BREAKING: Opay announces N50 fee on transfers of N10,000 and above starting September 9th, 2024

Starting September 9th, 2024, Opay users will be subjected to a one-time fee of N50 for electronic transfers amounting to N10,000 or more, whether the funds are deposited into personal or business accounts. This update was communicated by Opay as part of their compliance with the Federal Inland Revenue Service (FIRS) guidelines.

Opay clarified that this fee is directed solely to the Federal Government and is not retained by the company in any way. The move aligns with government efforts to streamline tax revenues and enhance fiscal policies through digital financial platforms.

This regulatory change may influence how users transact on the Opay banking platform, particularly for larger transfers, as the payment service provider implements the government directive without benefiting from the additional charge.