FG Imposes Levy On Transactions Above N10,000 On Opay, Moniepoint, Others

The Federal Government has introduced a N50 charge on electronic money transfers of N10,000 and above, affecting customers of fintech platforms like Opay and Moniepoint.

This levy, mandated by the Federal Inland Revenue Service (FIRS), will be effective from September 9, 2024.

Fintech companies have started notifying their customers about the upcoming changes.

Opay, in its message to users, stated, “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.”

Opay emphasized that the charge is a government requirement and not a profit for the company, stating that all funds collected are directed to the Federal 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 statement added.

Similarly, Moniepoint informed its users: “A N50 fee would be charged on inflows you receive of N10,000 and above from Monday, September 9, 2024. Your BRM is available to answer questions you might have.”