OPay has announced that it will begin charging a fee of fifty naira (N50) on customer transfers of ten thousand naira (N10,000) and above.
In a statement received by The New Daily Prime on Saturday, OPay noted that the new charge on electronic transfers into personal and business accounts complies with regulations set by the Federal Inland Revenue Service (FIRS).
The fifty-naira (N50) fee will be implemented as a one-time charge starting on September 9.
The company clarified that the charges are not a revenue stream for the payment platform but are mandated by President Bola Tinubu’s administration.
“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 paid into your personal or business account, in compliance with Federal Inland Revenue Service regulations.
“It is important to note that OPay does not benefit from these charges in any way, as they are directed entirely to the Federal Government.”
Established in 2018 with a license from the Central Bank of Nigeria (CBN) and insured by the NDIC with the same coverage as other commercial banks, OPay is dedicated to deepening financial inclusion through technology and fostering shared prosperity.
As a comprehensive financial services platform, OPay offers a range of essential services, including payments, transfers, savings, loans, and more. It also provides top-tier POS services for agents and acquiring services for merchants.
As of press time, OPay serves tens of millions of users, agents, and merchants across Nigeria.
