Nigerians Express Outrage as Opay and PalmPay Introduce 50 Naira Charges On Transfers Above 10,000 Naira

Nigerians have began expressing their grievances and voicing their concerns on social media, especially on Twitter, following an announcement by OPay and PalmPay. The two companies will introduce a ₦50 fee on electronic transfers of ₦10,000 or more, starting from September 9, 2024.

This fee is being introduced because of a regulation from the Federal Inland Revenue Service (FIRS). Many people are criticizing the decision, with some blaming the government for the extra cost.

OPay sent a message to its customers, saying, “Dear valued customers, from September 9, 2024, a one-time fee of ₦50 will be charged for electronic transfers of ₦10,000 or more into your account. This is in line with FIRS regulations.”

The company made it clear that the charge is not for their own profit but is required by the government. The money from this fee will go directly to the Federal Government.