In today’s digital age, Know Your Customer (KYC) procedures are essential for businesses to verify the identity of their customers.
About KYC on Remita
For Remita users, completing KYC is a straightforward process designed to enhance security and trust within our platform. Whether you’re an individual user or representing a registered business, adhering to KYC requirements ensures a seamless experience while using our services.
Our KYC is structured into two sections
- Individual KYC: All users on Remita will have to complete this, including users on corporate profiles
- Registered Business: This is the KYC of the Registered business
The Registered Business KYC is categorised into 3 sections
- Business Information Section
- Business Document Section, and
- Business Owners Section
Any user on an organization can complete the registered business KYC. Users can save each section of the registered business KYC once completed and can return to complete the KYC later.
Individual KYC Requirements
All users on Remita are expected to complete their individual KYC up to the CBN approved level 3 KYC- which entails providing the below information
- First Name
- Last Name
- Phone Number
- Gender
- Date of Birth
- Photo
- Residential Address
- BVN (Bank Verification Number)
- NIN (National Identification Number)
- Proof of Address
With these details at hand, users can confidently proceed with their individual KYC verification on Remita. Ensuring the accuracy of the provided information is crucial for a successful verification process.
Important Information:
Please see the below list of accepted types of Proof of addresses, of which the documents are expected to be no more that 3 months old.
- Utility bill for services to the address
- Bank statement showing current address
- Tax assessment
- Cable TV bill such as DSTV bill
- Letter from a public authority
Registered Business KYC Process
For businesses registered on Remita, the KYC process is slightly more comprehensive, divided into three sections:
1. Business Information Section
In this initial section, businesses are required to furnish the following details:
- Registered Business Name
- Business Type (e.g., Commerce, Retail, Oil and Gas, etc.)
- Business Registration Type (e.g., Registered Company (RC), Business Name (BN), etc.)
- CAC Registration Number
- Business Email
- Business Phone
- Business Address
Accurate completion of this section lays the foundation for the subsequent steps in the KYC process.
2. Business Document Section
Depending on the type of business and its registration, specific documents may be required to be submitted. Remita’s platform prompts users to upload the necessary documents tailored to their business and business registration type.
3. Business Owner Section
In this critical section, businesses need to provide details of the Ultimate Beneficial Owner(s) (UBO); i.e. any owner who holds a 5% stake or higher in the business. The required information mirrors that of the individual KYC, including:
- First Name
- Last Name
- Phone Number
- Gender
- Date of Birth
- Photo
- Residential Address
- BVN (Bank Verification Number)
- NIN (National Identification Number)
- Proof of Address
Ensuring transparency in ownership details is vital for regulatory compliance and maintaining trust within the Remita ecosystem.
As mentioned above for what is expected in way of proof of address, please see the below list of accepted types of Proof of addresses, of which the documents are expected to be no more that 3 months old.
- Utility bill for services to the address
- Bank statement showing current address
- Tax assessment
- Cable TV bill such as DSTV bill
- Letter from a public authority
Reasons Why your KYC may be Rejected
There are a number of reasons ehy your KYC may be rejected. This could include
- Your proof of ID not matching your Biodata: We check your BVN or NIN against your First Name, Last Name, Photo, Date of Birth and Gender to establish that the proof of ID supplied belongs to you. If this does not match, your Personal KYC will be rejected. This also applies to your business KYC in terms of the information supplied in the Business Owner section.
- Invalid Proof of ID: If any of the BVN or NIN supplied is invalid (i.e. not a verifiable ID Number), your Personal KYC will be rejected. This also applies to your business KYC in terms of the information supplied in the Business Owner section.
- Invalid Photo: If the Photo supplied is not the photo of human being, your Personal KYC will be rejected. This also applies to your business KYC in terms of the information supplied in the Business Owner section.
- Invalid Proof of Address: If the proof of address is deemed to be a fake document or if it is not one of the recommended list of proof of address documentation, your Personal KYC will be failed. This also applies to your business KYC in terms of the information supplied in the Business Owner section.
- Invalid CAC Number: If the CAC number supplied is invalid (i.e. not a verifiable ID Number), your Business KYC will be rejected.
- Mismatch between name on record with CAC and Registered Business name supplied: If their is a mismatch between the name of record with the Corporate Affairs Commission (retrieved via the CAC Number supplied) and the name suppled as your registered business name, your Business KYC will be rejected.
- Invalid Business Documentation: If your uploaded business documents are incorrect, invalid or deemed to be unauthentic, your Business KYC will be rejected.
- Invalid Personal Information of the Business Owner: If the personal information supplied is deemed to be invalid as assessed by items 1-4 above, your Business KYC will be rejected.
Conclusion
Completing KYC on Remita is a fundamental aspect of using our platform securely and responsibly. By adhering to KYC requirements, individuals and businesses alike contribute to a safer and more transparent financial environment. Should you encounter any difficulties during the KYC process, our onboarding team is readily available to assist you. You can reach out to us at [email protected]
