Fidelity Bank has announced significant changes to its account management policies, set to take effect on January 1, 2026. This move aligns with the Nigerian Tax Administration Act (NTAA) 2025, which aims to enhance tax compliance among citizens. According to the assessment of specialists presented in the publication, these changes are expected to have a substantial impact on the banking sector.
New Regulations for Bank Accounts Starting in 2026
Starting in 2026, accounts that are not linked to a Tax Identification Number (TIN) or a National Identity Number (NIN) will face restrictions. Customers who do not possess a TIN will be required to provide a NIN to maintain their account's functionality. Fidelity Bank has urged its customers to update their account information promptly to avoid any disruptions in service.
Government Initiative for Stricter Tax Compliance
This directive is part of a broader initiative by the federal government to enforce stricter tax compliance, ensuring that all taxable Nigerians are registered with a TIN. The new regulation is expected to impact millions of Nigerians who currently hold bank accounts but lack tax registration. By linking TINs and NINs, the government aims to improve tax collection and ensure equitable contributions from all citizens.
Implications for Customers and the Economy
Experts suggest that this policy will enhance financial tracking and compliance within the economy, ultimately benefiting the nation's fiscal health. Customers are strongly advised to take immediate action to prevent any limitations on their banking transactions come January 2026.
In a significant development for the African crypto community, Palma Wallet has integrated the FIO Protocol, enhancing transaction simplicity. This contrasts with Fidelity Bank's recent policy changes aimed at tax compliance. For more details, see read more.
