All you need to know about KYC on your Tingg Account

Tingg KYC Blog

First off, what is KYC? 

KYC simply means Know Your Customer. It is important to note that many people in Nigeria lack formal means of identification. Where they want to obtain such, the procedure to acquire them is quite tiring and expensive, effectively out of their financial means. This makes financial services go beyond the level of the poor. To curb this and aid financial inclusion amongst the underbanked and unbanked, the Federal Government initiated a regulation that requires all financial institutions to obtain adequate information about their customers to enable them to have a robust overview of their activities.

The KYC is a process that all businesses are required to carry out to be able to identify the customers they are doing business with. Some form of KYC is done before businesses enter a business relationship with the customer, and incremental KYC is done during the period of the business exchange.

KYC helps financial institutions to know everyone they are transacting with and also enables us to provide information about these people if required to do so. It also helps prevent businesses (financial and non-financial) from being used by criminal elements for money laundering, fraud, and other corruption-related activities. As a responsible and law-abiding financial institution, Cellulant ensures to have all or some PII of a customer before activation.

Read Also: How To Earn More Money As A Tingg Agent

What does KYC look like?

Financial institutions are expected to record some Personally Identifiable Information (PII) of their users and examples of PII are verified phone number, full name, gender, date of birth, house address, passport, NIN, etc. the receipt of this data shows that the business has carried out good KYC on their customers. At the very least, businesses should have the following information about their customers:

  • First name
  • Last name
  • Email address
  • Phone number

How do I Know my KYC?

Firstly, there are 3 levels to KYC. Depending on the information a Cellulant wallet customer is able to provide, government regulation requires that all Cellulant wallet accounts (Tingg) should be categorized based on transaction/balance limits below:

Read Also: No POS? No Problem! 3 ways to maximize your profits as a mobile money agent without POS Terminal

How To Increase Your Limits

Due to COVID-19 guidelines, Cellulant does not welcome customers to its office for KYC limit upgrades. However, Upgrading your KYC has been made simple. kindly reach out to your account manager to put you through or send an email to customerservice@cellulant.com.ng

We’re here to help you

If you still have any questions or need help figuring things out, you can check our frequently asked questions on Instagram or reach out to our Customer Experience Team via email Customerservice@cellulant.com.ng

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