yet cases like Heemah’s, an X user who outrightly called out Moniepoint claiming its customer scammed her —- highlight a troubling gap.
If Moniepoint’s systems are robust enough to instantly identify accounts for deductions, apply VAT-linked charges, and debit customers without delay, users are asking why those same systems appear ineffective when it comes to stopping abuse, recovering funds, or responding swiftly to court-backed disputes.
This gap is especially concerning in a country where financial extortion and transfer-based scams are already widespread.
One Pattern Nigerians Are Noticing
Viewed together, the VAT confusion and the unresolved transfer point to a broader issue Nigerians are increasingly vocal about: opacity.
- Charges are rising without clear explanations
- Money is withheld despite court documentation
- Responses appear repetitive rather than resolutive
This is not a rejection of fintech innovation or taxation. Nigerians rely on platforms like Moniepoint daily. But financial innovation depends on trust, and trust depends on transparency.
So the questions remain:
If VAT is not new, why are Moniepoint charges increasing now?
What exactly changed in how fees are calculated?
Why has a court-backed recovery taken over a year?
Nigerians are not asking for special treatment. They are asking to understand their money — and to trust the institutions holding it.