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

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:

1. How it benefits you as a Bumpa user

2. Bumpa’s KYC tiers

3. How to do your KYC verification on Bumpa

How It Benefits You as a Bumpa User

1. Enhanced Security: KYC verification adds an extra layer of protection, reducing the risk of fraudulent transactions and unauthorised access to accounts.

2. Compliance with Regulations: By aligning with regulatory requirements, Bumpa ensures legal compliance and upholds industry standards, fostering a transparent and responsible business environment.

3. Streamlined Settlement Process: The tiered account system simplifies settlement procedures, offering clear guidelines and efficient remittance processes based on your verification status.

4. 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.

1. Tier 1: You will be required to submit your BVN and NIN for verification. This tier has a daily settlement limit of N300,000, and this means that you will receive a maximum of N300,000 as your daily settlement. The balance will be remitted the next day.

2. Tier 2: Verification at this level includes the submission of CAC documentation and offers you the flexibility of unlimited daily settlements, and is perfect if your business has higher transaction volumes.

Note: Customers currently using the Paystack (Online) payment method will be required to complete KYC verification to continue receiving settlements.

When KYC will be Implemented

Our KYC process will be implemented this month.

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.

1. Click on the prompt.

2. 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.

3. Select which tier you would like to upgrade to. Check out all the tiers here.

4. 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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