Business
OPay Adds New Fee for Transfers Above N10,000
OPay has introduced a new levy on transfers exceeding N10,000, impacting users who send larger amounts via their platform.
In compliance with the regulations of the Federal Inland Revenue Service (FIRS), OPay has implemented a fresh fee on electronic transfers to both personal and business accounts.
A notice distributed by the company on Saturday declares that commencing September 9, 2024, any transfers amounting to N10,000 or beyond will incur a solitary charge of N50.
Valued customers are notified that starting from September 9, 2024, one-time payment fee of N50 would be applicable for electronic transfers over N10,000 into either personal or business accounts as per the regulations set by Federal Inland Revenue Service.
The platform clarified that these charges are required by the government and do not serve as a means of generating profits for the company.
The company made it clear that OPay does not derive any benefit from these charges whatsoever, as they are entirely allocated to the Federal Government.
The latest policy exemplifies the continuous approach of the Federal Government to increase revenue via electronic transaction regulations governed by FIRS.
