Fintech companies, OPay, Moniepoint and others on Saturday, announced a new charge of N50 on electronic transfers into personal and business accounts of their customers.
The companies said this new charge is in compliance with Federal Inland Revenue Service regulations.
Beginning from September 9, 2024, a one-time fee of N50 will be applied to transfers of N10,000 and above, they announced.
Opay, in a notice to its customers on Saturday, stated, “Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations.”
It clarified that the charges are requirements from the government 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.
Similarly, Moniepoint, in a terse notification to its customers on Saturday, said, “A N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024.
“Your BRM is available to answer questions you might have.”
The introduction of this fee follows the Federal Government’s efforts to generate revenue from electronic transactions through FIRS regulations.
