Bumpa KYC: What It Is and How It Works

Created by Bumpa Support, Modified on Wed, 2 Oct at 11:10 AM by Bumpa Support

Introduction

At Bumpa, we are dedicated to creating a secure and trustworthy environment for all users. To achieve this, we prioritise the Know Your Customer (KYC) process. This guide explains the importance of KYC, its benefits, and the steps you can take to complete the verification process easily

What is KYC?

KYC, or Know Your Customer, is a process designed to verify the identities of our users. This involves collecting and verifying essential personal information, such as your Bank Verification Number (BVN), National Identification Number (NIN), and Corporate Affairs Commission (CAC) registration. The aim is to ensure that users on our platform are who they claim to be.

Why is KYC Important?

The implementation of KYC is crucial for several reasons:

Fraud Prevention: KYC helps reduce the risk of fraudulent activities by verifying user identities, thereby creating a safer environment for all.
Legal Compliance: Adhering to legal regulations is essential. KYC ensures that Bumpa complies with relevant laws, protecting both the platform and its users.
Building Trust: A verified user base fosters trust within the community, encouraging more meaningful interactions and transactions.
Enhanced Features: Completing KYC verification allows you to unlock higher transaction limits and other benefits

How to Complete the KYC Verification Process on Bumpa

Verify Your Identity

Step 1: Start Your KYC Verification

Existing users will see the prompt to verify their identity and get paid on the transactions page. Verifying your identity increases your daily limit based on the level of verification (Tier) you have completed.

Click on the prompt to “Begin the Verification”

Step 2: Update Your Legal Name

You will be required to update your legal name to match your approved government identification.

Click Continue to proceed
Click “Tap to get Started”
Or click “Verify your identity to get paid”

Step 3: Verifying Your Identity (Legal Name and Date of Birth)

Here, a prompt will appear asking you to “Review Your Name & DoB” initially provided while creating your account will be displayed.

You can update your Name and DoB
Click Continue to proceed
Update profile - enter your correct Legal name and Date of Birth
Click “Continue”

Select Verification Level

Step 4: Choose Your Verification Tier (Level)

Select the tier you want based on the documentation you have available.

Note: If you do not have a CAC document, you can select Tier 1 and upgrade to Tier 2 later once you complete your CAC registration

Tier 1 KYC Verification

Step 5: Verifying your BVN and NIN details

Enter your BVN (must be an 11-digit number) and click on Verify.
Once verification is successful, click on Continue.

Note: BVN must be 11 digit number

Note: If your BVN verification fails, ensure you have entered the correct BVN and retry the verification process again. If the issue persists, please contact support.