Are you afraid of adding your BVN to the OPAY Br cause you believe their might fold up very soon?
Are you also looking for the amount that OPAY can take without necessarily adding your BVN? This article is for you to guide you to the very end. Make sure you read to the very end. By the end, you’ll have a clear picture of the withdrawal and deposit limits based on verification status.
Opay is a mobile money service that allows Nigerians to perform digital transactions without a bank account.
One of the key features of Opay is that it doesn’t require a Bank Verification Number (BVN) to sign up and start using the service. However, there are limits to the amount of funds an Opay account holder can store without providing their BVN.
Let’s get started!
How to Set Up an Opay Account
Setting up an Opay account is simple and only requires basic identity information like your phone number and name. Here are the quick steps:
1. Download the Opay app from the Google Play Store or Apple App Store.
2. Open the app and tap “Sign Up”.
3. Enter your phone number and click “Get Code”. You’ll receive an OTP on that number.
4. Input the OTP and set a secure 4digit PIN.
5. Provide your full name and upload a clear selfie for identity verification.
6. Your Opay digital wallet is now ready to use without a BVN!
It’s important to note that with just your phone number and ID photo, your account will be categorized as “unverified” until you provide your BVN for advanced verification. Let’s examine the limits that come with being unverified.
Account Limits for Unverified Users
Unverified Opay users can perform basic transactions like sending and receiving funds. However, there are caps on the total balance and individual withdrawals/deposits allowed each day:
Maximum Balance: N5,000
Daily Deposit Limit: N3,000
Daily Withdrawal Limit: N3,000
These prudent limits are put in place by Opay to reduce fraud and money laundering risks for users without a linked bank account.
Once any of these thresholds are reached, additional funds will be rejected until the following day’s limits reset at midnight.
While the daily limits seem reasonable for small personal expenses, the overall balance cap of N5,000 means you can’t store much extra cash in your Opay wallet longterm without upgrading your identity status. Any funds over N5,000 will not be deposited until you reduce your balance.
It’s also important to note that as an unverified user, certain higher value payment and cash transfer services may not be accessible. For example, you cannot receive large business payments or person to person transfers over N5,000 without verification.
For many casual users, these unverified limits are sufficient. But to remove restrictions and gain full access to all Opay has to offer, it’s highly recommended to upgrade your account. Let’s look at how:
How to Upgrade Your Account with BVN
Verifying your Opay account by adding your Bank Verification Number (BVN) is simple and only takes a few minutes.
1. In the Opay app, go to “Profile” and tap “Verify Account”.
2. Select “Verify with BVN” and input your 11digit BVN.
3. Type in the last 4 digits of your linked bank account number.
4. Input the expiry date on your ATM card.
5. Provide your full name and date of birth as registered with your bank.
6. Take a new clear selfie for facial recognition.
7. Your identity details will be checked and your status updated within seconds.
Once verified, you gain these powerful new benefits:
- No limits on maximum balance size
- Increased daily deposit limit of N100,000
- Daily withdrawal limit of N100,000
- Eligibility for loans, investments and other valueadded services
- Enhanced transaction security and fraud protection
- Ability to receive larger business and personal payments
- Upgrading is simple protection for your funds and unlocks Opay’s full functionality. For most users, it’s worth the quick verification process.
Conclusion
In summary, as an unverified user on Opay, you have quite convenient access and utility within the daily deposit and balance limits of N5,000. This provides a good introduction to digital payments without a bank account. However, to take advantage of higher transaction amounts and Opay’s entire feature set, verifying with your BVN is highly recommended.
The BVN verification process is quick and removes all monetary caps on your account. With identification linked to your actual bank details, both Opay and you have increased assurance that funds are securely stored and transacted by the legitimate account holder. Fraud risk is also reduced for all parties involved.
Thanks for reading to the end.
FAQs
Which bank account can I create without BVN?
You can open a bank account without a Bank Verification Number (BVN) at the following banks in Nigeria
- First City Monument Bank (FCMB): You can open an Easy Account with FCMB without a BVN. No opening balance or documents are required
- ALAT by Wema Bank: ALAT allows you to open a bank account online in minutes without a BVN. You can open a personal or business account using just your phone number and other provided information.
- Access Bank: You can open a savings account with Access Bank without a BVN using the *901# USSD code, which does not require internet access
What happens if I exceed the daily/balance limits as an unverified user?
If you try to deposit or withdraw more than the allowed amounts for unverified users, the transaction will be declined. Any excess funds over N5,000 in your wallet also cannot be deposited until the balance is reduced. Upgrading removes these restrictions.
