What documents do I need to complete compliance for my Nigerian business?

All Nigerian businesses accepting payments with ivorypay are mandated to complete ivorypay’s compliance procedure. This is necessary in order for us to operate within the regulatory framework stipulated by the Central Bank of Nigeria.

As expected, compliance documents vary based on the type of business that you operate. Therefore, registered businesses are required to provide more information and documents than starter businesses.

Below is a breakdown of the documents required of businesses in each category.

Compliance requirements for Nigerian Starter Businesses

As a starter business in Nigeria, ivorypay requires you to provide your contact information, a valid proof of address, a government-issued means of identification (this could be your national ID card, NIN slip, voter’s card, or your international passport). You will also need to provide details of your personal bank account, and your Bank Verification Number (BVN).

Compliance requirements for Registered Businesses in Nigeria

There are different types of business registrations in Nigeria. Therefore, the documents you will need to provide largely depend on the type of registration that you have completed with the Corporate Affairs Commission. Below is a list of requirements based on registration type.

Registration type	ivorypay requirements
Incorporated Trustees	Form CAC IT/1 CAC/IT number Details of at least two directors
Business name registration	Certificate of business name BN number Form CAC BN 1 Information of at least one owner of the business
Free Zone entity	Operating license CTC of notice of situation Particulars of directors Certificate of registration Statement of share capital and return of allotment NEPZA number Momerandum and article of association Information of at least two directors and beneficial owners of business
Government entity	Authorisation letter Notice of creation of governmental entity
Private entity with government approval	Documents of government approval Documents indicating business owners
Cooperative society	Certified application form Cooperative certificate Details of at least two cooperative directors
Incorporated company	Privately Held (December 2020-date) RC number Memorandum and article of association Certificate of Incorporation Tax identification number CAC status report Details of two directors Identify top shareholders with cumulative 50% of shares Public (December 2020-date) RC Number Memorandum and article of association Certificate of Incorporation Tax identification number CAC status report Details of at least two business directors Privately Held (2017-2020) CAC Form 1.1 Memorandum and articles of association RC number Certificate of Incorporation Tax identification number Details of two business directors Identify people who collectively own 50% of business Public 2017-2020 CAC form 1.1 Memorandum and article of association RC number Certificate of incorporation Tax identification number Details of two business directors Privately Held (Pre 2017) CAC form 3 CAC form 7 CAC form 2 Memorandum and article of association RC Number Certificate of Incorporation Tax identification number Details of two business directors Identify people who collectively own 50% of the business Public (Pre 2017) Memorandum and article of association RC Number Certificate of Incorporation Tax identification number Details of at least two business directors

Note:

Old businesses that cannot provide their CAC form 3 can submit a valid proof of address in its place. It is mandatory that the proof of address contains the business name and the current address of the business.