In order to meet "Know Your Customer" (KYC) requirements set in place by the Central Bank of Nigeria, Paystack needs to verify the identity of every business that receives payments via its platform and the identity of the people that own the business.
The people whose identity we need to verify are the proprietor (for sole proprietorship businesses), or the directors and ultimate beneficial owners (for incorporated businesses).
The documents required are:
- A copy of your Certificate of Incorporation or Certificate of Business Name Registration from the Corporate Affairs Commission which will include the company’s RC or BN number shown at the top right corner of the certificate.
- A copy of your Memorandum or Articles of Association document.
- The Form 2/2A and Form 7/7A from the Corporate Affairs Commission to help us identify the current directors and ultimate beneficial owners of the company. Companies incorporated after 2017 will need to submit the CAC Form 1.1 which includes the current directors and ultimate beneficial owners.
- We may ask for additional documentation if your business is considered high risk.
Paystack is regulated by the Central Bank of Nigeria (CBN). You can see the CBN's KYC requirements at this link. The requirements from page 7 of that document apply to Paystack.
- The passport, national passport, voter’s card or drivers' license for the proprietor, director or ultimate beneficial owner.
- For Nigerian businesses, the Bank Verification Number (BVN) of the proprietor, director or ultimate beneficial owner.