OPay has announced a new fee on electronic transfers to personal and business accounts, in line with Federal Inland Revenue Service regulations.
Effective September 9, 2024, a one-time charge of N50 will be applied to transfers of N10,000 or more.
In a notice issued on Saturday, OPay informed its customers: “Starting September 9, 2024, a one-time fee of N50 will be charged for electronic transfers of N10,000 and above into your personal or business account, as required by FIRS regulations.”
The company emphasized that the fee is a government requirement and not a revenue source for the platform. “OPay does not benefit from these charges; the fee is directed entirely to the Federal Government,” the notice stated.
This new charge comes as part of the Federal Government’s broader efforts to increase revenue from electronic transactions through FIRS regulations.