Much Ado About KYC

As a tech-savvy millennial constantly making use of FinTech platforms, you must have come across the KYC requirement at least once in your life and probably wondered what it represented and/or meant.

Look no further, the KYC is basically an acronym for “Know Your Customer”. It refers to a process that banks, FinTechs and all other providers of financial services need to engage in, in order to verify the authenticity of users on their platform.

The KYC requirement is a compulsory practice put in place by the regulatory institution responsible for monitoring the actions of financial service providers in a country, and it requires all users to pass through the process before carrying out certain financial transactions.

This process of verifying the authenticity (or not) of users could include requesting for more information like the Personal Identifiable information, identification documents — National ID card, Passport, Driver’s License, etc and sometimes even your Bank Verification Number (BVN).

As a user who is being asked to present these documents, it is very easy to think of this process as a bottleneck and unnecessary, however, it is important to understand that having your KYC documentation completed on your Paga Account brings a ton of benefits to you, such as:

  • Prevents Fraud on your account, Updating your KYC helps us to understand the nature of activities going on in your account, verify that the source of funds is legitimate, and prevents any potential money laundering activity on the account.

To enjoy these benefits, update your KYC on the Paga app by clicking here for a simple 3 step process.

Just Paga It!

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Paga

Paga is Nigeria’s leading mobile money company. We are enabling people to digitally send and receive money, and creating simple financial access for everyone.