By Adedapo Adesanya
Payment service bank, OPay, has announced a new charge on electronic transfers into personal and business accounts in compliance with Federal Inland Revenue Service (FIRS) regulations.
From Monday, September 9, 2024, the fintech will charge a one-time fee of N50 on transfers of N10,000 and above.
In a notice to its customers on Saturday seen by Business Post, OPay clarified that the charges are requirements from the government and not a source of revenue for the payment platform.
“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,” a part of the statement said.
“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,” the notice read.
The introduction of this fee follows the federal government’s efforts to generate revenue from electronic transactions through FIRS regulations.
The FG has been making an aggressive push to raise funds and with other channels not yet applicable, it has directed these neobanks to charge the levy which will be remitted into its coffers.
This comes more than two years after the Nigerian government mandated Kuda Microfinance Bank to start charging N50 to all deposits of N10,000 or more made into customers’ Kuda accounts.
The bank in a mail to customers stated, “In line with the federal government’s duty act. We‘re required by law to apply a N50 charge to all depositors of N10,000 or more made into your Kuda account.
“This charge will apply to the following kinds of deposits from Friday, July 15, 2022; electronic transfer, money added to your account with a debit card and cash deposits made into your account at any of our partner banks.”