PalmPay has emerged as one of the most popular mobile money apps in Nigeria with over 5 million downloads. It offers convenient payments, transfers, savings, loans and more directly through your phone. A common question asked is – how much can you transact on PalmPay without BVN linkage?
In this comprehensive article, we provide clarity on PalmPay wallet limits without BVN, restrictions it causes and the step-by-step process to upgrade account tiers. Read on to make the most of the super app.
Introduction to PalmPay
Launched in 2019 by parent firm Transsion Holdings, PalmPay aims to foster financial inclusion in Nigeria through mobile-first fintech solutions for the masses.
With a network of over 100,000 agents and partnership with payment enablers Verve, Visa & MasterCard; the app provides intuitive access to –
- Payments: Bills, airtime, online/offline merchant purchases
- Transfers: Send/receive money to any Nigerian
- Rewards: Get cashback & discounts across brands
- Credit: Access short-term personal loans
- Wealth: High yield savings and investment offerings
Furthermore, PalmPay does not require internet connectivity. It uses the USSD channel allowing transactions even on basic feature phones without smartphones or data.
PalmPay Account Limits Without BVN
While downloading and registering on PalmPay just needs your phone number, there are certain restrictions if you do not link your BVN after opening your account.
Some key limitations imposed as per their terms for Level 1 accounts are:
- Maximum Account Balance Limit: ₦300,000 at any point
- Daily Transaction Limit: ₦50,000 cumulatively
- Monthly Transaction Limit: ₦200,000 in total
This means you can only hold up to ₦300,000 within your PalmPay wallet if you have not submitted your BVN for verification after opening the account.
Furthermore, without BVN details strengthening KYC norms, your transaction authorization limits are lower on a daily and 30-day basis to control exposures.
Therefore, while opening a basic PalmPay account is instant with just a phone number to start using features, absence of BVN linkage causes the above restrictions.
Why Linking BVN is Important on PalmPay
PalmPay clearly highlights that providing your BVN and added KYC details helps enhance your account security, transaction rights and access to financial services.
Some benefits of submitting BVN include:
- Profile Verification for managing anti-fraud risks
- Removes caps on account balance and transaction volumes
- Access to higher loan amounts based on credit scores
- Unlocking high-yield Flex Save and Flex Naira investments
- Smooth bank transfers and cash withdrawal
Therefore, for a complete PalmPay experience, do make it a point to link your verified 11-digit BVN to the account.
How to Upgrade PalmPay Account Tier
The good news is upgrading your PalmPay account tier by linking BVN is a very simple & quick process. Follow below step-by-step guide:
Step 1) Install PalmPay app from Google Play or App Store
Step 2) Sign-up with your phone number & set transaction PIN
Step 3) Tap on Profile icon on bottom tab bar
Step 4) Scroll down and tap on “Upgrade Account” option
Step 5) Carefully enter your verified 11-digit BVN number
Step 6) Double check BVN and click Submit
Step 7) Snap a quick selfie on the spot when prompted
Step 8) Access the Tier 2 account benefits instantly
The BVN verification reflects within seconds after submission, with the enhanced limits and features getting activated in real-time. That’s all there is to it!
Perks of Linking BVN on PalmPay
Attaching your unique BVN opens up a universe of possibilities within PalmPay in line with full KYC adherence. Core benefits include:
- No balance limits – Remove caps on money you can store
- 5X higher transaction ceiling daily and monthly
- Bank transfers allowed – Move money from PalmPay to Nigerian bank accounts
- Cash withdrawals enabled across agent locations
- Investment access – Flex Save & Flex Naira options
- Higher loans potential – Borrow larger ticket sizes
- Fast offline payments – Scan QR codes upto any amount
Therefore, account upgrades maximize what you can achieve within PalmPay ecosystem conveniently from your mobile phone.
PalmPay Tier Comparison Table
To easily grasp limits under different tiers, refer the comparison table:
So in a snapshot, Tier 2 evidently removes barriers related to balance, transaction values, withdrawals access etc. by submitting BVN.
PalmPay Support Channels
Reaching out for assistance is easy in case you face any difficulties related to PalmPay services and BVN upgrades. Available channels are:
- Dial USSD String: 561550#
- Direct Messages: @PalmPay_NG on Facebook/Twitter
- Email: customercare@palmpay.com
- App Inbox: Tap ‘Messages’ within PalmPay
So in summary, while opening PalmPay account enables basic features, do make sure to activate Level 2 benefits by attaching your verified BVN for unrestricted usage. The process barely takes 5 minutes right within the mobile app!
Conclusion
Financial access in Nigeria still has ground to cover to make digital solutions inclusive for bottom income segments. PalmPay bridges this gap by layering seamless payments, quick loans, secure investments, and low-cost remittances without traditional hurdles.
Allowing no-frills sign-ups using just a phone number is the first step. Providing adequate controls through BVN verification across tiers then balances integrity without being prohibitive to adoption.
So PalmPay’s tiered approach broadens the market by easing activation, while guiding usage based on identity establishment. This allows homemakers, microbusiness owners, young adults and the underbanked to start benefiting from instrument-level formal financial channels.
Going forward artificial intelligence promises to further lower operational costs that should transmit to users through fewer indirect charges allowing faster penetration. Technology truly has answers if deployed responsibly!
Frequently Asked Questions on PalmPay
Q. If I add BVN later, will my existing wallet balance be lost?
A. No, your PalmPay balance stays fully protected and intact when you submit your BVN to upgrade account tier from Level 1 to Level 2 seamlessly.
Q. How long does it take to add BVN and upgrade account?
A. Linking BVN reflects in real-time instantly on PalmPay. The account upgrade gets activated within seconds for uninterrupted usage with enhanced transaction rights.
Q. What information is required to upgrade my PalmPay account tier?
A. To upgrade to Level 2, you need to provide accurate details like full name, date of birth, BVN, residential address and preferred bank account number linked to the BVN submitted.
Q. Can I have more than one PalmPay account using different registered numbers?
A. No, as per PalmPay terms and conditions, an individual can only open one wallet account basis their unique BVN and registered mobile number.
ALSO SEE:
Using PalmPay Without a BVN: A Detailed Guide
How To Borrow Money From Palmpay Without BVN
PalmPay Maximum Transaction Limit