The Federal Government of Nigeria has imposed a one-time fee of N50 for electronic transfers exceeding N10,000 to personal and business accounts on Pay.
According to a notice to its customers on Saturday, the Online payment platform announced that the charge is in line with Federal Inland Revenue Service (FIRS) regulations, and it will take effect from September 9, 2024.
“Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above made to your personal or business account, in compliance with Federal Inland Revenue Service regulations.”
The company clarified that this tax is mandated by the government led by President Bola Tinubu and is 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 they are directed entirely to the Federal Government,” it added.
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