Features
What to Know about Bumpa’s KYC Verification & Fraud Prevention
Features

Petra Nna .Aug 29, 2024
Hello, Bumpreneur! I come with some very important information.
In response to recent regulatory mandates from the Central Bank of Nigeria, we have implemented a Know Your Customer (KYC) verification system to ramp up security measures and combat fraud effectively. KYC verification plays a vital role in ensuring the authenticity of our users’ identities, enhancing customer trust, and safeguarding against fraudulent activities and brand impersonation.
This short article will cover:
How It Benefits You as a Bumpa User
Enhanced Security: KYC verification adds an extra layer of protection, reducing the risk of fraudulent transactions and unauthorised access to accounts.
Compliance with Regulations: By aligning with regulatory requirements, Bumpa ensures legal compliance and upholds industry standards, fostering a transparent and responsible business environment.
Streamlined Settlement Process: The tiered account system simplifies settlement procedures, offering clear guidelines and efficient remittance processes based on your verification status.
Improved Customer Trust: By prioritising data security and customer verification, Bumpa enhances user trust and confidence in the platform.
Bumpa's KYC Tiers
This is a breakdown of the different levels of verification or categorisation that could be assigned to you based on the information you provide, and what you will get with each tier.
Tier 1 Requirements:
Documents Needed: BVN and NIN
Features:
Unlimited daily settlements are remitted into a personal bank account.
Settlements can only be remitted into a bank account with a name that matches the merchant’s profile name.
Tier 2 Requirements
Documents Needed: CAC registration number and CAC document
Features:
Unlimited daily settlements can be remitted into a business or personal bank account.
Settlements can be remitted into a bank account with a name that matches the merchant’s profile name or business name.
Note: Customers currently using the Paystack (Online) payment method will be required to complete KYC verification to continue receiving settlements.
How to do your KYC verification on Bumpa
You will be prompted to do your KYC verification on the Bumpa app. Then, follow these steps.
Click on the prompt.
Confirm that your Bumpa account name and date of birth are consistent with your BVN, name and date of birth. You can update your details if they are inconsistent.
Select which tier you would like to upgrade to. Check out all the tiers here.
Fill in all the required information for each tier, confirm and then submit.
And you’re done!
Note: If you want to upgrade from Tier 1 to Tier 2, only your CAC registration number and CAC document upload will be required for verification.
Don’t forget that the KYC process will be implemented very soon. If you have any questions, please email [email protected] and you’ll get an answer instantly!
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