On Saturday, OPay announced that starting from Monday, September 9, 2024, it will charge customers N50 on electronic transfers into personal and business accounts in compliance with Federal Inland Revenue Service (FIRS) regulations.
According to the online bank, a one-time fee of N50 will be applied to transfers of N10,000 and above.
In a notice sent to its customers, the company also explained that the charges are solely requirements from the government as they are not in any way profiting from it.
The notice reads, “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations.
“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 financial company, therefore, restates its commitment to ensuring that its customers enjoy the best of services on their platforms, adding that it will continue to prioritise them in all their decisions.
News About Nigeria reports that the introduction of this N50 fee is in line with the federal government’s efforts to generate revenue from electronic transactions through FIRS regulations.
Prior to this new set rule by the federal government, OPay customers were able to receive any amount of money into their accounts without any charges whatsoever.
However, customers can still enjoy free transfers for transactions below N10,000, as the new law by FIRS does not affect any of such transactions.
