Popular Fintech company Opay has informed its customers that, effective September 9, 2024, it will implement a one-time fee of ₦50 on electronic transfers exceeding ₦10,000 into personal or business accounts. This fee, known as the Electronic Money Transfer Levy (EMTL), is in accordance with regulations set by the Federal Inland Revenue Service (FIRS).
Opay clarified that the fee does not benefit the company; rather, it is fully directed to the federal government.
In a message sent to customers, Opay stated,
- “Dear valued customer, 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.
- “Thank you for your understanding.”
The company expressed gratitude for the customers' understanding regarding this change.
Additionally, Opay reaffirmed its strict prohibition on cryptocurrency and virtual asset trading on its platforms. The CEO of Opay Nigeria, Gotring Wuritka Dauda, emphasized the company's commitment to maintaining compliance with legal and regulatory standards, ensuring the integrity of the financial system. He reiterated that Opay's accounts and wallets will not facilitate any cryptocurrency transactions.
To enforce this policy, Opay conducts daily checks to identify unauthorized trading activities. Any accounts found in violation of this policy will be closed immediately, and the details will be reported to relevant regulatory authorities. Opay remains dedicated to providing a secure financial environment for its users.
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Written: ( 09:12 pm)
