Hello guys! In this article, I'm going to walk you through everything you need to know, including requirement, to increase/upgrade your OPay Account Limits from Tier 1 through Tier 2 to Tier 3. OPay account tiers are a system used to categorize users based on their verification level. There are different tiers with increasing restrictions and privileges. For instance, a tier 1 account may only allow you to transfer a small amount of money each day, while a tier 3 account may allow for much larger transfers.
To upgrade your OPay account tier, you will need to provide additional verification information. This typically involves providing your Bank Verification Number (BVN) and National Identity Number (NIN). OPay understand your concern about security, especially with increased fraud. While OPay won't ask for your PIN or OTP, the mobile money app do require basic information like your name, phone number, and email to register your account and complete your KYC verification.
OPay KYC Verification
KYC (Know Your Customer) is a vital step when you register an OPay account. It helps the fintech company to understand who it users are and ensures a safe and secure environment for everyone. Through KYC, OPay can verify your identity and allow you to perform different transaction levels within the app.
KYC is a government regulation that applies to financial institutions like OPay. This means OPay need to collect specific information from you. This typically includes verifying your phone number and email address, along with your full name, date of birth, residential address, and a passport photo.
Opening an OPay account is a breeze compared to traditional banks. Unlike physically visiting a bank branch, you can register and start using the app from the comfort of your home – anytime, anywhere. This makes OPay a convenient and secure way to manage your finances.
OPay Tier 1, Tier 2, and Tier 3
The OPay Tier 1, Tier 2, and Tier 3 are what is called KYC 1, KYC 2, and KYC 3 in the OPay App. When you sign-up on OPay, you are automatically placed on KYC 1, which is the lowest tier of Know your customer (KYC) ranking.
OPAY KYC 1 (Tier 1)
OPay Tier 1 is the basic account level you get by simply registering for the app. It has limitations on how much money you can hold and transfer compared to higher tiers. You'll likely have a daily limit on the total amount you can send and receive funds (typically around N50,000). There's also be a limit on your account balance (around N300,000).
However, OPAY Tier 1 requires minimal verification, so you'll not need to provide your BVN or NIN initially. Only your full legal names are essential to register an OPay to Level 1.
OPAY KYC 2 (Tier 2)
OPay Tier 2 is the step up from the basic Tier 1 account. It offers increased transaction limits and potentially a higher balance limit compared to Tier 1. Tier 2 allows you to send and receive larger amounts of money daily. This limit is significantly higher than Tier 1, potentially reaching N200,000 per day. You'll also be able to hold a greater balance in your account, reaching N500,000.
To unlock Tier 2 features, you'll typically need to provide additional verification information compared to Tier 1. This often involves submitting your Bank Verification Number (BVN), Residential Address and your National Identity Number (NIN).
Upgrading Your OPay Account to KYC Tier 2
Upgrading your OPay account to KYC Level 2 unlocks a wider range of features and transaction limits. Here's a quick guide to walk you through the process:
Navigate to Account Settings: Begin by opening the OPay app and tapping the "Account" tab located at the bottom right corner of your screen.
Access Your Profile Details: Once you're in the Account section, locate your name details displayed at the top of the screen. Click on your name to access your profile information.
Initiate KYC Level 2 Upgrade: Within your profile settings, you should see an option to "Upgrade to KYC 2". Select this option to proceed with the upgrade process.
Complete Verification: On the upgrade screen, you'll likely be prompted to fill in some additional details and enter your Bank Verification Number (BVN). The BVN is a mandatory field and is required by law in Nigeria. Once you've filled out all the necessary information, submit it to initiate the upgrade.
Instant Upgrade: The good news is that OPay typically processes KYC Level 2 upgrades instantly. Once you submit your information, your account should be upgraded right away.
By completing the KYC (Know Your Customer) process and upgrading to Tier 2, you gain access to greater functionality within the OPay app.
OPAY KYC 3 (Tier 3)
OPay Tier 3 is the most advanced account level, offering the highest transaction limits and the potential for an unlimited account balance. This tier is ideal for users who frequently conduct high-value transactions.
Requirements and Verification
To unlock the benefits of Tier 3, you'll need to complete additional verification compared to Tiers 1 and 2. Here's what OPay requires:
- Verified Residential Address: You'll need to enter your exact address of residence.
- Proof of Address: Provide a clear picture of a utility bill issued within the last 3 months (electricity, water, etc.) as proof that you reside at the provided address.
- Means of Identification: Upload a clear picture or scan of a valid government-issued ID, such as your National ID card, Voter's card, International Passport, or Driver's License.
- Passport Photograph: Submit a clear picture or scan of your passport photo.
Please note: Upgrading to Tier 3 can take up to 48 hours to be approved by OPay.
Upgrading to OPAY Tier 3 Account: A Step-by-Step Guide
Upgrading to Tier 3 is a straightforward process within the OPay app:
Access Account Settings: Start by opening the OPay app and navigate to the "Account" section, typically located at the bottom right corner of your screen.
Initiate KYC Level 3 Upgrade: Within your account settings, locate and select the option to "Upgrade to KYC 3".
Complete Verification: On the upgrade screen, follow the prompts to enter your residential address, upload a clear picture of your chosen proof of address (utility bill), a picture of your valid ID, and your passport photograph.
Submit Your Request: Once you've uploaded all the required documents, submit your upgrade request for processing.
Approval Process: OPay will review your information and typically notify you of the approval decision within 48 hours.
By upgrading to Tier 3, you'll gain access to OPay's highest limits and enhanced security features, allowing you to manage your finances with greater flexibility and peace of mind.
General Upgrade Processes from Tier 1 to Tier 3
Here's a general outline of the upgrade process for your OPay account, moving from Tier 1 (basic) all the way to Tier 3 (highest limits).
Tier Progression:
- Tier 1 to Tier 2:
- This is a relatively simple upgrade.
- You'll find the upgrade option within your account settings in the app.
- Verification for Tier 2 often involves providing your Bank Verification Number (BVN) and National Identity Number (NIN).
- Tier 2 to Tier 3:
- This requires the most extensive verification.
- Access the upgrade option within your account settings in the app.
- Tier 3 verification typically involves:
- Entering your verified residential address.
- Uploading a clear picture of a recent utility bill (proof of address).
- Uploading a clear picture of a valid government-issued ID (National ID, Voter's card, Passport, Driver's License).
- Uploading a clear picture of your passport photograph.
OPay Account Tiers Comparison
| Feature | Tier 1 (Basic) | Tier 2 | Tier 3 (Advanced) |
|---|---|---|---|
| Transaction Limits | Low (Daily & Balance) | Moderate (Daily & Balance) | High (Daily) & Potentially Unlimited Balance |
| Verification Required | Minimal | BVN & NIN | Extensive |
| Verification Process | N/A | Submit BVN & NIN | * Enter Residential Address * Upload Proof of Address (Utility Bill) * Upload Valid ID (Picture/Scan) * Upload Passport Photo |
| Upgrade Time | N/A | Instant | Up to 48 hours |
Estimated Limits
| Feature | Tier 1 (Basic) | Tier 2 | Tier 3 (Advanced) |
|---|---|---|---|
| Daily Limit | N50,000 | N200,000 | Potentially much higher than Tier 2 |
| Balance Limit | N300,000 | N500,000 | Potentially Unlimited |