Electronic Transfers

BREAKING: CBN Speaks On Reintroducing 0.5% Cybersecurity Levy On Electronic Transfers

Sep 20, 2024. by Praise Ben

The Central Bank of Nigeria (CBN) has refuted claims that it has reinstated the cybersecurity levy on electronic transfers, a charge that was suspended earlier this year. Originally, on May 6, 2024, the CBN issued a directive requiring all commercial, merchant, non-interest, and payment service banks, as well as mobile money operators, to implement a … Read more

OPay Introduces N50 Fee For Transfers Above N10,000 Starting September 9

Sep 7, 2024. by Praise Ben

OPay has officially introduced a new fee for electronic transfers into personal and business accounts, aligning with the Federal Inland Revenue Service (FIRS) regulations aimed at generating revenue from digital transactions. Starting from September 9, 2024, the payment platform will implement a one-time charge of N50 for transfers of N10,000 and above. This fee will … Read more