Have you been blocked from using PalmPay Account due to disobedient of not complying to CBN’s Directive? The Central Bank of Nigeria (CBN) instructed all fintech companies (like PalmPay and OPay) and banks to update their customers KYC information including BVN and NIN, otherwise failed account will be restricted from carrying out outward transfer effective from March 1st, 2024.
Hence, has your PalmPay Account been blocked or restricted? Even after being blocked, you can update your BVN/NIN to re-activate your account. The internet part of it is that after re-activation, PalmPay will give you free bank transfer to any banks in Nigeria.
In this article, I will share with you how I updated my Bank Verification Number (BVN) and my National Identification Number (NIN) on my PalmPay Account. You can follow these same process to update yours. All PalmPay Accounts in Nigeria can be updated through the same process.
Now, let’s dive straight in!
Linking BVN/NIN to PalmPay Account
Follow these instructions to successfully link your BVN and NIN to your PalmPay Account to avoid being blocked.
Step 1
Login to your PalmPay App and tap on “Verify your BVN/NIN”
Now, enter your NIN in the space provided as highlighted in the image above. If you don’t remember your NIN, tap on “Forget NIN” and you will be given a clue to retrieve your NIN without hassle.
Once you enter your NIN, tap on “Verify” and you will receive a “Congratulations” message, stating that your account has been upgraded to Tier 2, and you can enjoy a daily transaction limits of N200,000 and maximum accumulated wallet balance of N500,000.
Step 2
Once that’s done, tap on “Continue Verification” to upgrade your account to Tier 3, where can carryout N500,000 outward transactions per day and your accumulated wallet balance will also be unlimited.
Next, you will be redirected to a page where you will be requested to take a selfie of yourself.
Now, take the selfie without wearing glasses, and in a position where there’s good lighting.
Step 3
Once the selfie is accepted, you will be given a form that consist spaces to fill out your Proof of Address.
In the form, you will be required to upload any valid utility bills that’s not more than 3 months old. You can use your Nepa Bill, waste management bills or your Cable TV Subscription receipt, so far it has your full name on it.
I used my Kuda Bank statement to verify my utility bill. See the Bank Statement in the image below.
However, it’s important to let you know that PalmPay only accept utility bills in image (PNG or JPG) format, and Kuda supplies Account Statement in PDF. All you need to do is screenshot the first page of your Kuda Account Statement and rename it so that the screenshot name will not appear, otherwise, your account upgrade application will be declined.
Next, select your “State,” and enter your “Local Government” Area. You will also need to write out your House Address in Full (it must include House Number and Street Address).
Step 4
Once you’re done filling out the form, tap on “Submit.” Upon the account upgrade application’s submission, a review of your application will displayed as highlighted in the image below.
Now, tap on “Confirm” and another message will appear stating that “your upgrade application is currently under review.”
Hence, you need to be patient and wait for at least 48 hours for PalmPay’s Teams to review your application.
Once the application is approved, you will receive a web-hook/in-app notification stating that “congratulations, your Tier 3 Account Upgrade Application is Successful.”
You can now enjoy unlimited transactions on your PalmPay App after this successful message. You can also transfer money to any bank in Nigeria for free for three months after the upgrade.
Do you find this article helpful? Please share with your friends and family who are finding it difficult to upgrade their PalmPay Account. Cheers!
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