Hello and Welcome, Today we’ll be discussing On How Much Can PalmPay, Opay, Kuda Bank and MoniePoint Receive Without BVN in Nigeria?
The mandatory Bank Verification Number (BVN) requirement by the CBN for account openings at banks has also been extended to popular fintech platforms like PalmPay, Opay, Kuda Bank and MoniePoint in Nigeria. However, there are limits imposed by these apps on how much users can receive into their wallets without BVN registration.
Why BVN is Required on Fintech Apps
BVN verification helps fintech companies:
- Validate customer identity and prevent fraud
- Adhere to KYC regulations and anti-money laundering laws
- Link bank accounts through direct debit for repayments
- Build credit profile and assess lending risk
- Enable seamless transactions between bank account and fintech wallet
How Much Can Palmpay Receive without BVN
For Palmpay Tier 1 account holders who haven’t linked their BVN, there’s a limit on the amount they can receive in a single transaction.
The maximum sum you can receive in one transaction without a BVN is 50,000 Naira (fifty thousand Naira).
If someone sends you more than this limit in a single transaction, you won’t be able to accept the full amount until you link your BVN to your Palmpay account
How Much Can Opay Receive without BVN
The maximum sum you can receive on Opay in one transaction without a BVN is 50,000 Naira (fifty thousand Naira).
As you can see for Opay Tier 1 account holders who haven’t linked their BVN, there’s a limit on the amount they can receive in a single transaction. If someone sends you more than this limit in a single transaction, you won’t be able to accept the full amount until you link your BVN to your Opay account.
– Allows receipt of up to ₦100,000 into Opay wallet before BVN requirement
Kuda Bank
– Customers can receive up to ₦200,000 before mandatory BVN verification
MoniePoint
– Allows non-BVN customers to receive up to ₦50,000
Requirements to Increase Receipt Limit
To increase non-BVN receipt limit, fintech apps may require:
- Valid government-issued ID document
- Passport photograph
- Proof of address
- Email address and phone number
- Referral code or referral by existing customer
How to Register for BVN
To fully utilize fintech apps, BVN registration is required:
- Visit enrolment center of any bank branch
- Provide national ID card, passport, driver’s license etc.
- Provide fingerprints, facial image and signature
- Submit enrolment form and await BVN allocation
- Return to bank branch to complete linking process
Alternatives Without BVN
Some options without BVN include:
- Stick to receipt limit imposed by fintech app
- Use agent locations to cash-out amounts received
- Transfer funds received to bank account or other user accounts
- Upgrade to BVN-linked account by providing KYC documents
FAQs on How Much Can PalmPay, Opay, Kuda Bank and MoniePoint Receive Without BVN in Nigeria?
1. Is BVN mandatory to use fintech apps in Nigeria?
BVN is mandatory if you want to fully utilize services like bank transfers, loans, higher transactions etc. However, you can use limited services without BVN subject to caps imposed.
2. How can I increase my receipt limit on fintech apps without BVN?
You may be able to increase non-BVN receipt limits by undergoing KYC verification providing identity documents, proof of address, contact details etc. However, caps still apply.
3. What details do I need to register for BVN?
To enroll for BVN, you need a valid ID document like national ID, driver’s license or passport, passport photo, and fingerprint biometrics to be captured at an enrolment center.
4. Can I receive money from abroad into my fintech wallet without BVN?
Most fintech firms will not allow receipt of international transfers without BVN due to money laundering risks. You need to complete BVN registration before receiving cross-border payments.
5. How long does it take to activate my BVN on fintech apps?
Once you have completed BVN enrolment, linking with fintech apps like PalmPay, Opay, Kuda etc. happens instantly as soon as details are submitted to verify identity.
6. What are the risks of using fintech apps without BVN?
Lack of BVN limits services, caps transactions, and poses risks of blocked access to funds or inability to reach support. It is advisable to complete BVN registration for seamless usage.
7. Can I withdraw money from fintech wallets to bank account without BVN?
Most fintech firms will not allow withdrawals to bank accounts without BVN due to lack of linkage. You can cas-out at agent locations subject to limits.
8. Is there any way to bypass BVN requirement on fintech apps?
No, there are no workarounds for mandatory BVN verification imposed by CBN for customer protection and regulatory requirements. You have to formally enroll for BVN.
9. What are the risks of exceeding receipt limit without BVN on fintech apps?
Deposits beyond the permitted non-BVN threshold may lead to failed transactions, account freezes or suspensions over regulatory non-compliance by the fintech company.
10. How can I use PalmPay, Opay etc. if I don’t have national ID for BVN?
Passport, driver’s license, voter ID and other government-issued documents can also be used for BVN registration. Contact support teams for any enrollment issues.
11. Is non-BVN KYC possible on fintech applications in Nigeria?
Yes, but only for limited services. For full unrestricted access, BVN verification is mandatory as per CBN guidelines.
12. What details are needed to link BVN to PalmPay or other fintech wallets?
Once you have your BVN number, you need to provide this along with your name, date of birth, mobile number etc. during sign-up on the fintech app to link accounts.
13. How soon after BVN registration can I start using fintech apps fully?
BVN gets linked to your fintech wallets instantly once you submit the number and identifiers during sign-up. You can start utilizing all services immediately after.
14. Can I receive money on multiple fintech platforms using one BVN?
Yes, your BVN can be linked to multiple fintech wallets like PalmPay, Opay, Kuda etc. to identify you uniquely across platforms.
15. Is there any way to bypass BVN requirements temporarily on fintech apps?
No, BVN verification is mandatory. The only legal workaround is to utilize limited services within defined thresholds applicable for non-BVN users.
Read more: finance how to withdraw my money from cowrywise before maturity date
Conclusion
The Central Bank of Nigeria mandates all licensed financial institutions, including emerging fintech companies like PalmPay, Opay, Kuda Bank and MoniePoint, to conduct BVN verification for customer transactions and services. However, these platforms allow limited receipt of funds into wallets up to specified thresholds without BVN registration.
To maximize services offered by these fintech apps, it is advisable for users to undergo the one-time BVN enrollment process by providing their ID documents and biometrics at bank branches. Linking verified BVN to your fintech wallets enables seamless usage without transaction limits or caps.
While alternatives like cash agents, transfers and upgraded KYC exist, BVN remains mandatory for unrestricted access. With prevalent risks of identity fraud and money laundering, the CBN is unlikely to relax this requirement, and fintech users should enroll for BVN for a smooth and secure experience.
After reading this blog you know about How Much Can PalmPay, Opay, Kuda Bank and MoniePoint Receive Without BVN in Nigeria?
