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Open Wallets
Our open wallet API that empowers businesses to curate personalized customer experiences within their ecosystems while enabling their users to transfer to any other Nigerian bank.
CUSTOMER SEGMENT
BUSINESSES
Businesses across diverse industries use this API to streamline payment processing, elevate customer experience, and optimize financial operations.
By leveraging our APIs, businesses enhance payment flexibility, boost customer retention, increase business growth by tailoring features unique to them, and drive operational efficiency making it indispensable for sectors with high transaction volumes or complex payment structures.
Additionally, businesses will be able to issue cards within their ecosystem, with our wallet accounts which support seamless payouts to other bank accounts and receipt of funds from customers of other banks.
Scope and Features
Usage Scope
Open Wallets can be used both within and outside your product ecosystem. You can use the wallet to pay for services on your platform and also send money to other banks or external accounts. This account can make payments to anyone, anywhere.
KYC Requirement
Full KYC verification required. Customers must provide their identity documents and complete regulatory verification before they can use the wallet for transactions. Requires full ID (NIN, BVN) and Address verification to activate.
Funding Inflows
Open Wallets can receive funds from external banks. Wallets can add be funded from their bank accounts or receive payments from others into their open account. You can add money from your bank or receive payments from others.
Payment Outflows
Open Wallets can send money to other banks and financial institutions. Customers can withdraw to their bank account, pay bills, send money to other users on external platforms, or transfer to any financial institution. You can send money anywhere you choose.
Creation Process
Requires full verification to create. Customers must go through onboarding steps that collect and verify their identity information before the wallet becomes active. Open Wallets require verification before use.
Use Case
Full payment wallets or digital bank accounts. Suitable for customers who need full banking services such as bill payments, bank transfers, salary payments, or withdrawals to any bank account. Best for everyday banking and full payment needs.
BUSINESS
Onboarding Requirements
Businesses
Certificate of Incorporation - (CAC)
Bank Verification Number and National Identification Number -(BVN/NIN)
Business Tax Identification Number (TIN)
Memorandum and Articles of Association (MEMART)
Proof of Address (Utility Bill)
Documentation of Ownership/Shareholding Structure
List Of Directors/Senior Management Team
List Of (UBO) Ultimate Beneficial Owner(S) Holding More Than 5% Shares
Notarized/Certified Means of UBO (i.e. Means Of Identification)
Customers
Full Name
Date of Birth
Address
Bank Verification Number or Nation Identification Number - (BVN/NIN)
Valid ID
KYC REQUIREMENTS
Wallet Tier Upgrades
| Wallet Type | Daily Limit | Cumulative Limit | Regulatory Requirement |
|---|---|---|---|
| Tier 1 | 50,000 | 300,000 | BVN/NIN |
| Tier 2 | 100,000 | 500,000 | BVN/NIN, Valid Government ID |
| Tier 3 | Unlimited | Unlimited | BVN/NIN Valid Government ID card Utility Bill (for address verification) |
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