Opay is one of Opera products and a Nigeria fintech platform, Opay customers taught the presume the N10 transaction fee will continue forever, but unfortunately, OPay has introduced a 1% transaction fee on bank transfer services.
Previously, the app charged N10 when users made transactions from their OPay wallets to regular bank accounts. This fee will no longer apply, instead, the app will now charge N45 for the first transaction a user makes in a day. Subsequent transactions will incur a flat 1% processing fee.
For example, if an OPay user wants to send N100,000 from the app to a regular bank, instead of paying N10 as the transaction fee, the user will now pay N1000 (1%) as a processing fee. But if this is the first transaction that the user is making that day, they would pay N45 as transaction fee.
Interestingly, the new rates are actually a revision. On Tuesday, the company had originally raised the charge to 2% and a minimum rate of N15 per transaction. In simpler terms, users would have paid 2% transaction fees for any transfers to banks.
But after negative reactions from OPay users the company was forced to reconsider the rate, setting it at 1% and a minimum of N45 per transaction.
OPay is not the first fintech to increase transaction charges in the last few months. Carbon did the reverse in August when it introduced charges for inbound transactions. The company announced a 1% transaction fee for debit card transfers to Carbon Wallets.
It used to be free. But Carbon, at the time, said the zero-fee approach was no longer sustainable as more people used its Wallet feature. However, it continues to support a flat N10 charge for transfers from Wallets.
Meaning if you are going to transfer N100,000 from the app to any bank account, instead of paying N10 transaction fee, you’ll now pay N1000 (1%) processing fee. If it’s the first transaction you are making for that day, you’ll only be charged N45 processing fee.
Users have been reacting negatively online and seem not to be happy about the sudden increase in charges with OPay. Bank excessive charges is the major reason why most individuals prefer to use OPay… but now, users are having a second thought.