OPay has announced the introduction of a new charge on electronic transfers to personal and business accounts, in line with regulations set by the Federal Inland Revenue Service (FIRS). Starting from September 9, 2024, a one-time fee of N50 will be applied to transfers of N10,000 and above.
In a notice issued to its customers on Saturday, OPay explained, “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 digital payment platform clarified that these charges are mandated by government regulations and are not a means for OPay to generate revenue. “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 emphasized.
This move is part of the Federal Government’s broader strategy to generate revenue from electronic transactions through the FIRS, reflecting a growing trend of taxing digital financial activities in Nigeria.
The new fee has sparked discussions among OPay users, with some expressing concerns over the additional cost burden, while others understand the necessity of the policy in aligning with federal regulations. OPay has assured customers of its continued commitment to transparency and compliance with government directives.
