OPay, a popular mobile payment platform in Nigeria, has announced the introduction of a ₦50 electronic transfer levy for its users. This fee will be applied to transactions made on the platform, including bank transfers and other electronic fund transfers. The move aligns with Nigeria’s regulatory framework, which mandates the collection of a stamp duty fee on electronic transfers exceeding ₦10,000.
The introduction of this charge by OPay is likely to affect the large number of Nigerians who rely on its services for quick and affordable transfers. While many users may express concerns over the added cost, OPay’s decision follows a trend in the Nigerian financial sector, where other mobile payment and banking platforms have implemented similar charges in compliance with government regulations.
This levy could influence user behavior, pushing some towards alternative platforms or methods that offer more cost-effective options for electronic transactions.
