OPay to introduce N50 transfer fee for transactions over N10,000

OPay, the popular online banking platform, has announced the implementation of a N50 transfer fee for transactions exceeding N10,000, effective September 9, 2024.

The new fee will apply to electronic transfers into both personal and business accounts, in compliance with regulations set by the Federal Inland Revenue Service (FIRS). The charge will be a one-time fee of N50 for each qualifying transaction.

OPay communicated this change to its customers on Saturday, informing them that the fee is part of its efforts to align with FIRS regulations while maintaining its commitment to providing efficient banking services.

This update marks a significant shift in OPay’s fee structure, affecting many users who make larger transactions on the platform.