Utility Bill Verification Process for Kuda Business
When submitting a utility bill for Kuda Business account verification, understanding the process and requirements can help ensure successful verification. Below is a complete guide to assist with the utility bill verification process, common rejection reasons, accepted documentation, and steps to resolve any issues.
Overview of the Utility Bill Verification Process
Once you submit your utility bill, the process involves the following steps:
Review Process: The submitted utility bill is reviewed for accuracy and compliance.
Approval Timeline: If everything meets the criteria, the submitted bill is approved. The review process typically takes up to 24 hours.
Common Reasons for Rejection
Utility bill submissions may get rejected due to the following reasons:
Lack of Address Match: The address on the utility bill does not match the address provided in your details. Ensure consistency between your submitted address and the one entered.
Missing House Number: Utility bills without necessary address details, such as a house number, are not accepted. If needed, provide an alternative proof of address.
Mismatched Account Name: The name on the utility bill must match the registered business name to comply with Central Bank of Nigeria (CBN) regulations.
Invalid Documentation: Certain documents, such as personal account statements or fintech account statements, are not acceptable as proof of address.
Missing Provider Name: Utility bills must clearly state the name of the utility provider. Bills without this information may not be accepted.
Unsupported Platforms: Documents issued by platforms such as the Venco App are often rejected if they lack the provider’s name or adhere to the outlined compliance standards.
Incomplete Utility Bill Information: Missing detailed address information such as building and street details makes it challenging to validate the address.
Accepted Documentation
Below are acceptable forms of proof of address for utility bill verification:
A power, water, or waste bill not older than six months
A rent receipt or agreement issued for the current year
A business account statement from a commercial bank (personal or fintech account statements are not accepted)
Tax Remittance: A valid tax remittance document that matches the business address.
Land Use Receipt: A land use receipt issued within the last six months.
It is essential to ensure that the address and the name on your submitted document match the details provided in your business registration.
Ensure that a clear and converted-to-PDF Corporate Affairs Commission (CAC) Registration Form or full CAC status report is also provided to complete submissions when required.
Guidelines for Effective Document Submission
Ensure that all documents are legible and include essential information such as the utility provider's name, full address, and date of issue.
Verify that the uploaded documents match the address provided in your Kuda Business account registration.
Never upload documents that are older than the specified timeframe for the particular type of document.
Convert all documents to PDF format before uploading to ensure a smoother verification process.
Alternative Documentation Options
Consider providing the following alternative documents to address verification challenges:
A water, waste, or power bill not older than three months.
A tenancy agreement issued within the current year.
A commercial bank statement matching the address provided in your Kuda Business account.
Steps to Resolve Rejected Submissions
If your utility bill submission is rejected, take these following steps:
Review the rejection reason provided in the notification.
For missing address information, submit a tenancy agreement with your name and correct address or ensure your utility bill is updated and contains all required information.
In case of missing house numbers, provide a commercial bank statement that includes your full address or submit additional documents like a recent water or waste bill not older than three months.
If there are typos or discrepancies in your address, upload clear, legible utility bills and consider re-uploading corrected documents for review.
Always check for compliance with regulatory standards such as the inclusion of the utility provider’s name.
By following these guidelines, you can avoid common errors and ensure your utility bill is successfully verified.
Related Topics
How to update your business address information
Steps to complete Kuda Business KYC verification
Understanding compliance with Central Bank of Nigeria (CBN) regulations