Before we can onboard your business and take your Quidax account live, we need to verify who you are, what your business does, and where it operates. This is called Know-Your-Business (KYB) verification, and it is a standard step for any regulated financial or crypto service.

This guide explains what we ask for, why each item matters, and how to prepare it so you can put together a complete submission the first time and avoid delays.

These requirements exist under Nigeria's anti-money-laundering framework, which includes:

• The Money Laundering (Prevention and Prohibition) Act 2022

• Central Bank of Nigeria (CBN rules on anti-money laundering (Anti-Money Laundering) and combating the financing of terrorism (CFT)

• The Companies and Allied Matters Act 2020, which requires you to disclose who owns your business

1. Business Documents
Every business onboarding on Quidax must be registered with an official corporate registry. To complete your onboarding, we require verifiable documentation confirming the legal existence of your business and governing structure. The required documents depend on your business structure and jurisdiction.

1.1 Nigerian Businesses (Corporate Affairs Commission Registration)
For businesses registered in Nigeria with the Corporate Affairs Commission (Corporate Affairs Commission), required documentation varies across the following five registration categories:

Document Specifications

1. Certificate of Registration/Incorporation
This is the official document issued by the Corporate Affairs Commission (Corporate Affairs Commission) confirming that your business is legally registered in Nigeria. You receive this document upon successful registration. If misplaced, you can obtain a certified copy directly through the Corporate Affairs Commission.

2. Corporate Affairs Commission Status Report (E-Status Report)
The Corporate Affairs Commission Status Report provides official, up-to-date corporate details maintained by the Corporate Affairs Commission. It verifies your business's latest ownership structure and operational standing. For businesses registered 2020 and below, it replaces the Corporate Affairs Commission 1.1, Form 1.1, Corporate Affairs Commission 2, and Corporate Affairs Commission 7, IT Form 1, Business Name (BN) Form 1

It contains:

• Legal business name and registration number

• Registration date and registered office address

• List of directors, proprietors, or trustees

• Shareholders and shareholding breakdown (for companies)

• Current active business status

Note on Legacy Registrations: For entities registered pre 2020, you must request an updated status report through your company’s legal counsel or directly via the Corporate Affairs Commission portal. For entities registered after 2020, the E-Status Report automatically replaces former application forms (Corporate Affairs Commission 1.1/Business Name (BN) Form 1) and is issued alongside your certificate.

3. Tax Identification Number (TIN)
A Tax Identification Number (TIN) is a unique official tax identifier issued to your business. It verifies your business for tax compliance and regulatory monitoring.

Where to find your TIN:

• Official TIN certificate or FIRS confirmation letter

• Official corporate tax registration filings

• Joint Tax Board (JTB) portal/Corporate Affairs Commission E-Status Report

4. Memorandum & Articles of Association (Memorandum and Articles of Association)
The Memorandum and Articles of Association outlines how a company is structured, governed, and operated. It helps us understand your corporate governance framework and verifies the scope of business activities your company is legally authorised to conduct.

It includes:

• Core business objectives

• Share capital and shareholding structure

• Powers and duties of directors

• Internal operating regulations

Note: In the absence of a Memorandum and Articles of Association, please provide the following alternative documents: a Shareholder/Member Register, a Director Register, and a Certificate of Incumbency

1.2 Businesses with Foreign & Non-Corporate Affairs Commission Entities
For businesses operating in Nigeria but registered in foreign jurisdictions, equivalent registration and governance documents are required in place of a Corporate Affairs Commission registration and Memorandum and Articles of Association. While corporate registration documents may differ depending on jurisdictions, we typically require a Certificate of Formation, and for governing documents, the following documents are required.

1.2.1. Bylaws
Bylaws are the internal governing rules for corporations registered in jurisdictions such as the United States. They establish operational procedures and outline the authority of directors, officers, and shareholders.

Bylaws typically cover:

• Appointment and removal procedures for directors and officers

• Rules for shareholder and board meetings

• Decision-making thresholds and voting rights

• Corporate record-keeping standards

1.2.2. Operating Agreement
An Operating Agreement is a legal contract outlining the ownership breakdown and governance structure of a Limited Liability Company (LLC). We use it to verify legal ownership and identify authorised signatories.

It includes:

• Member ownership percentages

• Management rights and voting power

• Capital contributions and profit/loss allocations

• Provisions for adding or removing members

1.2.3. Partnership Agreement
A Partnership Agreement governs entities operating as general or limited partnerships, establishing the obligations, rights, and capital contributions of each partner.

It includes:

• Full legal names of all partners

• Ownership percentages or partnership interests

• Capital contribution schedules and profit-sharing terms

• Management roles, decision-making rights, and dispute procedures

2. Business Profile Information
Your business profile helps us get to know your business, what it offers, and where it can be found. It also determines which onboarding track and transaction limits apply to you.

2.1 Registered Business Name
Your registered business name is your business's legal name as it appears in the corporate registry of your business's country. If your legal name differs from your trading name, provide both, for example: “Indesk Capital Ltd, trading as Inc Global.”

How to get it:

• Take the exact registered name and RC/Business Name number from your Corporate Affairs Commission Certificate of Incorporation or a current Corporate Affairs Commission status report.

• A status report can be requested through the Corporate Affairs Commission portal or via your company secretary or legal counsel.

2.2 Nature of Business/Brief Description of Activities
A clear, complete description of everything your business does, especially the service you intend to use our platform for,  helps us categorise your business correctly and ensures we only ask you for information that is actually relevant.

• Write a short narrative (3–5 sentences) covering your core product, your target customers or markets, and every distinct service line you offer, not just the primary one.

• Check your description against the nature of business already filed with the Corporate Affairs Commission, and make sure the two are consistent.

2.3 Business Operating Address
Your operating address is the address your business can be traced to. If you run a fully remote team, the address on your Corporate Affairs Commission filing is acceptable provided it is still valid and actively maintained by a listed director.

How to get it:

• Use the address on file with the Corporate Affairs Commission, or your current head-office/registered address, whichever is actively maintained.

• Make sure this is the exact same address that will appear on your proof-of-address document 

2.4 Website or Product Link
A link to your website or public product page gives us an important digital footprint for your business and helps us validate the description you provided under the nature of the business field.

How to get it:

• Share your live corporate website. If you do not have one yet, share the strongest public presence available, an app store listing, product landing page, or verified company social page.

3. Business Ownership & Control Structure
Knowing who owns and controls your business is as important to us as knowing the business itself. Since we are entering into a financial relationship with your company, we need to verify all individuals exercising significant control.

3.1 Director & Ultimate Beneficial Owner Identity Verification (Photo ID & Bank Verification Number/National Identification Number (NIN)
To comply with identity verification mandates, all directors listed in your current Corporate Affairs Commission status report, Ultimate Beneficial Owner (Ultimate Beneficial Owner holding >5%), or individuals with significant control must submit a valid government-issued photo ID and personal identification data. Please note that an ID document expiring within 6 months is not admissible.

How to get it:

• Take your director list directly from your current Corporate Affairs Commission status report, not an old certificate that may not reflect recent corporate updates.

• If a director has changed since incorporation, ensure the relevant Corporate Affairs Commission filing (e.g., a change-of-director form) has been completed first, so your status report is up to date.

• Collect clear, colour scans or copies of a non-expired, valid identity document (International Passport, Driver’s License, National Identification Number (NIN) Slip, or Voter’s Card) for each director and major shareholder.

• Provide the 11-digit Bank Verification Number (Bank Verification Number) or National Identification Number (NIN) for all listed directors and Nigerian shareholders. In the absence of this for non-Nigerian stakeholders, we will require a valid ID document of this individual for their country of origin/residence.

3.2 Ultimate Beneficial Owners (Ultimate Beneficial Owners) & Shareholders Above 5%
Full legal names and ownership percentages of:

1. Any shareholder holding more than 5% of your company's shares or voting rights.

2. Anyone who otherwise exercises significant control over the business (e.g., the right to appoint or remove a majority of directors), even if their shareholding is below 5%.

How to get it:

• Use your company's Register of Persons with Significant Control (filed with the Corporate Affairs Commission), along with your shareholding register and Memorandum & Articles of Association.

• If your business is owned through a holding company or layered structure, and a corporate entity is listed as an ultimate beneficial owner, an organogram showing each individual and their shares within that entity must be provided.

Additional Documentation Note: Depending on the nature of your business, for example, an OTC desk, cross-border remittance, or third-party payment processing,  we may also ask major shareholders for a brief declaration on source of funds/source of wealth and audited financial statements.

4. Proof of Address
This document verifies the business operating address provided in the business operating address section. It must display that exact address, be in the name of your business (or a listed director for remote businesses), and show a recent issue/transaction date.

4.1 Admissible Documents

Utility Bill

• A water, electricity, waste-disposal, or DSTV/cable bill in your business's name.

• For fully remote businesses, a utility bill in the name of a listed director is acceptable, provided the service address matches the registered operating address submitted previously.

• Must clearly show the provider's name, account holder's name, service address, and an issue date within the last 3 months.

Bank Statement

• A corporate bank statement in your business's legal name.

• Must show an issue date or most recent transaction date within the last 3 months.

• Must be in the bank's standard format, showing all pages, and be officially signed/stamped by the bank (or digitally verified via bank e-stamp).

4.2 Documents We Cannot Accept

• Tax documents (e.g., Tax Clearance Certificate).

• Bank statements or utility bills where the issue date or latest transaction is older than 3 months.

• Documents where the address does not match the address previously provided.

• Land or rent receipts.

5. Settlement Account
Your settlement account is the bank account we pay out to when facilitating withdrawals or fiat settlements.

• Currency: Must be denominated in the transacting fiat currency approved for your business (typically your local currency).

• Account Name: Must be a corporate current account registered in your exact business name matching your Corporate Affairs Commission certificate. Withdrawals to personal accounts or third-party accounts are not supported.

5.1 Supported Banks for Withdrawals
We settle NGN through Nigeria's interbank transfer network (NIBSS) alongside faster local settlement rails. In practice, most Central Bank of Nigeria-licensed commercial banks and NIBSS-connected microfinance/digital banks are supported for deposits and payouts, including Access Bank, GTBank, Zenith Bank, UBA, First Bank, Wema Bank, Fidelity Bank, Sterling Bank, Union Bank, and Moniepoint MFB.

6. Operating Licence
For businesses who offer other licensed services besides crypto, we require an operating license to fully onboard you. 
An Operating Licence is an official authorisation issued by a regulatory authority that permits a business to legally provide specific products or services. We use your Operating Licence to verify that your business is authorised to provide the services or products it offers and complies with applicable regulatory requirements. We use your Operating Licence to verify that your business is authorised to provide the services or products it offers and complies with applicable regulatory requirements.

7. Know Your Customer/Anti-Money Laundering compliance
For Financial institutions, leveraging Quidax to serve end users, we require proof that you do due diligence on your customers and enforce Anti-Money Laundering controls.
 

7.1 Anti-Money Laundering/Compliance Policy
An Anti-Money Laundering (AML) and Compliance Policy is a document that outlines the policies and procedures your business follows to prevent money laundering, terrorist financing, fraud, and other financial crimes. We use this document to understand the controls your business has in place to identify, assess, and manage financial crime risks.

The policy typically covers:

• Customer Due Diligence (CDD)
• Know Your Customer (Know Your Customer) procedures
• Transaction monitoring
• Sanctions screening
• Record keeping
• Reporting suspicious activities
• Employee training and compliance responsibilities

7.2 Proof of Know Your Customer/Anti-Money Laundering Controls
Proof of Know Your Customer/Anti-Money Laundering Controls is documentation that demonstrates the processes and controls your business has in place to verify customers and comply with anti-money laundering regulations. We use this documentation to verify that your business has appropriate identity verification and compliance controls in place to meet regulatory requirements and manage financial crime risks.
Examples include:

• Know Your Customer Service Level Agreement (Service Level Agreement)/Service Order Form with a verification provider (Recommended)

• Customer verification procedures

• Know Your Customer workflow documentation

• Anti-Money Laundering monitoring procedures

• Compliance process documentation

9. For Non financial institutions who require a SCUML to operate
A Special Control Unit against Money Laundering (SCUML) Certificate is issued by the Economic and Financial Crimes Commission (EFCC) to designated non-financial businesses and professions (DNFBPs) in Nigeria that are required to comply with anti-money laundering regulations. We use your SCUML Certificate to verify that your business has fulfilled the applicable anti-money laundering registration requirements.

You can also access the requirements for getting a SCUML certificate here and register for a SCUML certificate on the SCUML website here