OPay to charge N50 on transfers from N10,000 above

• Published On: 07 September 2024 at 18:20

OPay has announced a new fee for electronic transfers to personal and business accounts, in accordance with Federal Inland Revenue Service regulations.

Effective September 9, 2024, a one-time fee of N50 will be levied on transfers of N10,000 or more.

OPay informed its customers on Saturday that beginning September 9, 2024, a one-time fee of N50 will be charged for electronic transfers of N10,000 or more into your personal or business account, as required by FIRS regulations.

The company emphasised that the fee is a government requirement rather than a source of revenue for the platform. "OPay does not benefit from these charges; the fee is directed entirely to the Federal Government," according to the notice.

This new charge is part of the federal government's larger efforts to increase revenue from electronic transactions via FIRS regulations.