Financial technology companies have started charging levies on electronic transfers into personal and business accounts in compliance with the Federal Inland Revenue Service regulations.
In a notice to its customers on Saturday, OPay, one of the fintechs, stated, “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfers of N10,000 and above, paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations.”
The company clarified that the charges are a government requirement and not a source of revenue for the payment platform.
“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,” the notice read.
This fee introduction follows the Federal Government’s efforts to generate revenue from electronic transactions through FIRS regulations.
Users of other fintechs like Moniepoint and PalmPay have also reported that these institutions have started implementing the charges.