FG to Enforces N50 Transfer Fee for OPay Transactions Above N10,000

Effective September 9, 2024, a one-time N50 fee will be applied to all OPay transactions above N10,000, as mandated by the federal government.

Starting September 9, 2024, a N50 transfer levy will be imposed on OPay transactions exceeding N10,000, in compliance with the Federal Inland Revenue Service (FIRS) regulations. This new charge is part of the Nigerian government’s taxation strategy and is not a revenue source for the OPay platform, as highlighted in a notice sent to customers.

The online payment service announced that the N50 transfer levy will apply to both personal and business accounts for all electronic transfers above N10,000. According to the notice, OPay clarified that it does not profit from the fee, as the levy is directed entirely toward fulfilling government requirements.

“Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfers of N10,000 and above into your personal or business account,” the notice stated. “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 statement further explained.

The N50 transfer levy has sparked mixed reactions among OPay users, with many expressing concerns over the growing number of charges tied to electronic transactions. This new directive comes amid broader government efforts to boost revenue through increased taxation on digital payment platforms.

As this policy takes effect, customers are urged to stay informed and prepare for its implementation on all eligible transactions. The move highlights the federal government’s intention to regulate and tax electronic transactions, reinforcing its focus on fiscal measures in the digital economy.