If you’ve been using Opay for your financial transactions, you’re certainly aware that it’s one of the top digital platforms in Nigeria. But did you know that in order to take advantage of all of its capabilities, you must upgrade your account?
In this detailed article, we’ll walk you through the process of upgrading your Opay account quickly and easily.
Why Do You Need to Upgrade Your Opay Account?
Upgrading your Opay account has various advantages. The upgrade is frequently required to gain access to additional features and greater transaction limits. However, here’s why you might want to upgrade your Opay account:
Increased Transaction Limits:
One of the key reasons to upgrade is to obtain access to increased transaction limits. As you go through the KYC levels, you will be able to transfer, receive, and hold larger sums of money, which is needed if you need to perform major financial transactions.
Access to Additional Services:
Upgrading allows you to gain access to a broader choice of financial services on the Opay platform. This could include services such as requesting loans, earning interest on savings, or participating in investment possibilities that are only available to those with higher KYC levels.
Increased Trust:
Higher KYC standards generate trust for both you and the platform. It demonstrates that you are a verified user, which is useful when dealing with significant transactions or financial organizations.
Financial Flexibility:
A more advanced Opay account allows you to manage your funds more flexibly, making it easier to address a variety of financial needs, from day-to-day spending to major investments.
Access to Merchant Services:
If you own a business or want to engage in commercial activities, you just have to upgrade to a merchant account.
All these upgrades will enable you to take large payments from customers and conduct commercial operations in a seamless manner.
What is KYC?
KYC means Know Your Customer. KYC is an integral part of the Opay user’s onboarding journey and helps us get to know the OPay app users better. Through the KYC process, our users are able to operate different levels of transactions on OPay.
The 4 KYC Levels on OPay
Unlike the bank where you need to be physically present to open or register an account, Opay makes it possible for you to register and start using the app in the comfort of your home, anywhere, anytime.
See below how to upgrade your account to each level;
What You Should Know About Opay KYC Levels
KYC Level 1
When you sign up on OPay, you are automatically placed on KYC 1, which is the lowest level of Know Your Customer (KYC) ranking. It has:
- N50,000 maximum account balance.
- N50,000 is the daily transaction limit.
KYC Level 2
Why you should upgrade:
- To be able to transfer up to N200,000 daily.
- To be able to maintain a daily Balance Limit of N500,000.
What you need to upgrade to KYC 2:
- Full Name.
- Residential Address.
- BVN.
Steps to upgrade to KYC2
If you want to upgrade to KYC 2 on Opay, please follow the steps below:
- Click on Account at the bottom right corner of your device.
- Click on your Name Details at the top of your screen.
- Select upgrade to KYC 2.
- Fill in the necessary details and enter your BVN (The BVN is a mandatory field as legally required by the Central Bank of Nigeria).
Your account will be upgraded instantly after you submit.
KYC Level 3
Why you should upgrade:
- Unlimited Balance Limit.
- Daily transaction limit: N5,000,000.
What you need to upgrade to KYC 3
- Verified Residential Address.
- Proof of address: Utility Bill (you need to take a clear picture of your utility bill issued within the last 3 months and upload this unto the system using the app).
- Means of Identification: National ID card, Voter’s card, International Passport or Driver’s License (please upload a clear picture or scan).
- Passport Photograph (please upload a clear picture or scan).
Steps to upgrade to KYC 3
- To begin, open the Opay app and log in.
- Select the profile image icon.
- Continue to scroll until you see the “Upgrade to KYC 3” option.
- Enter your address of residence.
- Upload a means of identification, (Voter’s card, National ID/Slip, International Passport, Driver’s license, etc.).
- Upload proof of residence (Utility bill, Waste bill, etc.).
- Passport photograph.
Fill out the required information to advance to KYC Level 3.
How to Upgrade to an Opay Merchant Account Easily
- Log in to your Opay account on the app.
- Tap the profile image icon.
- Scroll down until you see the “Upgrade to Merchant” button; click it.
- Provide the necessary information to unlock the full potential of an Opay merchant account.
Please note: Upgrade request to KYC level 3 or Agent could take up to 48 hours to be approved.
Frequently Asked Questions
Below are some of the frequently asked questions on how to upgrade your Opay account and their short answers:
What is an OPay account upgrade?
An OPay account upgrade is a process that allows you to unlock new services and benefits by submitting more specific personal information and completing verification stages within the OPay mobile app.
Why should I update my OPay account?
Upgrading your OPay account boosts your transaction limits, improves security, gives you access to savings and investing choices, and gives you access to unique promotions and offers.
How long does the upgrade procedure take?
The time it takes for your account to be updated varies, however, it usually takes a few days. To accelerate the process, be patient and verify the information you supply is accurate.
Can I use my upgraded OPay account for business purposes?
Yes, an upgraded OPay account is excellent for both personal and business use, thanks to larger transaction limits and enhanced functionality.
What happens if my upgrade is not approved?
If your upgrade is not accepted, you may need to double-check the submitted information or documentation for accuracy and completeness. You can generally reapply after you’ve addressed any difficulties.
Conclusion
If you want to get the most out of this popular mobile money network, upgrading your OPay account is a good idea.
Upgrading brings up a world of financial potential by increasing transaction limits, improving security, providing access to savings and investment alternatives, and providing access to unique promotions.
To upgrade your OPay account and take charge of your financial future, follow the easy steps given in this article.