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.
Setting up your profile looks something like this:
- Submitting your personal and business information
- Selecting the type of business you have
- Submitting your business name, address and banking details
- Selecting your business category
- Taking a live selfie and a photo of your ID, driver’s licence or passport
- Sending some additional information depending on the type of business you have
Please note: The information requested will differ depending on the type of business you have and whether you are the business owner or not.
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!