KYC Policy

Why we verify identity

As a Nigerian platform handling naira, gift cards, and crypto, iFAMED is required by law to confirm who our customers are. Your verification level sets what your account can do: a new account can transact within the limits of its tier, while higher-value activity requires verification first. This protects you, protects the platform, and keeps us compliant with Nigerian AML/KYC regulation.

What verification involves

Depending on your account tier, we ask for your BVN or NIN, and — for higher tiers — a selfie for a face-match check against your ID record. We verify these details through Prembly (our primary identity verification partner) or Dojah as a backup. Your selfie is used once to complete the check and deleted immediately afterwards; see our Privacy Policy for exactly what we store.

One identity, one account

Each BVN or NIN may only be linked to a single iFAMED account. We check for this at verification time to prevent duplicate or fraudulent accounts.

What your tier allows

Your account tier works in two ways, and it is worth being clear about the difference:

• Lower limits on what your tier permits. Every account has a per-transaction and a daily limit, and completing verification raises both. The figures that apply to you are shown in the app under your account tier.
• Some activity is blocked outright, not just limited. Selling a gift card at or above our higher-value threshold requires BVN verification, and we decline the trade before quoting a rate if your tier is below it — raising a limit would not help.

Upgrading your tier is done in the app, and takes effect as soon as verification completes.

Questions

If verification fails or you believe your details were checked in error, reach out from our Help Center.