OPay users, it's time to get acquainted with a new fee that might affect your daily transactions. Starting September 9, 2024, if you're making transfers over N10,000, you'll notice a new N50 charge tagged to your transaction. This isn’t something OPay cooked up on its own though. It all about compliance with the Federal Inland Revenue Service (FIRS) regulations.
OPay has announced that every transfer whether to personal or business accounts over N10,000 will now attract a one time fee of N50. This new charge, which kicks in next month, is something users should factor into their transfers to avoid any surprises. If you are like most people who rely on OPay for daily transactions, this may seem like a minor bump in the road, but it’s good to know what’s going on behind the scenes.
OPay was clear in their recent message to customers: this N50 charge isn’t padding their pockets. It's purely a regulatory requirement from the government. Essentially, the payment platform is just the messenger here, following FIRS directives.
While a N50 charge might not sound like much, it could add up if you're frequently moving funds over that N10,000 mark. But on the bright side, smaller transfers remain unaffected, so if you tend to keep things under N10k, there’s no extra fee coming your way.
In a world where every kobo counts, it’s crucial to stay informed on where your money's going—even for the small stuff. And as always, it's worth keeping an eye on these kinds of updates, as they can sneak up on your budget.