What is Fica?

So, you’ve heard about this thing called FICA but what is it all about and what’s it got to do with iKhokha?

Breaking down FICA

FICA stands for the Financial Intelligence Centre Act and was introduced to fight financial crimes such as money laundering, fraud, tax evasion, terrorist financing and identity theft.

This Act requires businesses like iKhokha to correctly identify or ‘FICA’ a person to make sure that we know who our customers are. This process helps prevent others from fraudulently using your information and also ensures that we have the correct details when we settle your payments.

How does iKhokha "FICA” you?

To use any of our products you need an iKhokha profile. When setting up your profile we guide you through the steps to get the specific information that we need to FICA you.

Getting set up to accept payments looks something like this:

1. Completing the business details so that we know how the business is owned, what industry it fits into, what the business is called and where it operates from.
2. Provide the CIPC registration number (If the business ownership structure is a Private Company Pty (Ltd) or Close Corporation (CC).
3. Confirm your identity by completing your ID or passport number and a face scan to make sure no-one is pretending to be you.
4. Provide your residential address as an additional measure to verify you.
5. Submit the bank account details where we can transfer the payouts from iKhokha to the business.

Once we receive all the information, we verify the details and let you know if you’ve been approved or contact you to get any additional information that we need.

It’s that simple! 

Create your free profile or learn more about iKhokha Setup: How to Get Started!