Financial technology companies have begun imposing levies on electronic transfers into personal and business accounts in accordance with Federal Inland Revenue Service (FIRS) regulations.
OPay, one such FinTech, has introduced a N50 fee on electronic transfers exceeding N10,000 into personal and business accounts.
In a notice sent to its customers on Saturday, the company explained that the charge complies with FIRS regulations and will take effect on September 9, 2024. It emphasized that the fee is not a revenue source for OPay but is mandated by the government.
The notice reads in part: “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.
“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,” it added.
