How to Complete KYC on Busha Business (Step-by-Step Guide)

Busha 14 May 2025

At Busha, we’re committed to making your business account setup as smooth as possible. If you want to open a Busha Business account, completing your Know Your Customer (KYC) and Anti-Money Laundering (AML) verification is a key part of the process.

As a financially regulated company, we must verify every business's identity and structure. This helps us maintain a secure platform for all users and ensure compliance with industry standards.

This guide outlines everything you need to know, from the documents to prepare to tips that help you avoid delays. With the correct information and a few simple steps, you’ll be on your way to getting verified in no time.

Start Your Business Account Application

To get started, open your business account on the appropriate platform:

For businesses outside Nigeria: https://www.busha.co/business
For Nigeria-based businesses: https://www.busha.ng/business

Section 1: Business Profile

In this section, enter basic information about your company. Make sure everything matches your official business documents:

Country of Registration
Business Name
Trading Name (if any)
Business Email
Main Business Activity
Date of Registration

Tip: Don’t guess. Copy the exact details from your company registration documents.

Section 2: Business Address

Use the registered business address from your official documents.

Country, State, City, Postal Code
Complete Business Address (street, building, office number, etc.)
Upload a recent proof of address (utility bill or tenancy agreement — not older than 3 months): Make sure the document you upload, such as a utility bill or tenancy agreement, is not older than 3 months.

Submitting older or expired documents is one of the most common reasons for KYC delays. To avoid back-and-forth or rejection, double-check the issue date before uploading.

Section 3: Business Registration Details

Tell us about your business type and structure:

Business Type (e.g., LLC, PLC)
Regulatory Status (Regulated or Unregulated)
Business Structure
Registration Number
License Number (if regulated)
Tax ID (TIN)
Corporate Group Info (Are you part of a group?)
Exchange Listing Status (Is your company publicly listed?)

Section 4: Ownership Structure

Here, you’ll fill in details of all directors, shareholders, and beneficial owners who hold 5% or more ownership.

For each person, provide:

Full Name (as it appears on your government-issued ID)
Nationality
Role (Owner, Director, Shareholder)
% of Ownership
PEP Status (Is the person politically exposed?)
BVN (for Nigerians only)
Residential Address
Upload: Valid ID + proof of address

Click the “Add Owner” button to add each individual.

Important: As reflected in your company's registration documents, you must add every shareholder or director with 5% or more ownership.

Failure to do so may delay your KYC verification.

Tip: If the name or address provided doesn’t match the uploaded document, you’ll likely be asked to resubmit.

Section 5: Transaction Information

Help us understand how you plan to use the account:

Purpose of Account (Be specific: e.g. “Receive crypto payments from clients”)
Monthly Transaction Volume
Expected Number of Transactions per Month
Are you using the account for your own business or clients?
Do you need API access?
- If yes, share your website URL

Important: Many users skip the API section and later request access. To avoid delays or resubmission, please indicate your API needs now. It's quicker and easier to set this up during the onboarding process.

Section 6: Compliance Documents

Upload clear, easy-to-read copies of the following:

Certificate of Incorporation
Document showing shareholder breakdown (This is often called a Corporate Registry Extract, but may be known by other names depending on your country. It should clearly show all shareholders and the percentage of shares they hold.)
Corporate Structure Chart
Board Resolution authorising the opening of the Busha account and appointing account signatories.
AML Policy (if available)
Business Licenses (if applicable)
Source of Funds (e.g., bank statements from the last 3 months)
Source of Wealth (e.g., investment documents or audited financials)

Note for Financial Institutions: You may be required to submit additional documents, including:

Your KYC/Customer Due Diligence (CDD) Policy
A completed Wolfsberg Questionnaire

Tip: Blurry, incomplete, or mismatched documents can slow the process. Double-check everything before uploading.

Section 7: Review and Submit

Before submitting, double-check:

Every section is filled
Uploaded documents are clear and match your details
Names, numbers, and addresses are consistent.

What Happens After Submission?

Our compliance team will review your details and reach out within 48 hours. If anything is missing, you'll get an email from: compliance@busha.co guiding you on the next steps and any additional documents you need to submit for verification purposes. In some cases, depending on the documents you have submitted, you may be required to submit additional documents to help our team verify your business.