Opay announces N50 transfer levy on transactions above N10,000

The Federal Government has introduced a one-time fee of N50 on electronic transfers exceeding N10,000 into both personal and business accounts on the Opay platform.

This directive, in compliance with Federal Inland Revenue Service (FIRS) regulations, will be enforced starting September 9, 2024.

In a notice sent to its customers on Saturday, Opay informed users of the upcoming charge, which applies to transfers above the specified amount.

The N50 fee is a response to the government’s broader efforts to regulate digital financial transactions and generate revenue.

“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 read.

Opay explained that the charge is not a source of revenue for the online payment platform but is part of requirements from the government.

“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,” it added.