Join our community of SUBSCRIBERS and be part of the conversation.

To subscribe, simply enter your email address on our website or click the subscribe button below. Don't worry, we respect your privacy and won't spam your inbox. Your information is safe with us.

32,111FollowersFollow
32,214FollowersFollow
11,243FollowersFollow

News

Sunday, January 12, 2025

OPay to charge ₦50 for transfers of ₦10,000, above

Share

OPay has announced its plans to begin implementation of a ₦50 charge on electronic money transfers of ₦10,000 and above, following regulations set by the Federal Inland Revenue Service (FIRS). This new fee will apply to all transfers made into both personal and business accounts.

The charge is part of the Federal Government of Nigeria’s Electronic Money Transfer Levy (EMTL), aimed at generating revenue from digital financial transactions. OPay, a leading mobile payment platform in Nigeria, has clarified that it does not benefit from this fee.

Instead, the ₦50 charge is remitted directly to the Federal Government as part of its taxation policy for the digital economy.

OPay to charge ₦50 for transfers of ₦10,000, above

What OPay Customers Should Know

  1. Fee Applicability: The ₦50 charge will apply to any electronic transfer of ₦10,000 or more. Transfers below this threshold will not be subject to the levy.

  2. Who Will Be Affected: The new charge affects all OPay customers—both individuals and businesses—using the platform for transfers.

  3. FIRS Compliance: OPay has stated that the implementation of this levy is in full compliance with FIRS regulations aimed at broadening the country’s tax base.

Why the Levy?

The Federal Government introduced the Electronic Money Transfer Levy as part of its drive to boost national revenue. With the growing use of digital payment platforms like OPay, the government seeks to tap into the increasing number of electronic transactions to support public finances.

What This Means for You

If you regularly transfer large sums via OPay, it is important to factor in this ₦50 levy for future transactions above ₦10,000. The fee will automatically be deducted once the transfer is processed, and customers should take note of this additional charge when managing their funds.

For frequent users of OPay’s services, this may impact budgeting, particularly for high-volume transfers. However, this is a standard charge across financial institutions in Nigeria, ensuring compliance with federal regulations.

Conclusion

As OPay continues to expand its services across Nigeria, this new ₦50 charge for transfers of ₦10,000 and above reflects broader efforts to align with government policies. Users are encouraged to stay informed and prepare for the upcoming changes, ensuring smooth transactions on the platform.

Read Also: Tinubu spokesperson Ngelale announces indefinite leave of absence

+ posts

Most Read

Latest Updates