How to open palmpay account without BVN

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Welcome, Today we’ll talk about How to open palmpay account without BVN.

PalmPay is a fintech company providing payment solutions and financial services across Nigeria. Their app and accounts have become very popular, but some users wonder if they can open a PalmPay account without having a Bank Verification Number (BVN).

PalmPay launched in 2019 and has quickly grown to have over 2 million users. They aim to boost financial inclusion by offering digital banking services through mobiles without needing traditional bank accounts.

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:

  1. Download the PalmPay app from Google PlayStore or Apple App Store
  2. Launch the app and click “Create Account”
  3. Enter your phone number and click “Continue”
  4. Input the OTP code sent to your phone
  5. Enter your email address
  6. Provide your full legal names and date of birth
  7. Read PalmPay’s Terms & Conditions and privacy policy
  8. 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.

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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.

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