OPAY INTRODUCES TRANSACTION FEE FOR TRANSFERS ABOVE 10,000 NAIRA

Opay recently announced that it will start charging customers for electronic transfers above ₦10,000, in compliance with Federal Inland Revenue Service regulations. This change is actually part of the Electronic Money Transfer Levy Regulations, 2022, signed by the Minister of Finance, Budget and National Planning.

According to these regulations, a singular and one-off levy of ₦50 will be charged on the recipient of any electronic receipts or transfers of ₦10,000 or above. The Federal Inland Revenue Service (FIRS) will be responsible for administering, collecting, and remitting this levy .

The Federal Government of Nigeria introduced the Electronic Money Transfer Levy (EMTL) to generate revenue and fund public goods and services. A singular and one-off levy of ₦50 will be charged on electronic receipts or transfers of ₦10,000 or above.

This levy applies to all electronic transactions, including bank transfers, mobile money transfers, online payments, and e-wallet transactions. However, transactions between the same account holder's accounts, salary payments, and payments for goods and services (except for transfers) are exempt.

The message reads: “Dear valued customer, please be informed that starting September 9th 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service (FIRS) regulations.

It is important to note that Opay does not benefit from this charge in any way as it is directed entirely to the federal government."

“Thank you for your understanding.”

It's worth noting that Opay isn't the only platform implementing this charge, as it's a regulatory requirement . The charge is set to take effect from September 9, 2024 .