KYB Requirements

Some of the key information you will required to create a business customer include:

Basic Details of the business: This includes business name, description of the business, business registration type, business registration/incorporation certificate, proof of address for the business, website of the business where applicable, industry the business operates in.

Contact details of the business: You provide contact details of the business such as contact email of the business, main address of the business and registered address of the business, and the business phone number.

Details of the Business Officers or Shareholders: You will be required to provide the following information of the business officers: full name, nationality, address, date of birth, email, phoneNumber, BVN, title and Percentage Owned.

Business Addresses

Different addresses are submitted during the business KYC process and are as follows:

Registered Address: The registered address is the address provided by the business to CAC during registration. This is typically the same address as on their CAC documents. For businesses that operate in a different location than the registered address, they will need to provide the current address they operate out from. Whether from working space, their home or an actual office.

Current Address: This is the current address, reflecting the current operating location of the business. It may be the same as the registered address or, in cases of relocation, the current operational address. This is validated with the proof of address.

Business office (director's) address. This is the residential address of the business owner. In cases where there's no valid proof of address for the operational location, the director's address can be used.

Things to note when creating a business customer:

• The business document requirements and minimum officer requirement for a business depends on the registrationType of the business.
• When creating a business customer, use role to specify the role of the officer you are associating with the business. Role can either be OWNER or DIRECTOR.
• When the role of a business office is DIRECTOR, then,percentageOwned is not applicable.
• Directors and Owners of a business can be from any country.