What is “KYC” and “ account tier” in banking and how does that affect your money?

Hey FairFam,

What do you know about KYC and account tiers? I asked a couple of people and I heard all sorts of meanings from “ keep your compliment to knock your colleagues ”. Hahaha, you will be amazed by the level of people’s creativity. Anyway, the meaning of KYC is Know Your Customer. Know Your Customer is a banking process of validating customers’ information. 

Now why is it important for the bank to perform KYC? Firstly, it allows the bank to allocate customers to different account tiers or levels. Each account tier has its own characteristic which permits and limits the amount of money and transactions an account can take.

Secondly it helps you prevent the possibility of ruining a perfectly fine day. How? Not validating your account by performing your KYC can lead to the blocking of your account/transaction and that is a great way of changing a good day to a not so good day

Now you know what KYC and account tiers are, let me tell you how it works with your FairMoney MFB account. 

FairMoney MFB account come in 3 tiers

 Tier 1 accounts allow you daily transactions of N50,000 (yes, inflow and outflow) and the account can hold a total of N300,000.

Tier 2 accounts allow you daily transactions of N200,000 (that’s both inflow and outflow) and the account can hold a total of N500,000.

A Tier 3 account is the best place to be 😉. It allows you daily transactions of N1,000,000 (you guessed it, that’s both inflow and outflow) and the account can hold a total of N1,000,000,000. 

Don’t worry, you counted the zeros well. Yep, that’s 1 billion.

I’m sure your next question is how do you perform your KYC to validate or upgrade your account in FairMoney? Worry not because the answer is right below.

Tier 1 is the tier we give you automatically, when you open your account (if you didn’t put in your NIN upon opening it. If you did, you get a tier 2).

To upgrade to tier 2, you need to provide a valid ID via our DM on social media or email us on myaccount@fairmoney.ng. That’s it. Any valid ID is acceptable ie. International passport, NIN, voters card, driver’s license etc.

To upgrade to tier 3, you need a valid ID and a proof of address. A proof of address can be any utility, your university admission letter, rent agreement, bank, employee letter, insurance agreement, or bank statement (minimum of one month).

Whew, so many options!

Please note that your proof of address must not be more than 6 months except in the case of your bank statement, which must not be more than a month old.

That’s all to it. Performing your KYC and upgrading your FairMoney MFB account is a smooth and easy process. So get on it now and don’t get blocked. 

Click here to learn how to check your tier on the app and here to start using FairMoney MFB

And don’t hesitate to reach out to us through our social channels:
Facebook: https://www.facebook.com/fairmoney.ng
Instagram: https://www.instagram.com/fairmoney_ng/
LinkedIn: https://www.linkedin.com/company/fairmoney/