At MyBiz, we’re all about making sure your experience with us is smooth and super secure. That’s why we’re here to chat about why it is so important to upgrade KYC level on MyBiz – and how to do it!
Key Highlights
KYC or Know Your Customer, is a verification process required by MyBiz to ensure compliance with regulations and protect users from fraud.
Adding your BVN and NIN to your MyBiz profile enhances security by verifying your identity and preventing unauthorized access.
Upgrading to higher KYC levels unlocks higher financial limits, allowing you to transact with confidence and grow your business without restrictions.
What Is KYC And Why Does MyBiz Need It?
KYC stands for “Know Your Customer,” and it’s a verification process that we follow to get to know you better before or while we provide our awesome services. It’s all part of getting to know you and complying with the rules set out by the Central Bank of Nigeria. In a nutshell, KYC is crucial for keeping our platform and merchants’ accounts safe and secure.
Reasons To Upgrade Your KYC On MyBiz Account.
1. Enhanced Security
One way to make sure your wallet stays rock-solid secure, is by adding your Bank Verification Number (BVN) and your National Identity Number(NIN) to your MyBiz profile. It allows us to verify that you are the rightful owner of the account. Additionally, it helps us spot any shady stuff around your wallet like mismanagement of your identity, account takeover, anti-money laundering, and fraud prevention, and of course, maintain the integrity of our platform.
2. Compliance Standards
Our KYC process is aligned with top-level compliance standards to ensure that we’re meeting the Central Bank of Nigeria regulatory requirements and keeping our platform in line with industry best practices.
3. Increased Financial Limits
Having your KYC documents after downloading the app ensures you can keep enjoying full access to your MyBiz wallet. In addition to enhanced security, upgrading your MyBiz wallet also unlocks higher financial limits. You can transact with confidence up to the tune of ₦5,000,000 naira daily and grow your business successfully in a competitive market without restrictions.
Limits For MyBiz KYC Levels
How To Upgrade MyBiz Account to Level 2
There are two ways to upgrade your account
Login to MyBiz app
Clicks on “Upgrade your limit” on the “KYC Upgrade” pop-up notification on your dashboard screen.
Add your BVN and click “proceed”
Take a clear selfie and submit image for verification
Once all information is verified, your account is upgraded to Level 2
Option 2
Login to MyBiz app
Click “My Account” at the bottom left corner of the home dashboard screen, then click “Upgrade Limit”
Add your BVN, and click “proceed”
Take a clear selfie and submit image for verification.
Enter the 6-Digit OPT sent to your phone
Once all information is verified, your account is upgraded to Level 2
How to Upgrade MyBiz Account To Level 3
Login to your MyBiz app
Click on “Upgrade Your Limit” and follow the prompts to provide your BVN details.
Or Click “My Account” at the bottom left corner of the home dashboard screen, then click “Upgrade Limit
Choose NIN as ID type
Add NIN number and upload front and back of the NIN card
Add Address and Proof of address(utility bill or waste bill showing residential address)
Submit uploads for verification
Once all information is verified, your account is upgraded to Level 3
There you have it.
Bottom Line
Upgrade your KYC level on your MyBiz account today to enhance security and increased financial limits. Like always, we’re here to support you every step of the way on your journey to business success.
If you’ve got any questions or have any difficulty upgrading your account, please call: +234 0700-069-9699; email: customercare@nownow.ng or chat with us in the app.
FAQs
1. Is the upgrade processed in real-time, or do I need to wait for some time before it’s approved?
Yes, the upgrade is immediate without any delay
2. Can my wallet be downgraded?
Yes, it can if you fall under this category:
Are a new user that has not provided your BVN
You are in Level 1 and are yet to add your BVN
An Existing wallet holder whose BVN does not match.
3. Are my details shared as part of KYC safe with MyBiz?
Yes, your details with MyBiz are absolutely safe. We keep them in line with CBN guidelines.
4. How can I check the KYC status of my MyBiz wallet?
To check your KYC verification status on MyBiz,
Log in to your wallet
Click “My Account” at the bottom left corner of MyBiz home screen.
Your KYC level is displayed on the top right corner.
