how much can Opay account hold without bvn
As mobile money services continue to gain popularity in Nigeria, Opay has emerged as one of the leading providers of digital financial services.
Its platform enables users to transfer and receive money, pay bills, and even buy airtime and data.
However, questions have been raised about the amount of money an Opay account can hold without a Bank Verification Number (BVN).
This article will delve into the specifics of how much money you can hold on your Opay account without a BVN and what you need to know about the BVN policy to ensure the smooth functioning of your Opay account.
However, it’s important to note that according to the Central Bank of Nigeria’s Know Your Customer (KYC) requirements, all financial transactions must be linked to a BVN, which is a unique identifier given to every bank account holder in Nigeria.
Therefore, it’s likely that Opay would require users to have a BVN linked to their account for transactions beyond a certain limit.
It’s best to check with Opay or refer to their terms and conditions for more information on account limits and requirements.
Without BVN Opay account will Accomodate only 50, 000,which your transaction per day will be limited to 20,000 and you can’t received more than 50,000 daily which your total account balance will also cap at 50,000.
what you need to know about the BVN policy
• The BVN (Bank Verification Number) policy is a regulatory measure initiated by the Central Bank of Nigeria (CBN) in 2014 to create a unique identity for bank customers and strengthen the banking system.
• The BVN is a biometric identification system that captures an individual’s fingerprints, facial recognition, and other personal information to provide a unique identity for financial transactions.
• The BVN policy requires all customers to enroll and link their BVN to their bank accounts before transacting any banking activity.
• Failure to enroll for BVN can lead to the restriction of banking transactions, such as the inability to withdraw cash, transfer funds, or perform any other financial transactions.
• The BVN policy has been successful in curbing identity theft, fraud, and money laundering in Nigeria’s financial system.
• The BVN policy is mandatory for all bank customers in Nigeria, including individuals, corporate bodies, and government agencies.
• The BVN policy protects customers’ funds by ensuring that only authorized individuals have access to their accounts.
• The BVN policy has an expiration period of ten years to enable customers to update their biometric information and keep it up to date.
• The BVN policy has brought about greater transparency and credibility in the Nigerian banking sector, making it more attractive to foreign investors.
So as this policy imply it’s better and safe to link your Opay account to BVN to avoid any story that touch the heart
