Q: What details do I need to complete my registration?
A: The required details may vary depending on the type of onboarding (new sign up or profile creation) and the business registration type.
For profile creation (existing VBank corporate account holders)
VBank corporate account number
Company management details (Name, phone number and email)
Account Operators’ details (BVN, valid ID number, phone number and email).
New Sign ups – are registered businesses who want to open a corporate account with VBank
Sole Proprietor: one man business who oversees the account operations.
Proprietor’s details - BVN, Valid ID number, phone number and email.
Copy of govt issued ID card of proprietor.
CAC (Corporate Affairs Commission) number and incorporation documents.
TIN (Tax Identification Number).
Proof of company address (not more than 3 months old).
Two references with an operational current or corporate account with any licensed Nigerian bank.
SCUML Certificate – depending on nature of business
Partnership: the business is co-owned by partners who will jointly manage the account operations.
Partners’ details - BVN, Valid ID number, phone number and email.
Copy of govt issued ID card of partners.
CAC number and incorporation documents.
TIN (Tax Identification Number).
Partnership deed or agreement.
Proof of company address - utility bill (not more than 3 months old).
Two references with an operational current or corporate account with any licenced Nigerian bank.
SCUML Certificate – depending on nature of business
Limited Company: the business entity is owned by shareholders and overseen by a board.
Directors’ details - BVN, Valid ID number, phone number and email.
Copy of govt issued ID card of all Directors.
CAC number and incorporation documents (CAC Certificate, particulars of shareholders, particulars of directors and MEMART).
Board Resolution on company’s letterhead for account opening.
TIN (Tax Identification Number).
Proof of company address - utility bill (not more than 3 months old)
Two references with an operational current or corporate account with any licenced Nigerian bank.
SCUML Certificate – depending on nature of business
Trust/NGO: the business/entity is acting as a guardian holding authority and responsible for managing the purpose of the trust
Trustees' details (BVN, Valid ID number, phone number and email).
Copy of govt issued ID card of all trustees.
CAC number and incorporation documents.
Board of trustee’s resolution for account opening.
Certified true copy of constitution/Trustee deed.
TIN (Tax Identification Number)
Proof of company’s address (not more than 3 months old)
Two independent current or corporate references from any Nigerian bank
SCUML Certificate
Associations, Clubs, and Societies - Pursue a common interest, put funds together to achieve the objectives of the entity.
Principal Officers’ details (BVN, ID number, phone, and email).
Copy of Principal Officers’ valid ID card.
Proof of registration
Minutes of the meeting for account opening
Rules/Constitution of the society
Proof of company’s address (not more than 3 months old)
Two independent current or corporate references from any bank.
Q: What is SCUML?
A: Special Control Unit against Money Laundering (SCUML) was created as part of measures for the implementation of the Financial Action Task Force (FATF) Recommendations on Anti- Money Laundering/Combating the Financing of Terrorism (AML/CFT) in Nigeria, and operationally domiciled within the Economic and Financial Crimes Commission (EFCC) as the Commission drives the operational activities of the Unit.
Q: Do I need a SCUML certificate to open a business account with VBank?
A: Yes, if the nature of your business falls within the Designated Non-Financial Businesses and Professions (DNFBPs) Sector in Nigeria. Businesses that fall within this sector can be found on this list [inserts the link that re directs users to the list]. However, SCUML certificate is a mandatory requirement for Trust/NGO and Foundation businesses.
Q: What kind of workflows can exist on an account?
A: 2 types.
Sole Operator - one operator will have all roles (super admin, initiator and authorizer).
Multiple Operators - there will be other operators with at least one role (Initiator/Verifier/Authorizer/Viewer).
Q: Can a user have more than one role?
A: Yes, but in a single operator workflow. However, if a company wants to change workflow on an account, they can send request on the company letterhead to support@vbiz.ng.
Please note - super admin cannot be a stand-alone role, it must be combined with another role.
Q: What are the types of operators available on VBiz?
A: There are 5 roles that currently exist on the VBiz platform today, they are.
Super admin: any user with this permission can make changes to user activities including creating new users, assigning roles and disabling users on an account. This role is automatically assigned to whoever initiates and completes the company's onboarding process on VBiz.
Initiator: any user with this role can raise payments on the account.
Authorizer: any user with this permission can approve transactions for final processing to beneficiary’s account
Verifier: any user with this permission can review and validate transactions submitted by the initiator.
Viewer: any user with this permission can view activities happening on the platform but cannot take any actions relating to payment processing or transactions.
Q: Can a Super Admin be an Authorizer and Initiator at the same time?
A: Yes, if the workflow on the account is a single operator workflow. The workflow on the account can be selected during onboarding, automatically assigning initiator and authorizer rights to the super admin role.
Q: Can a Super-admin self-assign Initiator or Authorizer permission?
A: No, initiator and authorizer roles are automatically assigned during onboarding if the preferred choice of workflow is single operator. However, in a multiple operator workflow, if a super admin attempts to reassign roles, he loses super admin access.
Q: What is a Board Resolution and Letterhead? and when are they required?
A: All correspondence from a corporate account holder to the bank must come in the company’s letterhead, while a Board Resolution must be executed by the company’s directors.
Q: How to create a sub account?
A: Send an instruction on the company’s letter head requesting a sub account creation to support@vbiz.ng.
Please note that the instruction must include the account mandate or signing (authorization) rule.
Q: How do I set up 2FA on my account?
A: All you need is to download the Authenticator App (Google or Microsoft) and follow the instructions in this setup guide that is downloadable HERE.
Q: What do I need to authorise a transaction on VBiz?
A: Your 4-digit transaction PIN and 6-digit code from the authenticator app. See guide to setup 2FA download the setup guide HERE.
Q: 2FA: What can I do if I lost my device or want to use another device for my 2FA
A: Reach out to support@vbiz .ng for support.
Q: Are there any charges using VBiz?
A: Yes, there are.
For interbank transfers
For transfers less than ₦5,000 cost ₦10.75 (inclusive of a 0.75% VAT)
Transfers above ₦5,000 to ₦50,000 cost ₦26.88 (inclusive of a ₦1.88 VAT)
Transfers above ₦50,000 cost ₦53.75 (inclusive of a ₦3.75 VAT charge)
Stamp Duty charge of ₦50 for inflows of ₦10,000 and above.
SMS charge of ₦4 per alert.
Q: Are there any limits on the amount I can transfer daily?
A: Yes.
Daily transfer limit is ₦50m.
Single transfer limit is ₦10m.