Home Finance How to Open a PalmPay Account without BVN

How to Open a PalmPay Account without BVN

Are you ready to embark on a journey towards using PalmPay without the need for a BVN? As a potential PalmPay user looking to explore this innovative mobile payment platform, you’re about to discover a way that bypasses the traditional BVN requirement.

But why is this so crucial, you might wonder? Well, let me paint a clearer picture for you. 

Without this alternative method I am about to unveil, you’d find yourself hitting a roadblock. There’s no backup plan, no substitute, your BVN is your golden ticket to access PalmPay. Unlike some other platforms where an email might step in as an alternative, PalmPay stands firm on its BVN requirement.

But fear not, dear reader, for we’re here to provide you with a solution that opens the door to PalmPay without BVN. So, without further ado, let’s get started.

What is PalmPay?

PalmPay is a mobile payment app that was launched in Nigeria in 2019. It is a subsidiary of PalmPay Group, a leading financial technology company based in Lagos, Nigeria. Currently, PalmPay boasts a user base of over 10 million individuals across Nigeria and Ghana.

Why Do I Need a BVN for PalmPay?

A Bank Verification Number (BVN) is a unique identification number assigned to you by your bank. It serves as a crucial tool to verify your identity when conducting financial transactions. PalmPay requires a BVN for certain features, particularly those related to security and extensive transactions.

How to Open a PalmPay Account without BVN

Step 1: Download the PalmPay App

1. Download the PalmPay app from the Google Play Store or Apple App Store.

Step 2: Create an Account

2. Create an account by providing essential information such as your name, email address, and phone number.

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Step 3: Verify Your Account

3. Verify your account by entering the verification code sent to your registered phone number.

Step 4: Start Using PalmPay

4. Once verified, you can begin using PalmPay for various financial transactions.

Limitations of a PalmPay Account Without BVN

While it’s possible to use PalmPay without a BVN, certain limitations apply. They include;

  • Maximum Daily Transaction Limit: You can only receive a maximum of ₦50,000 per transaction.
  • Inability to Send Money to Non-BVN PalmPay Users: You cannot send money to other PalmPay users who do not have a BVN.

How to Add BVN to Your PalmPay Account

Elevating Your PalmPay Experience

To remove the limitations associated with a PalmPay account without BVN, follow these steps to add your BVN

Step 1: Open the PalmPay App

Launch the PalmPay app and access your profile.

Step 2: Click on “KYC Level”

Under the “Personal Information” section, click on “KYC Level”.

Step 3: Enter Your BVN

Input your BVN and proceed by clicking on “Verify BVN”. Read also; PalmPay POS charges, daily target, Pos machine price: how to get PalmPay POS Machine

Step 4: Verify Your BVN

A verification code will be sent to your bank account. Enter the verification code to verify your BVN.

FAQs

How much can PalmPay receive without BVN in Nigeria?

A PalmPay account can receive up to ₦50,000 per time without a BVN. This is the maximum amount that you can receive without verifying your identity with your BVN.

If you want to receive more than ₦50,000, you will need to verify your identity with your BVN. You can do this by going to a PalmPay agent or by uploading a copy of your BVN to the PalmPay app.

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Can I borrow 20k from PalmPay?

Yes, you can borrow 20,000 naira from PalmPay. The maximum amount you can borrow from PalmPay is 200,000 naira. However, the amount of money you can borrow will depend on your income and your credit history. The interest rate on the loan is also based on your credit history. 

What happens if you don’t pay the PalmPay loan?

If you don’t pay your PalmPay loan, you will face a number of consequences, such as

  • Increased interest rates: PalmPay will increase the interest rate on your loan by 20% if you don’t make your payments on time. This means that you will end up paying more money in interest over the life of the loan.
  • Late payment fees: PalmPay will charge you a late payment fee if you don’t make your payment on time. The late payment fee is typically 10% of the outstanding balance

What is the full meaning of Opay?

OPAY means Official Payments Corporation, a Delaware corporation.

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