We're excited to announce some updates to our Nearpays account tiers! These changes are being made to comply with regulations set by the Central Bank of Nigeria (CBN) and ensure a safe and secure experience for all our users.

Understanding KYC Verification

Before diving into the new tiers, let's discuss KYC (Know Your Customer) verification. KYC is a process that helps financial institutions verify the identities of their users. By completing KYC, you're helping us prevent fraud and ensure the legitimacy of your account.

New KYC Requirements and Account Tiers

Here's a breakdown of our new tiers and the KYC requirements needed for each:

Tier 1: Basic Verification

• Required Documents: BVN, Liveliness Check
• Daily Transaction Limit: ₦50,000
• Cumulative Account Balance Limit: ₦300,000

Tier 2: Standard Verification

• Required Documents: BVN, NIN, Liveliness Check, Utility Bill
• Daily Transaction Limit: ₦200,000
• Cumulative Account Balance Limit: ₦500,000

Tier 3: Enhanced Verification

• Required Documents: BVN, NIN, Liveliness Check, Utility Bill, Valid ID (Passport, Voter's Card, NIN Slip)
• Daily Transaction Limit: ₦5,000,000
• Cumulative Account Balance Limit: Unlimited

Tier 4: Sole Proprietor (For Businesses)

• Required Documents: All Tier 3 Documents + CAC Document, status report
• Daily Transaction Limit: ₦10,000,000
• Cumulative Account Balance Limit: Unlimited

Tier 4: Corporate (For Registered Businesses)

• Required Documents: All Tier 3 Documents + Board resolution authorizing the opening of the corporate account and approving signatories (where application)
  · Copy of CAC certificate, MEMART, and a recent Status Report
  · Details of Directors (Name, means of ID, BVN, utility bill)
  · Passport photograph of Directors
  · Referees (2 referees)
• Daily Transaction Limit: ₦10,000,000
• Cumulative Account Balance Limit: Unlimited

How to Complete Your KYC Verification

Completing your KYC verification is easy! Follow the prompts within the Nearpays app to upload the required documents. Once your documents are verified, your account will be upgraded to the appropriate tier.

Why We Updated Our Tiers

These updates are being made to comply with CBN regulations and ensure a safer environment for all our users. By implementing a tiered system based on KYC verification, we can help prevent fraud and money laundering activities.

We understand that these changes may require some action on your part. If you have any questions about KYC verification or the new tiers, please don't hesitate to contact our customer support team. We're always happy to help!

Thank you for choosing Nearpays!