Identify customers

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Note:

This is only required if you are using the Fixed Virtual Accounts feature on the Bloc API and dashboard

Know Your Customer (KYC) is an identity verification requirement by the CBN for all account holders. It allows us to record and confirm who owns a particular bank account.

According to CBN regulations, there are three different tiers of KYC verification. Each tier has its own requirements and limits (in case you do not meet them).

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Note:

KYC Verification is non-negotiable if you want to create/issue Fixed Virtual Accounts to your customers.

If you do not want to have to do KYC, you may want to consider using the Collection Accounts feature. While it has limitations, your customers do not need to do KYC for you to issue/create a Collection Account.

Tier 1 KYC

Introduction

This is the basic level for any account holder. The information required at this tier are full name, address, country, date of birth, place of birth, gender, and your image.

This is the lowest KYC tier and the easiest to provide by any customer. Once provided, the customers can begin to use their account, but there are limits. If customers go beyond these limits, their accounts will be blocked or reported until they upgrade KYC to the next tier.

Account Limits

In this tier, customers are limited to:

  • a maximum available balance of ₦200,000. Customers can have no more than ₦200,000 at any point of a transaction;
  • a maximum deposit of 20,000. No one can transfer more than ₦20,000 at once to the customer;
  • a maximum transfer/withdrawal limit of ₦3,000. The customer can spend, withdraw or transfer more than ₦3,000 at a time from their account;
  • a maximum daily cumulative debit amount of ₦30,000. The maximum amount of money they can withdraw in a day is NGN30,000.

Upgrading to Tier 1

To upgrade your customer to Tier 1 KYC, call our API endpoint.

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Helpful tip:

If you already have all of the required information from your customer, you can provide it and automatically upgrade them to Tier 1 at account creation.

https://api.blochq.io/v1/customers/upgrade/t1/{customer_id}
{
    "place_of_birth": "Lagos",
    "date_of_birth": "0001-01-01T00:00:00Z",
    "gender": "male",
    "country": "Nigeria",
    "bvn": "22303240817"
        "address": "33 Eastwest Rd Ajah Lagos",
    "image": "https://banc-corp-kyc.s3.us-west-1.amazonaws.com/EppMobile/Saint-Townsend-62e024dcb42d99d95efd7ed4/Saint20220908082053Townsend2022090808205362e024dcb42d99d95efd7ed4.png"
}

Tier 2 KYC

Introduction

For customers who need to do more with their accounts, they’ll need to provide more information to verify their details. In this tier, the information required is bvn, means of ID, and an image of the ID. Typically, this should be a nationally recognized identification document like a voter’s card, international passport, national ID card, or NIN slip.

Company identity cards are not recognized.

Account Limits

In this tier, customers are limited to:

  • a maximum available balance of ₦1,000,000;
  • a maximum deposit of ₦50,000;
  • a maximum transfer/withdrawal limit of ₦10,000;
  • a maximum daily cumulative debit amount of ₦100,000.

Upgrading to Tier 2

To upgrade your customer to Tier 2 KYC, call our API endpoint.

https://api.blochq.io/v1/customers/upgrade/t2/{customer_id}
{
    "bvn": "00030394839",
    "means_of_id": "Drivers license",
    "image": "https://banc-corp-kyc.s3.us-west-1.amazonaws.com/EppMobile/Saint-Townsend-62e024dcb42d99d95efd7ed4/Saint20221608113747Townsend2022160811374762e024dcb42d99d95efd7ed4.png"
}

Tier 3 KYC

Introduction

This is the highest level of KYC verification. In this tier, the only information required is a liveliness check

A liveliness check is an important factor in detecting fraud. It is powered by a technology that can differentiate photos/videos taken in real-time and those taken from a copy of a photo.

Account Limits

In this tier, customers have the following restrictions:

  • no limit on their maximum available balance;
  • no limit on the maximum deposit receivable into the account;
  • a maximum transfer/withdrawal limit of ₦1,000,000;
  • a maximum daily cumulative debit amount of ₦5,000,000.

Upgrading to Tier 3

To upgrade your customer to Tier 3 KYC, call our API endpoint.

https://api.blochq.io/v1/customers/upgrade/t3/{customer_id}
{
    "image": "https://banc-corp-kyc.s3.us-west-1.amazonaws.com/EppMobile/Saint-Townsend-62e024dcb42d99d95efd7ed4/Saint20221608113747Townsend2022160811374762e024dcb42d99d95efd7ed4.png"
}