A leading fintech company, Opay, has announced new charges on transactions in a notice to its customers and users.
According to the company, it would start charging a one-time fee of ₦50 on electronic transfers above ₦10,000 paid into their personal or business accounts.
Opay noted that the charges would become effective as from Monday, September 9, 2024.
This was contained in a message sent to its Customers and obtained by DAILY GIST on Saturday
The bank said the charges are in compliance with the Federal Inland Revenue Service (FIRS) regulations
It added that the company itself does not benefit in any way from the charges as it is directed entirely to the federal government.
The notice reads: “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 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 EMTL, mandated by the federal government, marks the end of the era of free banking services offered by some fintech firms, as the new charges will now be passed on to customers.
The development is expected to affect customers in other fintech companies such as Monie point, Palmpay etc..
