OPay Introduces N50 Levy on Transactions Above N10,000, Effective September 9

OPay Implements Levy on Transfers Following FIRS Order

Starting September 9, 2024, leading mobile banking service OPay will implement a N50 charge on electronic transfers of N10,000 or more, following new Federal Inland Revenue Service (FIRS) regulations.

In a notice to users, they clarified that the charge is a government-mandated levy and not a source of revenue for the company. The N50 fee will apply to transfers made into both personal and business accounts.

The notice emphasized, “OPay does not benefit from these charges, as the fee is directed entirely to the Federal Government.”

This move comes as part of a broader initiative by the Federal Government to generate revenue from electronic transactions in line with FIRS guidelines.