New Tax Levy: Opay, Banks to Charge N50 on Transactions Above N10,000"

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In compliance with the Federal Government's directive, Opay and other banks in Nigeria will begin charging a N50 levy on every electronic transfer of N10,000 and above, effective immediately.

The new tax levy is aimed at expanding the government's revenue base and funding growth-enhancing projects. Opay, a leading fintech company, has announced that it will implement the levy on all applicable transactions. This move is expected to impact users who frequently receive large transfers, as they will now incur an additional N50 charge. The government has assured that the revenue generated from this levy will be channeled towards funding critical projects and initiatives.

The introduction of the new tax levy marks a significant development in Nigeria's financial sector. While it may pose additional costs for users, the government's commitment to utilizing the revenue for growth-enhancing projects offers a silver lining. As Opay and other banks begin implementing the levy, users are advised to factor in the additional charge when making transactions above N10,000.

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