In compliance with the Central Bank of Nigeria’s regulations, Paystack is required to ensure all funds are held in a real bank account.
What this means is that if you're a Nigerian business using Transfers, have manual payouts turned on or are involved in any activity that involves topping up your Paystack Balance, we'll need the following information from you to hold those funds in a bank account for your business:
- The Bank Verification Number for a director of your business
- The Tax Identification Number (TIN) for your business
- Your company’s Form CAC 2A and Form CAC 7A from the Corporate Affairs Commission showing the current directors and shareholders of the business
- Your company's physical address
This information will be used to open a bank account for your business for the sole purpose of keeping your funds on Paystack.
These requirements are only for Registered Businesses in Nigeria.