Today is ( Fri 07, Feb, 2025 )
In compliance with the Central Bank of Nigeria (CBN) regulations, Universal Investment and Development Company Limited (UIDC Limited) have put in place a Know Your Customer (KYC) verification system with three distinct tiers. KYC is a mandatory identity verification process for all account holders and is particularly crucial for creating all accounts. Here's a simplified guide to help you understand the different tiers and their requirements.
Before You Begin: Important Points to Note
KYC details apply globally. KYC verification is conducted on a customer level, not on individual accounts. An account only requires a customer to have been verified for it to function properly.
All customers start at Tier 0, and there are three tiers of KYC verification, each with its own set of requirements.
Tier 0: Getting Started
By default, all customers should start at Tier 0. When a new customer is created, their KYC tier is automatically set to 0. The required information at this level includes the first name, surname, email address, phone number, address, social media handle and BVN (Bank Verification Number).
Tier 1: Basic Level (Low Value Accounts)
Tier 1 is the basic level for any account holder. Customers at this tier need to provide additional information such as their country, date of birth, place of birth, gender, NIN and a passport photo. This tier has the following limits:
Tier 2: Enhanced Verification (Medium Value Accounts)
Customers who wish to do more with their accounts can progress to Tier 2 by providing additional details. At this tier, customers need to submit a means of identification and an image of the ID (e.g., voter's card, international passport, national ID card, or NIN slip, and employer). Tier 2 has the following limits:
The tier 2 accounts involves more detailed information, potentially including employment details, income sources, and transaction history.
Tier 3: Highest Verification Level (High Value Accounts)
Tier 3 represents the highest level of KYC verification. Customers at this tier need to undergo a liveliness check, a crucial factor in detecting fraud. This check distinguishes between photos/videos taken in real-time and those from a copy of a photo. Tier 3 comes with the following limits:
Tier 3 acounts focuses on enhanced due diligence (CDD), often involving additional verification methods and risk assessments for high-value accounts or transactions.
Please be aware that exceeding the specified limits for each tier may result in account freezing until the required documents are provided.
UIDC Limited is committed to ensuring a secure and seamless finance transaction experience for all her customers. If you have any questions or need assistance, feel free to contactat +234 816 244 5555.
Leave a comment