Understanding Daily Transaction Limits: What You Need to Know
We have all been there—trying to complete a transaction only to be stopped by that frustrating transaction limit error. It is a hurdle many…
At Paga, we prioritize your security and seamless transactions. To achieve this, we adhere to CBN regulations, which mandate customer identification through the KYC (Know Your Customer) process.
Verifying your identity through KYC is a crucial step that not only unlocks various transaction levels on our platform but gives you the flexibility and security you need to manage your finances with confidence.
Understanding Paga’s KYC Levels
Paga offers three KYC levels, each with its own transaction and balance limits:
| KYC Level | Daily Transaction Limit | Balance Limit |
|---|---|---|
| KYC 1 | NGN 50,000 |
NGN 200,000 |
| KYC 2 | NGN 200,000 | NGN 500,000 |
| KYC 3 | NGN 5,000,000 | Unlimited |
The higher your KYC level, the greater the transaction limits and flexibility you enjoy. Whether you are making regular transactions or managing larger sums, upgrading your KYC level allows you the freedom to operate with fewer restrictions and to do more with Paga.
How to Upgrade Your KYC Level
Simply log in to your Paga mobile app and follow these easy steps:
- Log in: Enter your phone number and password.
- Click on “Unlock Transaction Limits”
- Upload the document required for the next KYC level
- KYC Level 1: National Identification Number (NIN)
- KYC Level 2: Bank Verification Number (BVN)
- KYC Level 3: Proof of your address, such as a utility bill (e.g., water, electricity, internet), lease agreement, property document, or government-issued ID.
After providing the necessary documents, our team will review your documents and notify you once your KYC level has been upgraded.
How to Retrieve Your BVN and NIN
If you do not have your BVN or NIN handy, no worries, you can easily retrieve them using your registered phone number:
- To retrieve your BVN, dial *565*0# using the phone number you registered with. Your BVN will be displayed on your mobile device for a service fee of NGN20.
- To retrieve your NIN, dial *346#, and select “NIN Retrieval” by typing in ‘1’ that if you are using the same phone number you used to enroll for your NIN for a service fee of NGN20.
If you no longer have access to the phone numbers you used to enroll for your BVN or NIN, all you need to do is visit your bank, update your phone number to gain access to your BVN. For your NIN, visit the nearest NIMC office to update your phone number to gain access.
Why KYC Matters
The Central Bank of Nigeria (CBN) places significant importance on KYC procedures as part of its efforts to maintain financial system stability. By verifying your identity, we help to protect you from fraud, ensure compliance with regulatory standards, and contribute to the overall security of the financial ecosystem.
Upgrading your KYC level not only provides you with more flexibility and higher limits but also reinforces Paga’s commitment to secure and reliable financial services. Upgrade your KYC level today and enjoy a seamless Paga experience.
