OPay Introduces New Fee Structure for Electronic Transfers

OPay, a leading digital payment platform, has announced a new fee structure for electronic transfers to personal and business accounts, effective September 9, 2024.

Reports indicated that the move is in compliance with regulations set by the Federal Inland Revenue Service (FIRS).

According to a notice sent to customers on Saturday, a one-time charge of N50 will be applied to transfers of N10,000 or more. This fee is mandated by the government and is not a revenue source for OPay, the company clarified.

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The notice read: “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.”

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OPay reiterated that the charges are directed entirely to the Federal Government and that the company does not benefit from them in any way.

It stated that the fee is part of the Federal government’s efforts to generate revenue from electronic transactions, in line with FIRS regulations.