IMPORTANT NOTICE REGARDING MONEY TRANSFERS IN 2026

Starting from January 2026, please ensure that any money you send*

to anyone comes with a *

clear description or payment remark. This is very important for tax purposes.

Use descriptions like:

- Gift

- Loan

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- Loan Repayment

- House Rent

- School Fees

- Feeding

- Medical

- Support,

- School fee etc.

Why this matters:

In 2026, any money entering your account without a description may be treated as income, and IRS (or relevant tax authority) could tax it — or even worse, ask you to explain the source.

The first ?800,000 may be tax-free, but after that, any unexplained funds might attract up to 20% tax, or in extreme cases, lead to legal issues.

So please:

- Always include a payment remark.

- Avoid using USSD or apps that don’t allow descriptions.

- Ask the receiver for the correct description BEFORE sending.

From now on,

Let’s all form the habit of adding payment descriptions now to avoid problems later.