Based on a CBN directive, we'll need to update the KYC documentation of every merchant on Paystack.
This is being done to update the information on the individuals behind different businesses, and also to have our merchants revalidate all their incorporation documents and their physical addresses.
We understand that this might be an inconvenience, and we apologise, but we assure you that this is being done to ensure that your business, and ours, remains in accordance with all government policies and regulation.
You can learn more about the directive from CBN here.
Please follow this link to upload your compliance information on your Paystack Dashboard.
What information do you need for my business?
We require different types of compliance information based on business type and we've broken down the required information for the different categories below.
Starter Businesses for Nigeria based merchants
As a Nigeria based Starter business, we simply require you to provide us with contact information, business owner information, a valid means of identification (Nigerian Bank Verification Number, Driver’s Licence, National Identity Number (NIN Slip), Voter’s Card or Passport) and a document to stand as a proof of address. You can find out what serves as a valid proof of address for an individual here.
Registered Businesses for Nigeria based merchants
For Nigeria based Registered businesses, we require different types of information from you based on your Registration type. We've outlined a brief overview of the different Regsitration types and what information we require below:
Registration Type |
Who falls under this Registration type? |
Documents Required |
| Incorporated Trustees | These are businesses that are registered with the CAC as incorporated trustees. These businesses have a CAC/IT number. Examples of businesses with this registration type include NGOs, religious organisations, professional associations etc. |
- Form CAC IT/1: This is the Incorporated Trustees Application Form. - CAC/IT Number: This is the Registration number for Incorporated Trustees. - You will also need to provide information on at least two directors of your business. |
| Incorporated Company | This is a business incorporated with the CAC with an RC number. They include Private and Public companies as well as companies Limited by guarantee. |
There are 6 ownership structures under this Registration type: Privately Held (December 2020 to date) - RC Number: This is the registration number for an incorporated company. - Memorandum and Articles of Association - Certificate of Incorporation: Certificate showing that the company is duly incorporated. - Tax Identification Number: This is a unique identification number issued to taxpayers by the FIRS. - CAC Status Report: Status of application for registration of a company with CAC. - You will also need to provide information on at least one director of your business. - Finally, you will need to identify people who, together, own at least 50% of this business.
Public (December 2020 to date) - RC Number: This is the registration number for an incorporated company. Memorandum and Articles of Association - Certificate of Incorporation: Certificate showing that the company is duly incorporated. - Tax Identification Number: This is a unique identification number issued to taxpayers by the FIRS. CAC Status Report: Status of application for registration of a company with CAC. - You will also need to provide information on at least two directors of your business.
Privately Held (2017-2020) - Form CAC 1.1: This is the application for registration with the CAC. - Memorandum and Articles of Association. - RC Number: This is the registration number for an incorporated company. - Certificate of Incorporation: Certificate showing that the company is duly incorporated. - Tax Identification Number: This is a unique identification number issued to taxpayers by the FIRS. - You will also need to provide information on at least two directors of your business. - Finally, you will need to identify people who, together, own at least 50% of this business.
Public (2017-2020) - Form CAC 1.1: This is the application for registration with the CAC. - Memorandum and Articles of Association - RC Number: This is the registration number for an incorporated company. - Certificate of Incorporation: Certificate showing that the company is duly incorporated. - Tax Identification Number: This is a unique identification number issued to taxpayers by the FIRS. - You will also need to provide information on at least two directors of your business.
Privately Held (Pre-2017) - Form CAC 3: Notification of Registered address or any changes therein. - Form CAC 2: Statement of Share Capital and Return of Allotment. - Form CAC 7: Particulars of Directors. - Memorandum and Articles of Association. - RC Number: This is the application for registration with the CAC. - Certificate of Incorporation: Certificate showing that the company is duly incorporated. - Tax Identification Number: This is a unique identification number issued to taxpayers by the FIRS. - You will also need to provide information on at least two directors of your business. - Finally, you will need to identify people who, together, own at least 50% of this business.
Public (Pre-2017) - Memorandum and Articles of Association - RC Number: This is the application for registration with the CAC. - Certificate of Incorporation: Certificate showing that the company is duly incorporated. - Tax Identification Number: This is a unique identification number issued to taxpayers by the FIRS. - You will also need to provide information on at least two directors of your business. |
| Business Name Registration | These are businesses registered with the CAC as Business Names. They have a BN number and are typically sole proprietorship businesses. |
- Certificate of Business Name: This is the Certificate showing that the Business Name has been registered with the CAC. - BN Number: This is the Registration number for Certificate of Business Name. - Form CAC BN 1: This is the application for registration of Business Name. - You will also need to provide the information of at least one owner of the business |
| Free Zone Entity | These are businesses that are exempt from the normal regime applicable in Nigeria, particularly with regard to Customs duty and tax. |
- Operating License: This is the license to operate a Free Zone issued by NEPZA. - CTC of Notice of Situation: This is the registration document showing the registered address of the business. - Particulars of Directors or Any Claim Therein: This is the Registration document with the details of all the directors of the business. - Certificate of Registration: This is the NEPZA certificate of registration. - Statement of Share Capital and Return of Allotment: This is the document detailing the company's issued share capital. - NEPZA Number: This is the company's registration number. - Memorandum and Articles of Association - You will also need to provide information on at least two directors of your business and 2 beneficial owners of your business. |
| Government Entity | This is a government agency which is an organisation in the government that is responsible for the oversight and administration of specific functions. |
- Authorisation Letter: A letter from your organisation that permits Paystack to collect payments on your behalf. - Official Gazette: Notice of creation of the government agency in the national or state Official Gazette. |
| Private Entity created by Government Approval | This is a private business whose creation was approved by the ministry or government agency. |
- Government Approval Document: This is the approval document from ministry or government agency. - Document showing business owners. |
| Cooperative Society | Cooperative Societies are financial institutions owned and operated by its members. They tend to offer services such as savings, lending, investments and sometimes insurance. |
- Cooperative Certificate: This is the Cooperative Society Certificate, issued by the state government. - Certified Application Form: This is the application form for the Registration of Cooperative Societies. - You will also need to provide information on at least two directors of your business. |
If you do not have a CAC Form 3 for your business, you can share a proof of address for your business in that field instead. This proof of address should bear the name and current address of your business. You can find out what serves as a valid proof of address for your business or for an individual here.
If you need further help with submitting these documents please reach out to us via our contact form or send us an email via support@paystack.com.
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