OPay has announced a new charge on electronic transfers into personal and business accounts in compliance with Federal Inland Revenue Service regulations.
Starting September 9, 2024, a one-time fee of N50 will be applied to transfers of N10,000 and above.
In a notice to its customers on Saturday, OPay 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.”
The company clarified that the charges are requirements from the government and not a source of revenue for the payment platform.
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“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 read.
The introduction of this fee follows the Federal government’s efforts to generate revenue from electronic transactions through FIRS regulations.
Meanwhile, @Obiasogu David wrote below :
…the platform is one of the biggest Fintechs in the country, with a sizable segment of Nigeria’s population using it to transact daily.
Asides from the fact that it processes transactions with the speed of light, its zero charge for ‘transfer free’ makes it Nigerians’ favorite.
At least, the poor are able to “breathe” from annoying multiple charges that local banks slam on every transaction.
But, no, the Aso Rock ‘Chief Tax Collector’ and his ‘omonile’ boys don’t wish peace for Nigerians, not even amidst suffocating hardships we face.
They, through the Federal Inland Revenue Service (FIRS), have moved to stop Opay and the other Fintechs from charging zero Naira on transaction fees.
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FIRS, by themselves, fixed the tax at N50 and imposed it on the Fintechs, to charge their customers.
So, in essence, the N50 that Opay charges goes directly to the FIRS, who remits to the Oga at Aso Rock.
To tell how thoughtless, soulless and, crassly insensitive the government is, this is coming at a time when Nigerians are facing excruciating hardship.
The current unrelieved bites from fuel scarcity is cutting deeply into the already-shrinking flesh of Nigerians.
Yet Tinubu’s government is dropping pinches of ‘salt’ on the face of the injury – with an intent to exacerbate the k!ller-pains and further frustrate everyone.
But, it isn’t the first time Tinubu’s government would be taking counter-productive actions against Opay and the other fast-rising Fintechs.
In April, earlier this year, the CBN ordered the Fintechs to halt registering new customers – for no very genuine reasons…
…other than that the Fintechs were being used for ‘unauthorized forex dealings’ – an ear-aching, flimsy excuse.
This time, FIRS is slamming a compulsory N50 on every transaction of N10k and above that Nigerians make on the Opay platform.
Of course, FIRS is working on the orders from Aso Rock- who regulates them. Of course, in September, 2023, Tinubu appointed Zacch Adedeji as the acting chairman of the agency.
So, those Nigerians directing their uncoordinated anger and ceaselessly firing noisy rounds of insults at Opay, for a problem the fintech didn’t cause, should hold their peace.
If you must shout ‘e no go better for una’ over the N50 tax imposition, at least, know whom that sw£ar-word should go to.
It should go to those ‘idle’ people in Aso Villa who are never tired of ‘taking’ and don’t seem to have the conscience to stop inflicting hard pains on us.
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