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

The Financial Intelligence Centre Act (FICA) is a law that protects against fraudulent transactions and other illegal financial dealings such as money laundering, corruption, terrorism financing, and tax evasion.

 

QUICK NOTE: FICA is a legal requirement. Until you are FICA approved, we cannot, by law, dispatch your card machine. Don't worry, though. The process is quick and easy!

Why do we FICA? 

As part of the FICA process, all Financial institutions and companies that handle their customers’ finances are required to conduct an exercise called Know-Your-Customer (KYC) on all of its customers. Taking the time to FICA helps to curb illegal activities and keep the money of South African citizens safe.

By law, iKhokha has a responsibility to FICA you according to the Financial Intelligence Centre Act (38 of 2001). This means we need to verify each merchant's identity and bank account before we can allow them to start trading and receive payment.

How do you FICA?

Every new iKhokha merchant is, by law, required to upload or supply a few legal. These documents will vary depending on whether you're applying as an individual or on behalf of a business.


QUICK NOTE: Please note that legally we cannot dispatch your iKhokha card machine until you are FICA approved. Take a look at the infographic below to find out which documents are required for your business. 

FICA-Infographic_15_01_21

If you have any FICA related questions, we're here to help! Call us on 087 222 7000 or send an email to support@ikhokha.com