Tinubu Government Imposes N50 Transfer Levy On OPay Transactions Above N10,000

The Nigerian government, under President Tinubu, has introduced a new levy for electronic transfers exceeding N10,000 on the OPay platform. Effective from September 9, 2024, a one-time fee of N50 will be charged for such transactions, which will be directed to the federal government and not to OPay.

This change, outlined in a notice from OPay, is in compliance with Federal Inland Revenue Service regulations. The company clarified that the fee is a governmental requirement and does not benefit OPay financially.

The new policy mandates that from the specified date, all electronic transfers of N10,000 and above into personal or business accounts will incur this additional charge. The notice emphasizes that this fee is a regulatory measure and not a source of revenue for OPay.