OPAY TO CHARGE N50 LEVY ON TRANSACTIONS ABOVE N10,000 FROM SEPTEMBER 9

September 7, 2024

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…Says Entire Fee Going Directly to FG

Leading fintech mobile money operating company, OPay, has announced a new charge on electronic transfers into personal and business accounts, effective from September 9, 2024.

This was made known in a notice sent to OPay users on Saturday.

According to the notice, a one-time fee of N50 will be applied to transfers of N10,000 and above. The company stated that this charge is in compliance with Federal Inland Revenue Service (FIRS) regulations.

The company also clarified that the fee is a government requirement and not a source of revenue for the payment platform.

The notice reads, “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations.

“It is important to note that OPay does not benefit from these charges in any way as it is directed entirely to the Federal Government.”

The Federal Government recently introduced the fee as part of the initiative to generate revenue from electronic transactions in line with FIRS regulations.