Know Your Business (KYB)
What do you know about the businesses that you are working with? Your partners, clients, suppliers? How can you make sure that they are real companies but not shell companies? Are their tax returns up to date? In order to answer those questions Know Your Business (KYB) application was created.
What’s Know Your Business (KYB)?
KYB is a procedure that is a part of due diligence performed on all businesses that your company has a relationship with. Performing such control is mandatory for financial institutions, credit institutions, auditors, external accountants tax advisors, notaries, trusts, estate agents, and gambling services.
There are thousands of companies in Nigeria, but only a fraction of them are legitimate and registered. When considering a new partner, supplier or vendor, how can you be sure you can trust them? With AfriLighte’s Know-Your-Business (KYB) Service, you can quickly check the business entity against authoritative data sources to ensure that they are legitimate.
Using our automated system it is not only quicker, but also more reliable, as there’s no margin for human error as with manual checks, and no stone is left unturned.
At AfriLight, we perform automated KYC and KYB checks using our API to compare business information against the Corporate Affairs Commission (CAC) and Tax Identification Number (TIN) databases.
Real-time Official Registry Connection
By acquiring official incorporation documents directly from the company registry, our solution reduces the time needed for corporate client onboarding by up to 86%, minimising customer friction and accelerating access to revenue.
API Integration & Batch Upload Portal
Our solution runs on an API-based infrastructure for fast implementation and seamless integration. We also provide an easy-to-use batch upload portal which empowers compliance teams to instantly and securely import long back logs into the Know Your Customer’s platform.
GET IN TOUCH
We would love to show you what Know Your Customer can do for your business. Please contact us to get a live demo of our best-in-class digital solutions.