In a move to comply with Federal Inland Revenue Service (FIRS) regulations, OPay has announced the introduction of a one-time fee of N50 on electronic transfers of N10,000 and above, starting September 9, 2024.
This new levy is aimed at generating revenue from electronic transactions, and OPay has clarified that it does not benefit from these charges in any way.
According to OPay’s notice to customers, “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.”
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OPay emphasized that “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.”
This reassurance aims to address any concerns customers may have about the new levy.
The introduction of this fee follows the Federal government’s efforts to explore new revenue streams through electronic transactions.
As OPay complies with the regulations, customers will need to factor in this additional cost when making transactions above N10,000.
It’s essential to understand that this levy is a government initiative, and OPay is simply adhering to the guidelines.
If you have any questions or concerns about how this may impact your transactions, feel free to ask!
