KYC & Verification Policy

Last Updated: April 20, 2024

At PayNest, we are committed to maintaining the highest standards of security and compliance. Our Know Your Customer (KYC) procedures are designed to protect our platform, our users, and comply with Nigerian financial regulations.

1. Why KYC is Required

KYC verification helps us:

• Prevent fraud and money laundering
• Protect user accounts from unauthorized access
• Comply with CBN and NFIU regulations
• Ensure a safe trading environment for all users

2. Verification Tiers

Tier	Requirements	Daily Limit
Tier 1 - Basic	Email & Phone Verification	$100
Tier 2 - Verified	BVN + Valid ID	$1,000
Tier 3 - Enhanced	BVN + ID + Proof of Address	$5,000+

3. Required Documents

• BVN (Bank Verification Number): Required for Tier 2 and above
• Government-Issued ID: National ID, Driver's License, Voter's Card, or International Passport
• Proof of Address: Utility bill or bank statement (not older than 3 months) - Tier 3 only

4. Data Protection

All KYC documents are encrypted and stored securely. We comply with the Nigeria Data Protection Regulation (NDPR) and never share your personal information with unauthorized third parties.

5. Verification Process

Verification typically takes 5-30 minutes. In some cases, manual review may be required and can take up to 24 hours.