Are you wondering how much money you can receive on digital wallets like PalmPay, Opay, Kuda Bank, and MoniePoint without submitting your Bank Verification Number (BVN)? In this detailed guide, we’ll break down the deposit limits for each wallet platform and provide key insights into how you can maximize fund transfers without a BVN.
Let’s paint a scenario. Imagine you just moved to a new city and need to start receiving payments from your clients. However, you don’t have the time yet to visit a physical bank branch to enroll for a BVN. Digital wallets can be extremely convenient in such situations by allowing basic transactions and money transfers without a BVN. Keep reading to learn more!
PalmPay Deposit Limit Without BVN
PalmPay is one of the largest digital wallet services in Nigeria, with over 5 million active users. For new PalmPay users without a BVN, the maximum daily deposit limit is ₦30,000. This means you can receive up to ₦30,000 in individual or accumulated transactions on a single day without submitting a BVN. There is no limit on the number of days you can receive deposits, as long as each day’s total is below ₦30,000.
How PalmPay Protects Users Without BVN
While the daily deposit limit of ₦30,000 is convenient for basic transactions, PalmPay implements the following security measures to protect non-BVN users:
- Funds over ₦30,000 are kept on hold until you enroll for a BVN within 30 days.
- Your PalmPay account details like phone number cannot be changed without BVN verification.
- International/overseas transfers are blocked for non-BVN accounts. Funds can only be received/sent within Nigeria.
- Withdrawals to an external bank account require BVN enrollment to verify your identity.
- So in summary, PalmPay allows ₦30,000 daily deposit receives without hassles, while still maintaining user security checks until BVN is provided.
Opay Deposit Limit Without BVN
Opay, which is owned by Opera Limited, provides a similar daily deposit limit of ₦30,000 for non-BVN users. Funds over this amount will be held until you complete BVN registration on the Opay app.
One key difference compared to PalmPay is that Opay occasionally requests for know-your-customer (KYC) documentation like a picture of your valid ID card or international passport. This helps further verify your identity without a BVN.
Key Things to Note About Receiving on Opay Without BVN
- Daily deposit limit is ₦30,000 like PalmPay. However, accumulated funds from multiple days may be put on hold until BVN registration.
- Occasional KYC checks by uploading ID photos help validate users without a BVN.
- Opay PSB license allows withdrawals directly to linked bank accounts without BVN. However, a daily withdrawal limit of ₦100,000 applies.
Kuda Bank Deposit Limit Without BVN
Kuda Bank is a digital-only commercial bank in Nigeria, regulated by the Central Bank of Nigeria. For new customers without a BVN, Kuda Bank enforces a stricter daily deposit limit of just ₦10,000 from all sources. Any funds received over ₦10,000 will be put on hold until the account owner submits their valid BVN.
Compared to Opay and PalmPay, Kuda Bank has added the following security processes for non-BVN users
- Daily deposit limit is a lower ₦10,000 instead of ₦30,000.
- No withdrawals allowed to external bank accounts without BVN.
- Intra-bank transfers exceeding ₦50,000 also require BVN.
- Strict KYC checks involving facial matching of government-issued IDs.
So while the daily deposit limit is lower at ₦10,000, Kuda Bank applies more robust account security for users yet to enroll their BVNs. This helps mitigate financial risks to some extent.
MoniePoint Deposit Limit Without BVN
MoniePoint, owned by Moniepoint Micro-investments Limited, is quite flexible with deposits for new users without BVNs. The platform allows receiving up to ₦50,000 daily from all sources, which is significantly higher than other wallet limitations.
Some key considerations for receiving funds on MoniePoint non-BVN accounts include:
- Daily deposit limit of ₦50,000 applies without issues.
- Strict periodic KYC checks still required to further verify identity.
- No cash-out withdrawals to bank accounts until BVN registration is complete.
- International/foreign transfers blocked without submitting valid BVN.
So while MoniePoint offers a daily maximum of ₦50,000 receives for non-BVN users, the platform still implements security barriers like restricted withdrawals and periodic KYC to balance user convenience with risk control.
Conclusion
Thanks for reading to the very end. In summary, here are the deposit limits without BVN across popular digital wallet and bank platforms in Nigeria
PalmPay – ₦30,000 daily, Opay – ₦30,000 daily, Kuda Bank – ₦10,000 daily, MoniePoint – ₦50,000 daily.
All platforms still require submiting valid BVN details within a time frame, usually 30 days. This helps complete user due diligence processes. So in totality, receiving ₦10,000 to ₦50,000 daily is very convenient for basic transactions without a BVN across these digital wallet services in Nigeria.
I hope this article provided valuable insights into receiving funds without a BVN across popular digital wallet platforms in Nigeria. Let me know if you need any clarification or have additional questions by commenting below.
FAQs
Can I use OPay without BVN?
Yes, you can use OPay without a BVN, but with some limitations.
How can I increase my deposit limits without a BVN?
Unfortunately, there is no way to increase the standardized daily deposit limits set by different digital wallet providers without a valid BVN.
The only options are to either distribute receipt of funds over multiple days, enroll your BVN, or consider wallet platforms that offer higher default non-BVN deposit ceilings like MoniePoint. Completing proper KYC processes upfront also ensures deposits are released smoothly up to the daily limits. Overall, submitting your BVN is the most reliable way to enjoy unlimited transaction amounts on digital finance services in Nigeria.
