OPay has said it will start charging a new fee on electronic transfers into personal and business accounts. This is because of rules from the Federal Inland Revenue Service.
Starting on September 9, 2024, there will be a one-time fee of N50 for transfers of N10,000 or more.
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 explained that these charges are what the government requires and not a way for the payment platform to make more money.
“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.
The government has been trying to get more money from electronic transactions through FIRS rules. This new fee is part of that effort.
