At Monnify, KYC (Know Your Customer) isn’t simply a regulatory checkbox. It is the foundation that helps us build a fortress around your funds. Providing your KYC documents creates a secure, high-speed payment environment that benefits everyone involved:
- For You (The Merchant): We strictly verify every merchant on our platform. This proactive defense protects your business from identity theft, account takeovers, and fraudulent transactions; ensuring your hard-earned money stays exactly where it belongs.
- For Monnify: As a highly regulated entity, we strictly enforce the Central Bank of Nigeria’s (CBN) Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations. This unwavering compliance allows us to deliver impressive transaction success rates in the country.
- For the Financial Ecosystem: A secure financial ecosystem means faster settlements, reliable infrastructure, and better margins for all legitimate businesses.
Pro-Tip: Please ensure all uploaded documents are well-lit and clearly show all four corners.
Your Checklist: Information & Documents Required
Getting approved on Monnify is fast when you have your details ready. We have broken down the requirements into 6 simple phases. Use this table as your checklist to gather everything you need as you begin your application:
Phase
| Required Details & Documents
| Why We Need It
|
1. Business Identity & Operations | • Core Info: Business Name, Business Description, TIN, Staff Size. • Digital Info: Website link, Business Logo, Social Media handles. • Contact: Support Email & Chargeback Email. • Location: Full Address, Nearest Landmark, Proof of Address (e.g., Utility Bill).
| Helps us understand what you do and where you operate. |
2. Settlement & Banking | • Corporate Account Details: Account Name and Account Number. (Must match your registered business name). | Tells us where we should send your money? |
3. Beneficial Owners (Directors) | • Identity: BVN, NIN, and a clear Valid ID Upload. • Personal: Full Name, DOB, Nationality, Phone, Address. • Professional: Occupation, Employer, Source of Wealth, PEP Declaration (Politically Exposed Person).
| We need to verify the key individuals steering your business.
|
4. Shareholder Information | Individual Shareholders: Full Name, Nationality, NIN, ID Upload, Personal Holding, PEP Declaration | Tells us the primary stakeholders and financial backers of your business. |
Corporate Shareholders (If another company owns shares in your business): - Company Details: Company Name, CAC Number, Percentage holding, Incorporation Certificate, Status Report
- Directors’ Details: Full name, ID Upload, PEP Declaration (yes/no)
- Shareholders’ Details: Full name, ID Upload, Percentage holding, PEP Declaration (yes/no)
|
5. Corporate Registration Document | - Official Docs: Board Resolution, CAC document, Memorandum and Article of Association, RC Number, Status Report
|
|
6. Sector-Specific Requirements (Applicable to certain business categories) | - Operating Licenses (e.g., CBN, SEC, Ministry of Health, Aviation, NAICOM, PENCOM License).
• Compliance Policies: SCUML, AML/CFT Policy, and KYC/CDD Policy.
| To ensure businesses in specialized sectors (Fintech, Real Estate, Health, Education, etc.) meet national regulatory standards. |
How to Upload Your Documents
Ready to get verified? You can submit all your details directly through your Monnify Dashboard.
1. On your Monnify Dashboard menu, go to Settings.
2. This Settings contains 6 main tabs:
- Business Profile
- Preferences
- Contract Setup
- Bank Accounts
- Team
- Profile
3. Go through each section and upload the required KYC details. Once submitted, our compliance team will review your profile and then you go live.