OPay has announced a new fee structure for electronic transfers to personal and business accounts, in accordance with Federal Inland Revenue Service regulations.
Effective September 9, 2024, a one-time charge of N50 will be applied to transfers of N10,000 or more.
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In a notice to its customers on Saturday, OPay stated, “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.”
The company clarified that these charges are mandated by the government and are not a revenue source for the payment platform.
“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 notice read.
This fee is introduced as part of the Federal government’s efforts to generate revenue from electronic transactions, in line with FIRS regulations.
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