Lagos, Nigeria – Popular mobile payment platform, OPay, has announced a new transaction fee of ₦50 for transfers of ₦10,000 or more, effective September 9, 2024. The decision aligns with the latest guidelines from the Federal Inland Revenue Service (FIRS) as part of its regulatory framework.…..For More READ THE FULL ARTICLE HERE ▶▶
Thank you for reading this post, don't forget to subscribe!In a notice sent to users via mobile notifications, OPay stated: “In line with the Federal Inland Revenue Service (FIRS) regulations, effective September 9, 2024, a fee of ₦50 will be applied to transfers of ₦10,000 or above paid into your OPay account.”
The move is expected to generate mixed reactions from OPay users across Nigeria. Many rely on the platform for its seamless and low-cost financial services, especially in a time when digital banking is becoming increasingly popular. The new fee, while modest, may increase the cost of transactions for customers who frequently make larger payments.
As the regulation is linked to directives from FIRS, it is seen as part of broader efforts to improve revenue collection and tax compliance in Nigeria’s growing fintech space. However, some customers may feel burdened by the extra charge, especially as electronic banking fees in the country are already a contentious issue.
OPay, which has millions of users nationwide, is known for offering accessible financial solutions, and the fee implementation may slightly alter the transaction experience for some. For now, the company has urged users to visit its platform for more details on the change and to stay informed about the specifics of the regulation.
With this development, OPay joins other financial institutions in Nigeria that are adapting to stricter regulations, potentially reshaping how digital payments are handled in the country. The wider implications for the fintech sector remain to be seen as more companies may also follow suit in implementing similar charges.…..For More READ THE FULL ARTICLE HERE ▶▶
