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.
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)
It is essential to ensure that the address and the name on your submitted document match the details provided in your business registration.
Steps to Resolve Rejected Submissions
If your utility bill submission is rejected, take these following steps:
Review the rejection reason provided in the notification.
Ensure your submitted document adheres to all the requirements outlined above.
If additional proof of address is needed, consider submitting a secondary document such as a commercial bank statement that matches the entered address.
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