The Know Your Customer verification (KYC) is a vital process ensuring the safety and legitimacy of your financial transactions. Earnipay wants everyone to have an easy-to-use, financial platform. Simplifying your daily financial tasks should be the easiest part of your day.
The Central Bank Of Nigeria (CBN) mandates that financial institutions gather and verify customers’ information as part of their KYC requirements. By getting this data, financial institutions can evaluate potential risks related to money laundering, terrorism financing, and proliferation financing.
The framework specifies that banks must identify customers, whether individuals or legal entities, and gather specific information such as legal names, addresses, contact details, identification documents, account types, nature of banking relationships, and signatures.
Just last week, an 83-year-old retired Indian government official fell victim to a fraudulent call, purportedly from his bank, resulting in the loss of ₹2.5 lakh, about $3000. The official received a call from an individual posing as a bank official from the same branch where he held his pension account, as reported by Metro.
The official faced challenges during the KYC verification process and sought assistance from his 11-year-old grandson, who diligently followed the instructions. After concluding the call, ₹2,57,650 had been debited from his account. He lost access to his fixed deposits and recurring deposits.
This is not to alarm you but to show how important it is to complete your KYC securely. This comprehensive guide will walk you through the step-by-step process of completing your KYC and unlocking exciting rewards.
Getting Started With KYC
Before you start on the KYC journey, make sure you have the necessary documents at hand. Commonly accepted identification documents include a driver’s license, international passport, or national ID. Ensure that the information on these documents matches your registration details.
Navigate the KYC Section
Sign up or log in to your Earnipay account. On the home page, click the yellow prompt section that asks you to complete your profile to initiate the KYC process.
Entering Accurate Information
Accurate details are crucial for a successful KYC verification. Remember to double-check the required information, especially your Bank Verification Number (BVN). Select the appropriate document from the options provided, including your driver’s license, international passport, or Permanent Voters Card).
If you notice discrepancies in your Date of Birth (DOB) or Bank Verification Number, take the necessary steps to correct them. Contact your bank for BVN-related issues and update your DOB through the designated channels.
Proper Lighting and Taking Clear Pictures of Your ID
Find a well-lit area to capture clear and high-quality images of your identification document. Adequate lighting is crucial for the success of the KYC process. Avoid shadows and glares that may affect the clarity of the pictures.
Capture sharp and focused images of your identification document. Ensure all details, including your photo and personal information, are visible. Retake photographs if necessary to avoid any potential issues during the verification process.
On the Earnipay app, ensure you take a well-lit selfie with proper framing for facial recognition.