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

Financial transactions have become an essential part of our daily lives in today's  digitally driven world. The ability to move money seamlessly is essential for everything from sending money to loved ones to making payments for goods and services. 

In Nigeria, the rise of fintech companies such as PalmPay, Opay, Kuda Bank, and MoniePoint has transformed the banking system, providing millions of Nigerians with convenient and accessible financial services. However, for those who do not have a Bank Verification Number (BVN), the amount of money they can receive through these platforms is limited. 

The BVN is a unique 11-digit identifier assigned to each bank customer in Nigeria. It was introduced by the Central Bank of Nigeria (CBN) in 2014 to promote financial inclusion, curb fraud, and enhance the security of the Nigerian banking system. 

BVN verification plays an essential role for protecting the financial system and users from fraud. By linking all of your accounts, fraudsters will find it more difficult to impersonate you and gain access to your funds. 

Furthermore, BVN verification assists financial institutions in meeting regulatory requirements and combating money laundering activities.

In this blog post, we look at the transaction limits for PalmPay, Opay, Kuda Bank, and MoniePoint for users without BVN.

Overview of PalmPay, Opay, Kuda Bank and MoniePoint

PalmPay is a mobile-based financial platform that offers a range of services, including money transfers, bill payments, airtime purchases, and savings. It is a popular choice for Nigerians who want a convenient and affordable way to manage their finances. PalmPay is also known for its strong rewards program, which offers users cashback and other incentives for using the platform.

Opay is another popular mobile-based financial platform that offers similar services to PalmPay. It is particularly well-known for its QR code payment system, which allows users to make payments at merchants by scanning a QR code. Opay also offers a variety of other services, such as loans, investments, and insurance.

Kuda Bank is a digital-only bank that offers a full range of banking services, including checking accounts, savings accounts, loans, and debit cards. It is known for its user-friendly app and its focus on financial inclusion. Kuda Bank has made a particular effort to reach out to underserved communities, such as rural areas and young people.

MoniePoint is a financial platform that provides businesses with a variety of services, including payment processing, banking, and business management tools. It is a popular choice for small and medium-sized businesses (SMBs) in Nigeria. MoniePoint is also known for its strong focus on customer service.

How Much Can PalmPay Receive Without BVN in Nigeria?

If you haven't linked your BVN to your PalmPay account, you cannot hold more than N300,000 in your account. Exceeding this limit will result in your account being blocked, preventing you from accessing your funds until you link your BVN. To avoid these restrictions and enjoy the full benefits of PalmPay, it's recommended to link your BVN to your account.

How Much Can Opay Receive Without BVN in Nigeria?

For Opay Tier 1 account holders who haven't linked their BVN, there are limits on both the amount they can receive in a single transaction and the maximum balance they can keep in their account.

The maximum amount you can receive in one transaction without a BVN is N50,000. If someone sends you more than this amount in a single transaction, you won't be able to accept the full amount until you link your BVN to your Opay account.

If you have an Opay Tier 1 account without a BVN, your account balance cannot exceed N300,000. If your balance goes beyond this amount for any reason, you won't be able to access the surplus funds until you link your BVN to your Opay account.

You can increase your transaction and balance limits by linking your BVN to your Opay account.

How Much Can Kuda Bank Receive Without BVN in Nigeria?

Kuda Bank offers three account tiers with varying transaction limits and balance restrictions. Each tier is based on the level of verification provided by the account holder.

Tier 0: This is the most basic tier and does not require any verification. However, Tier 0 accounts have a limit of ₦0 and cannot be used for any transactions.

Tier 1: This tier requires verification of your Bank verification Number (BVN). Tier 1 accounts have a daily transaction limit of N50,000 and a maximum balance of N300,000.

Tier 3: This is the highest tier and requires verification of both your BVN and a valid ID. Tier 3 accounts have a daily transaction limit of ₦1 million and an unlimited account balance.

To upgrade your Kuda Bank account, you will need to provide the required verification documents. You can do this by uploading your valid ID and adding your BVN to your account profile.

How Much Can MoniePoint Receive Without BVN in Nigeria?

Like other fintech companies in Nigeria, MoniePoint requires users to link their Bank Verification Number (BVN) to their accounts to access all features and enjoy unrestricted transactions. However, there are specific limits on how much money you can receive without BVN.

Without BVN verification, you can receive up to N150,000 per day and N450,000 per month. If you want to receive larger amounts, you will need to link your BVN to your MoniePoint account.

FAQS

How do I create a PalmPay account?

You can create a PalmPay account by downloading the PalmPay app from the App Store or Google Play Store. Once you have downloaded the app,

Are fintech platforms safe to use?

Yes, fintech platforms are generally safe to use, as they are regulated by the same authorities as traditional banks. However, it is important to choose a reputable fintech platform and to take steps to protect your account, such as creating a strong password and enabling two-factor authentication.

How do I create a Kuda Bank account?

You can create a Kuda Bank account by downloading the app from the Google Play Store or Apple App Store. Once you have downloaded the app, you will need to enter your phone number and email address to create an account.

Conclusion

In conclusion, PalmPay, Opay, Kuda Bank, and MoniePoint are all leading digital financial services providers in Nigeria. Each platform offers a range of services, such as money transfers, bill payments, airtime purchases, and savings. While some of their features and offerings may differ, they all share the same goal of providing Nigerians with convenient and affordable financial services.

If you're looking for a mobile-based financial platform to manage your finances, PalmPay, Opay, Kuda Bank, and MoniePoint are all great options.