How Much Can PalmPay, Opay, Kuda Bank and MoniePoint Receive Without BVN in Nigeria?

PalmPay

PalmPay is a mobile-first financial platform that operates through a tiered account system, each with its own set of transaction limits and maximum balance thresholds.

This tiered structure allows users to access different levels of transaction capabilities and maximum balance limits.

In PalmPay, Tier 1 accounts have a daily transaction limit of N50,000 and a maximum balance of N300,000.

Tier 2 accounts provide a higher daily transaction limit, which is not specified, and a maximum balance of N500,000.

Tier 3 accounts have a daily transaction limit of N500,000 and an unlimited maximum balance.

To progress to a higher tier on PalmPay, users are required to provide their BVN and a valid form of identification such as a national identity card, voter’s card, international passport, or proof of address like a utility bill.

These requirements help ensure the security and integrity of the platform.

Opay

Opay is another prominent digital financial platform that operates using a multi-tiered system.

Similar to PalmPay, Opay offers different transaction limits and maximum balances based on the account tier.

For Tier 1 accounts on Opay, the daily transaction limit is N50,000, and the maximum balance is set at N300,000.

The specific transaction limits and maximum balances for Tier 2 and Tier 3 accounts are not disclosed publicly.

However, it is worth noting that Opay also requires users to submit their BVN for account upgrades, which grants them access to enhanced transaction capabilities.

Kuda Bank

Kuda Bank is a pioneering mobile-only bank that aims to provide seamless and easy to use banking services.

Kuda Bank operates with a three-tier account structure, each offering unique privileges based on BVN and identification verification.

Tier 0 accounts on Kuda Bank do not have a confirmed BVN and valid ID, resulting in limited transaction capability and balance.

Read: How Much Can Opay Account Hold Without BVN?”

Tier 1 accounts, which have a confirmed BVN but no valid ID, have a daily transaction limit of N50,000 and a maximum balance of N300,000.

Tier 3 accounts, which require a confirmed BVN and valid ID, have a daily transaction limit of N1,000,000 and an unlimited maximum balance.

To upgrade the account status on Kuda Bank and access higher transaction limits and unlimited maximum balances, users need to submit a valid ID and BVN.

Kuda Bank provides customer support through phone and email option, making it convenient for users to seek assistance when needed.

MoniePoint

Currently, information regarding MoniePoint’s transaction limits and maximum balances without BVN is not readily available.

MoniePoint is a widely used mobile financial platform in Nigeria, but specific details about its account tiers and limits require further investigation.

However, once I found a useful information about that, I’ll definitely keep this article updated.

FAQs On How Much Can PalmPay, Opay, Kuda Bank and MoniePoint Receive Without BVN in Nigeria?

Here are some helpful frequently asked questions on How Much Can PalmPay, Opay, Kuda Bank and MoniePoint Receive Without BVN in Nigeria? With their respective answers:

How much can a PalmPay account without BVN hold?

A PalmPay account without BVN has a maximum balance limit of N300,000.

Can I use PalmPay without verification?

Yes, you can use PalmPay without verification, but your account will have limitations.

Without verification, your PalmPay account will be in Tier 1, which has a daily transaction limit of N50,000 and a maximum balance of N300,000.

Is BVN required for PalmPay?

BVN (Bank Verification Number) is not initially required to use PalmPay, but it is necessary to upgrade your account to higher tiers and gain access to increased transaction limits and maximum balances.

Can PalmPay receive up to 500,000?

Depending on the account tier, PalmPay can receive up to N500,000.

Tier 2 accounts have a maximum balance limit of N500,000.

What is the highest amount PalmPay can receive?

The highest amount PalmPay can receive is determined by the account tier.

In Tier 3, which has no maximum balance limit, there is no specific cap on the amount that can be received.

What is the highest transfer limit on PalmPay?

The highest transfer limit on PalmPay is determined by the account tier.

In Tier 3, the daily transaction limit is N500,000.

However, note that PalmPay may impose additional transaction limits or restrictions based on factors such as the user’s transaction history and regulatory requirements.

Conclusion

PalmPay, Opay, Kuda Bank, and MoniePoint are leading mobile financial platforms in Nigeria, offering convenience and accessibility to users.

While the specific transaction limits and maximum balances without BVN depend across these platforms, they all provide opportunities for users to upgrade their accounts and gain access to higher transaction capacities and unlimited maximum balances by providing their BVN and valid identification.