By Niyi Jacobs
Popular online banking platform, OPay, has announced that it will begin charging a N50 transfer fee for electronic transactions exceeding N10,000. This new fee, which takes effect on September 9, 2024, is in compliance with regulations set by the Federal Inland Revenue Service.
According to OPay, the one-time fee of N50 will be applied to transfers of N10,000 and above into both personal and business accounts. The company notified its customers of this change in a message, stating:
“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.”
This new transfer fee is likely to affect many OPay users who regularly conduct large transactions on the platform.
