FG Introduces N50 Levy on Opay Transfers Above N10,000
The federal government has implemented a N50 levy on electronic transfers exceeding N10,000 made through the popular payment platform, Opay. This charge, which applies to both personal and business accounts, is part of the Federal Inland Revenue Service (FIRS) regulations and will take effect on September 9, 2024.
In a notice issued to its customers on Saturday, Opay announced the upcoming charge, clarifying that the levy is a government-mandated requirement. “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 Federal Inland Revenue Service regulations,” the statement read.
Opay emphasized that the platform itself does not profit from the new fee, which is collected solely for the government. “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 added.
This levy is part of the government’s ongoing efforts to regulate and generate revenue from digital financial transactions across the country.
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