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In a move compliant with Federal Inland Revenue Service (FIRS) regulations, leading fintech companies Opay and Moniepoint have announced the implementation of a N50 fee on electronic money transfers exceeding N10,000.

The new charge, set to take effect on 9 September, applies to both personal and business accounts.

Opay and Moniepoint, two of Nigeria’s prominent fintech companies, communicated the change to their customers through a message titled “FGN Electronic Money Transfer levy,” which began circulating on Saturday.

“Please be informed that starting September 9th, 2024, a one-time fee of N50 will be applied to electronic transfers of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service (FIRS) regulations.

“It is important to note that OPay does not benefit from this charge in any way as it is directed entirely to the Federal Government,” it said.

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