Last Updated: May 22, 2026
Vayva Technologies Ltd KYC & Compliance Safety Policy
Vayva Technologies Ltd (BN9089966), 19 Princess Bola Kazem, Shangisha, Lagos, Nigeria, is committed to preventing financial crime and ensuring the integrity of its platform. This KYC (Know Your Customer) policy outlines the verification procedures and compliance requirements for all merchants and users of the Vayva Platform, in accordance with the Central Bank of Nigeria (CBN) guidelines, the Money Laundering (Prevention and Prohibition) Act 2022, and the Terrorism (Prevention and Prohibition) Act 2022.
All merchants must complete KYC verification before transacting on the Platform. Individual merchants must provide: a valid government-issued photo ID (National Identity Card, International Passport, Driver's License, or Voter's Card); Bank Verification Number (BVN) for financial identity validation; a recent passport photograph or live selfie for facial verification; a valid Nigerian bank account in the merchant's name; and a valid email address and phone number. Corporate merchants must additionally provide: CAC Certificate of Incorporation; Memorandum and Articles of Association (MEMART); particulars of directors (Form CAC 7); tax identification number (TIN); and proof of business address.
Vayva implements a tiered KYC framework: Tier 1 (Basic): Email and phone verification. Allows account creation and browsing. Transaction limit: ₦5,000,000 per month. Tier 2 (Standard): Full identity verification (Tier 1 + BVN + government ID). Allows full platform access including wallet operations and withdrawals. Transaction limit: ₦25,000,000 per month. Tier 3 (Enhanced): Enhanced due diligence for high-volume merchants. Requires business documentation and source-of-funds verification. No transaction limit.
Vayva conducts continuous monitoring of all merchant accounts including: transaction pattern analysis to detect unusual or suspicious activity; periodic re-verification of identity documents (at least every 2 years for standard accounts, annually for enhanced accounts); screening against sanctions lists, PEP databases, and adverse media; and automated alerts for transactions exceeding CBN reporting thresholds.
All KYC data is encrypted at rest (AES-256) and in transit (TLS 1.3). Identity documents are stored in secure, access-controlled infrastructure. KYC data is retained for seven (7) years after account closure in compliance with CBN record-keeping requirements and the NDPA 2023. KYC data is not shared with third parties except as required by law or regulatory authorities.
Merchants who are Politically Exposed Persons (or associates/family members of PEPs) are subject to enhanced due diligence including: senior management approval for account activation; establishment of source of wealth and source of funds; enhanced ongoing transaction monitoring; and annual review of the business relationship.
If KYC verification fails, the merchant will be notified with the specific reason. Merchants may resubmit documentation up to three times. If verification cannot be completed, the account will be restricted to read-only access and wallet withdrawal (subject to identity confirmation).
Merchants who submit false, forged, or altered KYC documents shall be subject to: immediate account termination; permanent ban from the Platform; freezing of all wallet funds pending investigation; and reporting to the Nigeria Police Force, EFCC, CBN, and other relevant authorities. The merchant shall indemnify Vayva from all claims, damages, losses, and expenses arising from the submission of false KYC documents, including regulatory fines and legal costs.
Vayva exercises sole and absolute discretion in determining whether KYC verification requirements have been satisfied. Vayva may accept or reject any document at its discretion and is not required to provide detailed reasons for verification decisions. Vayva's approval of a verification does not constitute a warranty or representation that the merchant's identity has been independently verified. Vayva shall not be liable for any verification decisions made in good faith.
Merchants are solely responsible for the accuracy, completeness, and currency of all KYC information submitted to Vayva. Merchants must promptly notify Vayva of any changes to their KYC information, including changes to business registration, ownership structure, directors, or contact details. Vayva's verification of KYC information does not relieve the merchant of their responsibility for the accuracy of that information.
Vayva shall not be liable for any business losses, lost revenue, or missed opportunities resulting from delays in the KYC verification process. Verification times may vary based on document quality, volume of submissions, and the need for additional investigation.
KYC data is retained for seven (7) years after account closure in compliance with CBN record-keeping requirements. After the retention period, KYC data is securely deleted. Merchants may request deletion of their KYC data after the mandatory retention period by contacting privacy@vayva.ng.
Compliance team: privacy@vayva.ng | Support: support@vayva.ng | Phone: +234 913 700 0140.