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As of January 1, 2026, the Nigeria Tax Administration Act (NTAA) 2025 has redefined the role of Fintechs. No longer just payment facilitators, Fintechs are now ‘Primary Tax Agents’ responsible for ensuring the integrity of the tax net through strict digital oversight.
Key 2026 Requirements for Fintechs
- Mandatory TIN Validation: You must validate the Tax Identification Number (TIN) for every customer during onboarding. Accounts without a linked TIN face immediate restriction.
- Quarterly Reporting: Fintechs must file quarterly returns to the NRS for individual transactions exceeding ₦25M and corporate transactions above ₦100M monthly.
- E-Banking VAT: You are now required to collect and remit 7.5% VAT on all service fees, including transfer charges and USSD fees.
Failure to integrate with the Electronic Fiscal System (EFS) attracts a ₦200,000 penalty plus 100% of the tax liability. For a deeper look at digital rules, see Digital Tax in Nigeria. For official technical specs, visit the NRS Portal or Youverify for KYB/TIN automation.
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