Business & Economy

BREAKING: Opay Commence Charging Of N50 Electronic Transaction Fee

One of the leading popular online banking hubs, OPay is set to start charging a transfer fee of N50 Electronic Transaction Fee from N10,000 and above.

BrandNewsDay reports that OPay has introduced a new fee for electronic transfers into both personal and business accounts, per the regulations set forth by the Federal Inland Revenue Service.

Beginning September 9, 2024, the FinTech company will commence its one-time charge of N50 for transfers of N10,000 and beyond, this level is similar to what commercial banks charge on transactions surpassing N10,000 since 2022.

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On Saturday, OPay communicated to its valued customers:

Opay’s Message To Customers:

“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.”

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Meanwhile, The Regulations provide for a singular and one-off levy of ₦50 on the recipient of any electronic receipts or transfers of ₦10,000.

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