Federal Government Imposes N50 Transfer Levy On OPay Transactions Above N10,000

OPay has announced a one-time fee of N50 on electronic transfers above N10,000 into personal and business accounts.

This was contained in a notice sent to its customers on Saturday, noting that the charge, which is in compliance with Federal Inland Revenue Service regulations.

According to the notice, it will take effect from September 9, 2024, stating that the charge is not a source of revenue for the online payment platform but is part of requirements from the government.

It reads in part; “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 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.