You’re a Nigerian business owner who wants to accept crypto payments from your customers. So you visited merchant.resolva.io and created a Resolva Merchant account. Somewhere along the line, there’s a request for CAC documents, your RC number, proof of address, and you’re wondering what any of these have to do with accepting crypto payments from a customer.
That question- “what is KYB and why does a payment gateway need it?” is one almost every Nigerian business owner asks the first time they run into it.
Let’s break down exactly what KYB is, why it protects your business, and provide a clear and accurate checklist of the documents you need to get your Resolva Merchant account fully verified.
In This Post
What is KYB?
KYB stands for Know Your Business.
If you have ever verified a personal banking or financial services account using your National Identity Number (NIN), Bank Verification Number (BVN), or Driver’s License, that was KYC (Know Your Customer).
KYB is the same concept, but in this case, it relates to your company rather than you as an individual. It is a mandatory compliance process used by global financial platforms to verify that a business is legally registered, exists on paper, and that the person opening the account has the legal authority to act on the company’s behalf.
This isn’t a rule unique to Resolva. Every licensed bank, international payment gateway, and compliant crypto infrastructure firm runs structural KYB verification checks before allowing an entity to move commercial funds through their ecosystem.
Why Resolva Merchant Requires KYB
Every time your business accepts crypto payment from a customer, Resolva instantly processes that digital asset and settles Naira (NGN) into your local business bank account. To allow this process to happen safely, Resolva has to comply with standard financial laws and regulations. Registered and regulated financial platforms like Resolva Merchant must verify exactly who they are paying to ensure the platform isn’t being used to facilitate shadow operations or fraud.
Think of it like opening a traditional commercial bank account. A bank asks for your business documents not because they doubt your personal integrity, but because skipping that check for anyone makes the entire financial network unsafe for everyone. KYB is the protective layer that allows Resolva Merchant to offer instant Naira settlement without exposing the platform or your business profile to regulatory risks.
The Different Documents You’ll Need (and How to Get Them)
Gathering your KYB paperwork is much easier than it looks. Here’s the complete and authoritative list of required business documents in Nigeria to clear verification quickly.
1. Certificate of Incorporation or Business Name Certificate
This is the primary proof that your business is recognized by the Federal Government of Nigeria.
What it is: A Certificate of Incorporation is an official document issued when a company is incorporated with the Nigerian Corporate Affairs Commission. A Business Name Registration Certificate is an official document issued to a business registered as a business name.
So, when Resolva asks for your CAC registration document, you only upload the certificate that matches how your business is registered. You don’t need both.
How to get it: Both documents are obtained by registering through the official Corporate Affairs Commission (CAC) portal. Alternatively, the process can be managed by accredited agents such as lawyers and accountants or government support hubs. Once approved, the digital certificate will be available for download directly from the CAC dashboard.
2. Memorandum and Articles of Association (MEMART)
This document outlines how your company operate internally.
What it is: The Memorandum of Association acts as your company’s constitutional rulebook. It sets the rules for how your business will operate, defines its boundaries, and protects its shareholders and directors.
How to get it: This document is automatically generated during the CAC setup process for limited liability companies. If misplaced, you can request a Certified True Copy (CTC) directly through the CAC online portal or hire an accredited corporate agent to retrieve it.
Note: This is strictly for limited companies. Registered Business Names do not have MEMART.
3. CAC Status Report (Form CAC 1.1)
What it is: This document shows the current and up-to-date legal information of your company, specifically listing who the current directors, shareholders, and ultimate beneficial owners are.
How to get it: This can be obtained from the Corporate Affairs Commission (CAC) after your company has been incorporated.
4. Registered Company (RC) or Business Name (BN) Number
This is your company’s unique official identity fingerprint.
What it is: The unique ID number assigned to your business by the CAC the exact moment it is legally incorporated.
How to get it: There is no extra application needed for this. Your RC or BN number is clearly printed on the top corner of your official CAC certificate.
Verifying Your Business on Resolva And What It Unlocks
Completing your KYB on Resolva isn’t just paperwork or a regulatory requirement. It unlocks a new payment option for your business that lets you accept crypto from customers while receiving Naira payouts instantly. Completing your verification successfully gives you immediate access to:
- Your Dedicated Business Wallet Addresses: Resolva Merchant lets you generate reusable wallet addresses for each supported crypto asset and network so you can safely receive crypto payments from customers without having to manage wallets or private keys yourself.
- Your Unique QR Code: You can download your unique payment QR code to display at a store checkout counter or print for point-of-sale use.
- Instant Direct Settlement: It activates the automated payout system, pushing your funds straight to your connected local bank account in under a minute without manual holds.
How to Complete Your Business Verification on Resolva Merchant
After creating your Resolva Merchant account, adding your business bank account, verifying your BVN, and adding your business details and address, you can verify your business.
Below are the steps to completely verify your business:
Step 1: Enter your business name and select the category from the dropdown list.
Step 2: Enter your RC number, country, state, and your business address.
Step 3: Enter the bank name and account number where your Naira settlements will be received.
Step 4: Verify your business by uploading the following documents:
- Valid ID of the business owner (NIN slip, international passport, voter’s card, or driver’s license).
- Registered business document (certificate of incorporation or business name registration).
- Proof of address (utility bill, tenancy agreement, or any document showing your business location).
Step 5: Once your documents are submitted, Resolva reviews them. You will receive an email notification when your business is verified. This usually takes a few hours. Then you can proceed to generate your wallet and start receiving payments.
For a full step-by-step guide on how to create and set up your Resolva Merchant account from scratch, see our post on How to Set Up Your Resolva Merchant Account.
Start Accepting Crypto Payments
Verify your business on Resolva and unlock your dedicated wallet, payment QR code, and instant Naira settlements.
Quick FAQs
What is KYB in one simple sentence?
It is the regulatory verification process a business goes through to prove it is legally registered and completely legitimate before a financial gateway allows it to move money.
Why do I need to provide proof of address?
Proof of address helps confirm that your business operates from a legitimate location. It is a standard requirement for financial institutions and payment providers during business verification.
How long does it take for Resolva to approve my business?
The standard turnaround time is 24 to 48 hours from the exact time you submit a complete document package.
Do I absolutely need a MEMART and a Status Report to sign up?
Not necessarily needed for basic setups. If you register as a Sole Proprietor/Business Name, your Business Name Certificate covers your CAC requirement. A Memorandum of Association and Status Report are usually only mandatory for Limited Liability (Ltd) companies.
What happens if one of my documents gets rejected?
Don’t worry. You will receive an explicit notification stating the exact file that was rejected. You can quickly re-upload the missing/rejected document without needing to restart the entire application process from scratch.
Can I start accepting payments before my business is verified?
No. Your business must complete KYB verification before you can generate payment wallet addresses and begin accepting crypto payments through Resolva Merchant.
