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Nigeria’s OPay Introduces Charge on Electronic Transfers Complying with Government Regulation

Nigerian electronic payment platform OPay has announced a new charge on electronic transfers into personal and business accounts. According to the company’s notice, starting September 9, 2024, a one-time fee of 50 naira (about $0.12 USD) will be applied to transfers of 10,000 naira and above.

In the notice sent to its customers on Saturday, OPay emphasized that the charges are required by the Federal Inland Revenue Service (FIRS) regulations and do not serve as a revenue source for the payment platform. According to the statement, the fees will be directed entirely to the Federal Government as part of its efforts to generate revenue from electronic transactions.

This new charge comes amid the Nigerian government’s push to tap into the revenue potential of digital payments. OPay has made it clear that the platform does not benefit financially from the fees and that this measure is merely a response to regulatory requirements.

OPay’s customers are being notified of the upcoming charge in a timely manner to ensure they are prepared for the changes. With the implementation of this new policy, customers are expected to bear a slight additional expense when making large transactions exceeding 10,000 naira.

For users and business owners in Nigeria who rely on digital payment systems, this update will be essential to take into consideration.