How to open palmpay account without BVN

Benefits of a PalmPay Account

Some key benefits of using PalmPay include:

Transfer money to other PalmPay users
Pay for goods and services using PalmPay
Withdraw cash from PalmPay agents
Pay bills easily with PalmPay
Access short term loans and investment opportunities

Disadvantages of opening a Palmpay account without BVN

Before you think of opening a Palmpay account without BVN, you need to have in mind that it has some disadvantages.

One of the main disadvantages of opening a Palmpay account without a BVN is that it goes against the regulations set by the Central Bank of Nigeria (CBN).

As a result, it can lead to legal and financial consequences, including fines and penalties.

The CBN requires that all financial institutions, including Palmpay, obtain and verify the BVN of their customers to prevent fraudulent activities and protect the financial system.

Another disadvantage of Palmpay account without a BVN is that it may limit your access to certain services and features offered by Palmpay.

For instance, you may not be able to access certain cashback rewards or discounts that are available only to verified customers.

Furthermore, without a BVN, your Palmpay account may be more susceptible to security breaches and unauthorized access.

The BVN serves as a unique identifier that links your personal information to your financial transactions, making it easier for Palmpay to detect and prevent fraudulent activities on your account.

If you’ve seen many Palmpay accounts getting banned or closed without prior notice, it could be due to the fact that those account owners refused to use their BVN, and for security reasons, Palmpay may have no choice but to close such accounts especially when the account is suspicious.

How to open palmpay account without BVN

Requirements for Account Opening

To open a PalmPay account without BVN you need:

An active phone number
Valid email address
Full legal names
Date of birth

No ID, BVN or documentation is needed initially.

Step By Step Guide to Open Account

Follow this simple step-by-step process:

Download the PalmPay app from Google PlayStore or Apple App Store
Launch the app and click “Create Account”
Enter your phone number and click “Continue”
Input the OTP code sent to your phone
Enter your email address
Provide your full legal names and date of birth
Read PalmPay’s Terms & Conditions and privacy policy
Review all details entered and click “Submit”

That’s it! Your account will be opened instantly without BVN.

Adding Money to PalmPay Account

To fund your PalmPay account without BVN, you can:

Visit authorized PalmPay agents to make cash deposits
Transfer money in from another PalmPay user

Note that bank transfers or card payments require BVN details.

Using Your PalmPay Account

You can now utilize your PalmPay wallet for:

Money transfers to other PalmPay customers
Data and airtime purchases
Bill payments like DSTV, PHCN, etc
Online payments on supporting merchant sites/apps
Cash withdrawals from PalmPay agents

PalmPay Account Limits Without BVN

PalmPay imposes the following limits on accounts without BVN for safety:

Maximum account balance of ₦200,000
Daily transfer limit of ₦100,000
Maximum single transaction limit of ₦20,000

Upgrade with BVN later to remove limits.

Tips for Smooth Usage

Helpful tips include:

Safeguard login details of your PalmPay app
Monitor account for unauthorized activities
Report issues promptly to PalmPay
Keep contacts updated to receive OTPs
Upgrade with BVN later for higher limits

FAQS About How to open palmpay account without BVN.

Is PalmPay regulated in Nigeria?

Yes, PalmPay is regulated by the Central Bank of Nigeria as a licensed mobile money operator.

Can I upgrade to full KYC later?

Yes, you can conduct KYC verification with ID, BVN, and documents at any time to remove limits.

Can I have multiple PalmPay accounts?

No, their terms and conditions prohibit having more than one account per user.

What happens if I change my phone number?

You need to update your phone number in your PalmPay profile within 24 hours to avoid restrictions.

How old does one need to be to open PalmPay account?

You need to be at least 18 years old to independently open a PalmPay without guardian consent.

Can foreign nationals open PalmPay accounts?

Yes, Nigerian and foreign nationals residing in Nigeria can open PalmPay account by providing valid details.

What documents are needed for full account upgrade?

Documents like national ID card, voter ID card or driver’s license plus BVN details.

How do I reset my PalmPay PIN?

In the PalmPay app, go to Settings > Security > Reset PIN to generate a new PIN using your phone number OTP.

How do I change my PalmPay registered email?

To update email, contact PalmPay Support through the app providing authorization details for them to change.

How do I close my PalmPay account?

You can submit account closure request through PalmPay app. Any balance left gets transferred to your bank after 30 days.

Can I pay for international services?

For now, PalmPay payments and transfers are restricted for use only within Nigeria.

Conclusion

Opening a PalmPay account without BVN is easy by simply downloading the PalmPay app, entering your phone number, OTP code, email, names, and date of birth to register instantly.

This allows access to basic financial services like money transfers, bill payments, data purchases and more for unbanked Nigerians without BVNs.

However, usage limits apply and upgrading with BVN later is recommended for heavier usage.

As a new player in Nigeria’s expanding fintech ecosystem, PalmPay is making financial services more accessible for the unbanked.

Opening an account early allows you to gain familiarity with seamless app-based banking services in a cashless future.

After reading this blog you know How to open palmpay account without BVN.