Fintech payment platform Opay has announced a N50 charge on electronic transfers of N10,000 and above, in compliance with the Federal Inland Revenue Service (FIRS) regulations.
The charge will take effect from September 9, 2024.
In a notice to customers on Saturday, Opay said, “…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 the Federal Inland Revenue Service regulations.”
The payment platform noted that the new charge is mandated by the government and not a revenue source for Opay.
“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 statement added.
The implementation aligns with the federal government’s efforts to generate revenue through electronic transaction charges as outlined by FIRS regulations.
