OPay Introduces N50 Fee for Transfers of N10,000 and Above, Starting September 9th

OPay has announced a new fee for electronic transfers to both personal and business accounts, effective from September 9th, 2024. This move comes in compliance with regulations set by the Federal Inland Revenue Service (FIRS).

According to a message from OPay to its customers, a one-time fee of N50 will now be applied to all electronic transfers of N10,000 and above. The fee applies to both personal and business accounts, in line with federal government regulations.

The company clarified that it does not benefit from the N50 charge. Instead, the entire amount will be directed to the Federal Government, as per the FIRS mandate. OPay emphasized that this fee is not a result of their internal policies but is implemented solely to comply with government regulations.

Official Statement from OPay:

“Dear Valued Customer, please be informed that starting September 9th, 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account, in compliance with the Federal Inland Revenue Service (FIRS) regulations,” OPay stated in the message to customers. The statement also clarified, “OPay does not benefit from this charge in any way as it is directed entirely to the Federal Government.”

As this new regulation comes into effect, OPay users are encouraged to be aware of the added fee for transfers exceeding N10,000. The company expressed its gratitude for customer understanding as they adapt to these federal requirements.