OPay, has announced the introduction of a new charge on electronic transfers into personal and business accounts, set to take effect from September 9, 2024.
In a notice sent to its users on Saturday, the company revealed that a one-time fee of N50 will be applied to transfers of N10,000 and above. OPay clarified that this charge is in line with the Federal Inland Revenue Service (FIRS) regulations and not a revenue-generating measure for the company.
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 transfers of N10,000 and above into your personal or business account in compliance with Federal Inland Revenue Service regulations.”
OPay further emphasized that it does not benefit from the charges, as the fee is directed entirely to the Federal Government, as part of its initiative to generate revenue from electronic transactions.
This move is part of the government’s broader efforts to regulate digital financial services and enhance revenue collection.
