In accordance with rules set forth by the Federal Inland Revenue Service, OPay has declared a new fee for electronic transfers into personal and commercial accounts.
With effect from September 9, 2024, transfers of N10,000 and above will be subject to a one-time N50 fee.
Dear valued customers, please be informed that effective 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, OPay said in a notice to its customers on Saturday.
The business made it clear that the fees are government mandates rather than a way for the payment network to make money.
The warning stated, “It is important to note that OPay does not benefit in any way from these charges as they are directed entirely toward the Federal Government.”
The federal government’s efforts to monetize electronic transactions through FIRS laws have led to the introduction of this tax.
