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OPay Introduces N50 Fee For Transfers Above N10,000 Starting September 9

Published

3 months ago

Sep 7, 2024.

OPay has officially introduced a new fee for electronic transfers into personal and business accounts, aligning with the Federal Inland Revenue Service (FIRS) regulations aimed at generating revenue from digital transactions.

Starting from September 9, 2024, the payment platform will implement a one-time charge of N50 for transfers of N10,000 and above. This fee will apply to both personal and business account holders who receive electronic transfers.

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EKO HOT BLOG reports that in a notice sent to its customers on Saturday, OPay explained the rationale behind the decision, emphasizing that the charge is a regulatory requirement and not a revenue-generating tool for the company itself.

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

OPay N50 Fee Transfers

The company further clarified that this fee is solely for regulatory compliance and does not benefit the 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 added.

The implementation of this charge is part of the Nigerian government’s broader efforts to tap into the growing digital economy and create additional revenue streams. With the increasing reliance on electronic payments and mobile transactions, this move is expected to boost government income through taxation on digital financial activities.