What is KYB? Business verification, explained

KYB stands for Know Your Business. If you've been asked to "verify your business," this is what's happening — and it's simpler than it sounds.

What it is

KYB is the process of confirming that your business is real and that you are authorised to operate it. It's the business equivalent of KYC (Know Your Customer) for individuals.

Why providers require it

Payments are regulated. Verifying businesses keeps fraud and money laundering off the platform, which protects every honest merchant on it. It also unlocks higher limits and real banking features for you.

What you'll provide

Typically:

• Business details — name, entity type, CAC/registration number.
• A director's BVN — to confirm the person behind the business.
• A registered address, sometimes with a utility bill.
• Incorporation documents for production/live use.

Collect before you're capped

You don't need to finish KYB to start. You can collect up to ₦500,000/month unverified. The cap is a nudge, not a wall — verify when you're ready to grow past it.

Tips to pass quickly

• Use your exact registered business name.
• Make sure your director's BVN details match.
• Upload clear, legible documents.

Once approved, your monthly cap is lifted and you can open a business bank account. Most businesses complete it in a single sitting.