‘’Bye Bye To Opay’’ – Nigerians Reacts To N50 Electronic Transfer Charge

Several Nigerians have expressed their decision to bid a farewell to fintech company, Opay following the imposition of N50 electronic transfer charge in accordance with the rules set by the Federal Inland Revenue Service (FIRS)

Customers were stunned on Saturday when they got notified by the fintech company that there will be a N50 transfer charge on every transaction above N10,000.

“Dear valued customers, please be informed that starting September 9, 2024, a one-time fee of N50 will be applied for electronic transfer of N10,000 and above paid into your personal or business account in compliance with the Federal Inland Revenue Service regulations.”

Following this shocking announcement which was although disclaimed by Opay that the transaction fee would not directly benefit the company, Nigerians who have been loyal customers of the company expressed displeasure at the development, making it known that their partnership with Opay may come to an end due to it.

What Some Nigerians Are Saying:

Below are the reactions of some Nigerians towards the development:

Most people signed up for opay due to abysmal charges of banks. It seems it’s time for you guys (@OPay_NG ) to wave a bye bye to many of your customers.
Time to activate my Access bank Zenith and Stanbic ATM.. Opay good bye…
just received notification to this effect. Safe to conclude that I’ll be saying bye to Opay to some extent
Bye bye to OPAY Thank you for your service
What You Need To Know

It is worthy of note that when Opay came into the market some years ago, the fintech company was able to gather millions of customers majorly because people were looking for ways to run from transaction charges.

Opay was without any form of transaction charges, unlike the conventional Nigerian banks that charge heavily on almost anything including transaction; either debit or credit, account maintenance, ATM, cheques, and several others.

For many Nigerians, Opay was their saving grace and it’s not out of point to say the unavailability of transaction fee was the selling point of Opay at that time.

However, with the new development, Opay’s ‘wonder’ seems to have been lost and it’s not abnormal that there is about to be a mass exodus of customers due to it.

Other issues

For some time now, Opay has been experiencing application glitch or technological issues which have affected the credibility of the fintech company.

Another major reason most Nigerians prefer Opay was because of the swiftness of transactions, there was never any downtime or network failure with Opay.

However, in the last two months, Opay has experienced application glitches that left over 40 Million Nigerians stranded. For some, their funds suddenly disappeared without trace till the next day while for some, transactions were pending for hours.

Unfortunately, in all of these, Opay never deemed it fit to explain to its customers why there was an application glitch or technological failure.