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Why Do You Need KYC Documents To Send Money to Nigeria from USA?

Know your Customer, a.k.a KYC, documents demanded by FAZRemit includes two types of documents: 1.  Customer Identification Document: a. Driving Licence, b. Passport, and c. State-issued identity card. 2. Document…

Know your Customer, a.k.a KYC, documents demanded by FAZRemit includes two types of documents:

1.  Customer Identification Document:

a. Driving Licence,

b. Passport, and

c. State-issued identity card.

2. Document for Address Proof:

a. Gas bill,

b. Credit card statement,

c. Bank statement,

d. Electricity bill, and

e. Water bill.

As soon as a user uploads these KYC documents on his or her dashboard, our document verification process initiates. We strongly recommend that:

1. The scanned or downloaded documents must have clearly visible Name, Address, and Date of issue. When it comes to utility bills, one must provide the latest documents, preferably a recent proof less than 90 days.

2. The document should be clear and whole, i.e. it must not have any cut or hidden or blurred information therein.

3. Online banking documents and bills must be downloaded or scanned and then sent to FAZRemit as a file attachment. Screenshots are not accepted.

Importance of KYC Documents?

While providing financial services, it is the responsibility of the organization to maintain a legitimate environment.

In the financial community, during the initial stages, non-bank organizations didn’t care about the details of the customers. It was his or her responsibility to fill the correct information. There were multiple drawbacks of this system:

1. Incorrect details sometimes lead to funds getting transferred to wrong destinations.

2. Money launderers could send and receive money from multiple accounts.

There was no regulation that could keep a check on such transactions. Moreover, non-bank financial institutions could do as they please. However, with AML/CFT laws and mandatory KYC documents’ submission, the situation has changed drastically. There has been a significant difference in the number of illegitimate transactions globally.

So, How Does KYC Document Verification Works?

For instance, there is a customer who wants to send money from USA to Nigeria, Ghana or Kenya. After completing the registration, he or she would be redirected to a personal dashboard. Once all the documents are submitted as mentioned, they undergo verification.

During document verification, we ensure that:

1. The person sending the documents is exactly who he or she is claiming to be.

2. There are no previous records or allegations on the concerned individual regarding money laundering. We ensure that the person does not fall in the PEPs (Politically Exposed Persons) category.

3. When it comes to organizations, FAZRemit runs a thorough check on the concerned company. All the beneficiaries are thoroughly scrutinized.

Once the evaluation is complete, and only if all the details are acceptable, then our Money Laundering Reporting Officer (MLRO) can permit the person to make any transactions.

At FAZRemit,

We keep the record of every single transaction.

To ensure that the funds reach to the right person, the beneficiary is also verified. Once the corridor is verified, customers can make unlimited transactions using FAZRemit.

Taking our legal obligations extremely seriously and without compromising with the civic morality, FAZRemit assures every customer that every single transaction on the platform is 100% safe. Every member of the FAZRemit community is a verified customer because we actually ‘know our customers’.

We completely understand that submitting KYC documents and waiting for its verification could seem like a long time. However, if the documents are clear and fulfill all the criteria as mentioned at the beginning of this blog, our automated software analyzes and concludes the verification process within a few minutes.

Regulated as Money Transmitter by the New York State Department of Financial Services, FAZRemit strives to provide its customer the safest, most convenient, and affordable money transfer services.

So, to experience an unparalleled online platform to send money to Nigeria, Ghana or Kenya from USA, register on FAZRemit today. In case you have any query, you can always write to us at support@fazremit.com.

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What are the Benefits of Instant Money Transfer to Nigeria Online?

Instant money transfer to Nigeria helps remittance receivers of different backgrounds. Be it, individuals, businesses, government, or the overall national economy, inflow of $25 billion plays a crucial role in…

Instant money transfer to Nigeria helps remittance receivers of different backgrounds. Be it, individuals, businesses, government, or the overall national economy, inflow of $25 billion plays a crucial role in uplifting them all.

In this blog, we will look at how fast international transactions can help different Nigerian communities and the scenarios in which the need for a proper money transfer platform is a must!

Beneficiaries of Instant Money Transfer to Nigeria Online

1. Ease of Doing Business

Businesses can have easier cash flow management to distribute finance for receiving funds, paying off employees, and allocating budget.

Faster receipts, easier workflow, better operations, and certainty of financial transactions supports businesses to flourish.

2. For Individuals and Families

E-payments and well-equipped technical infrastructure save considerable cost and time. Indulging in other activities that matter the most, it empowers the ability of families to improve their standard of life.

It is estimated that over 113.3 million Nigerians will be connected to the internet by the end of 2019. This is a positive sign that more Nigerians are joining the digital revolution and are getting educated. However, the booming population (growing at an annual rate of 2.6%) and literacy rate (59.6%) need to improve a lot. So, just the number of internet users is not enough to conclude that the internet alone will curb the problem of poverty.

Banks charge a very high transaction fee (over 10% of the total transaction) for international money transfer and may take days (sometimes more than a week) to process the transaction. Devaluation of reliability on public institutions is a major cause of people not opening their bank accounts in the first place. This is where the introduction of a fast and cheap money transfer service to Nigeria can bring a drastic change.

Encourages individuals to overcome their unbanked or underbanked status by introducing them to the benefits of becoming part of the mainstream economy.

3. Improvement in Remittance Market

Global competition among businesses operating in multiple countries is encouraging everyone to work on a seamless platform. Although speed is not the only factor. Security and transparency are other factors but undoubtedly this competition encourages both private as well as public financial institutions to provide a better service. This constantly improves the quality of money transfer services themselves as they try to outgrow their own achievements.

Overall quality services extend right from a customer’s first point of contact to maintaining a strong customer experience. Competitiveness results in a transition towards a better solution, especially for market segments (consumers) that are underprivileged. At the same time, every single industry is, in one way or another, impacted by the cross-border transfer of funds.

Overcoming Adverse Situations With Instant Money Transfer to Nigeria

1. For Timely Bill Payments

Ana actively credit-driven economy increases financial liquidity facilitating ease of doing transactions. However, the system can benefit only when the debts are paid within the agreed time. Inability to do so because of slow international money transfer to Nigeria attracts a hefty penalty which could take a toll on the overall budget.

For different individuals and organizations, the numbers may vary but the problem is the same!

To clear daily expenses, school or university fee, accommodation charges, pay mortgages et cetera, thousands of Nigerian look up to international remittances, which if not received in time could make a dent in the system as a whole.

This distrust in the credit-backed financial system can be detrimental for individuals in the short-term but for Nigeria as a whole.

2. To Cope Up With Emergency Situations

With the largest number of poor in the world, a significant Nigerian population relies on a hand-to-mouth lifestyle. For such people and families, financial aid from local public or private entities is not possible. Migrants who can send money to Nigeria instantly can be their only source of help. To overcome hospital bills or in case of a disaster, political instability, or terrorist attacks, receiving the aid within the right time could make a significant difference.

On the positive side, out of total bank account holders in Nigeria (49% of the total population), 23% indulge themselves in online bill payment. At the same time, air-time top-ups make 22%.

These numbers, although are not good but considering the political instability that haunted Nigeria for years, it is a significant development and a positive and promising sign of the awareness of Nigerians and their developing interest in digital transactions.

This, in turn, creates an opportunity for money transfer services to improve themselves and provide the best services. This is where FAZRemit takes the cake with their ‘instant money transfer to Nigeria from USA’ service at the cheapest rates.

To avail our services, simply register on FAZRemit, and send money to Nigeria from USA using the best online money transfer platform.

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