Opay places 1% fee on bank transfers to pave way for its Cash-In/Cash-Out services. What it means

Chinese payment platform, Opay in a tweet on Tuesday announced that it will be placing a N45 bank transfer fee on first transactions of the day and 1% on subsequent transactions on its platform.

Hi Everyone, we sincerely apologise for the inconvenience we caused you by our lack of notice on the 2% bank transfer fee. We understand that this was not communicated appropriately and sincerely apologise for this.

— OPay (@OPay_NG) November 5, 2019

The move according to a response sent to Ripples Nigeria by Oride’s Country Manager, Iniabasi Akpan, says the Opera payment platform is placing the fee to encourage users to consider its Cash-In and Cash-Out service by Opay agents.

The Cash-In and Cash-Out services basically mean to deposit and withdraw cash from the Opay platform using 100,000 Opay agents scattered across the country.

The move has seen users lamenting and threatening to port to other platforms.

Akpan said the plan was to foster financial inclusion as peer-to-peer transactions do not attract any fees on the payment platform. However, going by what users are saying, concerns remain that Nigerians may be financially excluded with the new plans.

Opay is owned by Chinese browser company, Opera and it is the only payment option accepted by its motorcycle hailing platform, Oride except for offline booking.

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