OPay, a payment platform, has announced a new charge on electronic transfers into personal and business accounts, effective September 9, 2024. A one-time fee of N50 will be applied to transfers of N10,000 and above, in compliance with Federal Inland Revenue Service (FIRS) regulations. The company clarified that the charges are a government requirement and not a source of revenue for OPay.
This move follows the Federal government’s efforts to generate revenue from electronic transactions through FIRS regulations. OPay emphasized that the charges are directed entirely to the Federal Government and do not benefit the payment platform.
The introduction of this fee may impact users who frequently make large transactions, as they will now incur an additional N50 charge. However, OPay’s clarification that the charges are a government requirement and not a revenue stream for the platform may alleviate concerns about the company’s motives.
The development highlights the evolving landscape of electronic transactions in Nigeria, with the government seeking to tap into this sector for revenue generation. Users are advised to take note of the new charge and factor it into their transactions from September 9, 2024.
