The Bola Ahmed Tinubu-led federal government has introduced a one-time fee of N50 on electronic transfers exceeding N10,000 to personal and business accounts on Opay.
In a notice sent to its customers on Saturday, the company stated that the charge, in line with Federal Inland Revenue Service regulations, will take effect starting September 9, 2024.
“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 clarified that the fee is not a revenue stream for the online payment platform but is a requirement imposed by 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.
Follow the Parallel Facts channel on WhatsApp: https://whatsapp.com/channel/0029VaCQSAoHgZWiDjR3Kn2E
