Opay has announced that starting September 9, 2024, it will begin charging a one-time ₦50 fee on electronic transfers exceeding ₦10,000 into personal or business accounts.
The company clarified that this charge, known as the Electronic Money Transfer Levy (EMTL), is in compliance with Federal Inland Revenue Service (FIRS) regulations and will go directly to the federal government.
In addition, Opay reiterated its strict ban on cryptocurrency trading on its platform. The company’s CEO, Gotring Wuritka Dauda, assured users that any account involved in unauthorized cryptocurrency transactions will be closed immediately, with reports sent to regulatory authorities.