KYC Policy

Introduction

M-VTU LTD is committed to maintaining the highest standards of compliance with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. Our Know Your Customer (KYC) policy ensures that we verify the identity of our customers to prevent fraud, money laundering, and other illegal activities.

This policy outlines our KYC procedures, requirements, and the information we collect to comply with regulatory obligations and protect our customers and business partners.

Purpose of KYC

The primary purposes of our KYC policy are to:

• Verify the identity of customers using our digital wallet and telecommunications services
• Prevent money laundering, terrorist financing, and other financial crimes
• Ensure compliance with Nigerian financial regulations and international standards
• Protect our customers from fraud and unauthorized transactions
• Maintain the integrity and security of our digital payment ecosystem
• Build trust and transparency in our service offerings

KYC Requirements

All customers must complete KYC verification before accessing certain services. The level of verification depends on the service type and transaction amount:

Basic Verification (All Users)

• Full name and date of birth
• Valid email address and phone number
• Residential address in Nigeria

Enhanced Verification (High-Value Transactions)

• Government-issued identification document (National ID, Passport, or Driver's License)
• Proof of address (utility bill, bank statement, or official document)
• Source of funds declaration for transactions above ₦100,000
• Biometric verification where required

Business Customers

• Certificate of Incorporation or Business Registration
• Tax Identification Number (TIN)
• Authorized signatories' identification
• Business address and contact details

Verification Process

Our KYC verification process is designed to be efficient while maintaining security:

Account Registration

• Provide basic personal information during signup
• Email and phone number verification
• Initial account limits applied until full verification

Document Submission

• Upload clear, high-quality images of identification documents
• Documents must be current and not expired
• Selfie verification for biometric matching

Review and Approval

• Automated and manual document verification
• Verification typically completed within 24-48 hours
• Additional information may be requested if needed
• Account upgrade upon successful verification

Ongoing Monitoring

KYC is not a one-time process. We continuously monitor customer accounts to ensure compliance:

• Regular review of transaction patterns for suspicious activities
• Periodic updates of customer information
• Enhanced due diligence for high-risk customers
• Transaction monitoring for unusual or large-value activities
• Compliance with regulatory reporting requirements

Risk-Based Approach

We apply a risk-based approach to KYC verification:

Low Risk

• Basic verification for standard retail customers
• Transaction limits up to ₦50,000 per day
• Simplified documentation requirements

Medium Risk

• Enhanced verification for business customers
• Transaction limits up to ₦500,000 per day
• Additional source of funds verification

High Risk

• Full enhanced due diligence
• Unlimited transaction limits with approval
• Regular account reviews and updates

Non-Compliance Consequences

Failure to comply with KYC requirements may result in:

• Temporary suspension of account services
• Transaction limits or restrictions
• Account termination in severe cases
• Reporting to regulatory authorities as required by law
• Loss of access to certain service features

We will always provide notice and opportunity to rectify compliance issues before taking adverse actions.

Data Protection in KYC

KYC information is handled with the highest level of security and privacy:

• Encryption of all personal data in transit and at rest
• Access restricted to authorized personnel only
• Secure storage in compliance with data protection regulations
• Regular security audits and compliance reviews
• Data retention only as required by regulatory obligations
• Secure disposal of documents when no longer needed

Third-Party Verification

We may use third-party service providers for KYC verification:

• Government databases for identity verification
• Credit bureaus for additional due diligence
• Biometric verification services
• AML screening databases

All third-party providers are vetted for security and compliance standards.

Customer Rights

Customers have rights regarding their KYC information:

• Access to their KYC records and verification status
• Correction of inaccurate information
• Understanding of verification requirements
• Appeal process for verification decisions
• Data portability and deletion rights (subject to legal requirements)

Contact Information

For KYC-related inquiries or assistance:

• Email: compliance@m-vtu.site
• Phone: +234 707 443 3094
• Support Hours: Monday - Friday, 9:00 AM - 6:00 PM WAT

Last updated: November 12, 2025