Campus Business (7th September 2024) — OPay, a leading payment platform in Nigeria, has announced a new charge of N50 on electronic transfers for transactions of N10,000 and above. This fee, set to take effect from September 9, 2024, is in line with the Federal Inland Revenue Service (FIRS) regulations.

In a statement issued on Saturday, OPay informed its customers: “Dear valued customers, please be informed that starting 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.”

The company further clarified that the charges are government-mandated and not a source of revenue for the platform. “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 notice read.

While OPay has introduced this levy, similar platforms like PalmPay, Kuda, and FairMoney still offer free transfers, giving users alternative options for cost-effective transactions.

This development is part of the Federal Government’s broader initiative to generate revenue from electronic transactions through FIRS regulations.

Stay informed with Campus Business for more updates on this and other financial news.