Financial technology institution,
OPay, has announced a new charge on electronic transfers into personal and business accounts in compliance with Federal Inland Revenue Service regulations.
Starting September 9, 2024, a one-time fee of N50 will be applied to transfers of N10,000 and above.
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 the charges are requirements from the government and not a source of revenue 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.
The introduction of this fee follows the Federal government’s efforts to generate revenue from electronic transactions through FIRS regulations.
