In today’s digital finance world, ensuring security and compliance while offering a seamless user experience is crucial. That is why Paga’s KYC (Know Your Customer) system is designed to strike this perfect balance.
Know Your Customer (KYC) is the mandatory process of identifying and verifying the client’s identity. By understanding the different KYC levels and their benefits, you can access the services you need while staying within regulatory requirements.
So, what does it take to unlock your full financial potential?
Let us explore the three KYC levels Paga offers, the benefits they unlock, and the important documents required for each.
KYC Level 1: Basic Access for Everyday Users
As a new Paga user, KYC Level 1 is the starting point. It is designed to be quick and straightforward, making it easy to get started with minimal hassle.
What Benefits Can You Access On Kyc Level 1?
- You can create an account almost instantly with just your NIN and basic identification. This includes your full name, phone number, date of birth, sex, home address, and a live selfie.
- With this KYC level, you can only make low-value transactions as it has a daily transaction limit of NGN 50,000 and a balance limit of NGN 300,000.
- You have access to Paga essential services, including money transfers and bill payments, but with limited transaction amounts.
KYC Level 2: Unlock More with Paga!
As your financial needs grow, you can upgrade to KYC Level 2, which offers more benefits. All you need for this upgrade is your Bank Verification Number (BVN).
What Benefits Can You Access On Kyc Level 2?
- On KYC level 2, you can perform higher-value transactions as it has a daily transaction limit of NGN200,000 and a balance limit of NGN 500,000.
- Upgrading to this level, unlocks more advanced Paga services, such as linking multiple bank accounts and accessing the Paga prepaid physical cards which we deliver straight to your doorstep.
- By upgrading to this level, you will also unlock advanced Paga features, including the ability to link multiple bank accounts at once.
- As a Level 2 user, you can obtain your Paga prepaid physical ATM card, which we will deliver conveniently to your doorstep.
KYC Level 3: Welcome to Full Financial Freedom
KYC Level 3 is tailored for users who demand the complete range of Paga’s services, making it ideal for businesses, high-volume traders, and individuals with substantial financial requirements.
To upgrade, simply provide proof of address, such as a utility bill (e.g., water, electricity, internet), lease agreement, property document, or government-issued ID.
What Benefits Can You Access On Kyc Level 3?
- KYC Level 3 offers the highest transaction limits. It is perfect for users who need to transact large sums regularly. With this level, you can enjoy a daily transaction limit of NGN5,000,000 and an unlimited balance limit, giving you the freedom to manage your finances without restrictions.
By providing the necessary documents, you can unlock the level of access that best suits your financial journey, whether you’re just getting started or need more comprehensive services.
Upgrade your KYC level today and take full advantage of the secure and efficient financial services that Paga offers.
