Built on a foundation
of regulatory compliance
We build toward licensed operations in every market we enter, and design our compliance programme to protect our merchants, their customers, and the integrity of the African financial system.
Regulatory roadmap
The authorisations we are building toward in each market where we plan to offer services.
Nigeria
Central Bank of Nigeria (CBN)
Building toward licensing
Payment Solution Service Provider (PSSP)
We are building toward a PSSP authorisation under the Central Bank of Nigeria framework, which would let us provide payment solutions, process transactions, and operate wallets for businesses in Nigeria. We design the platform to meet those requirements as we pursue it.
Ghana
Bank of Ghana (BOG)
Target market — in progress
Payment Service Provider
We are working toward Payment Service Provider authorisation under Ghana’s Payment Systems and Services Act 2019 (Act 987), which would let us enable GHS collections and disbursements and operate multi-currency wallets for Ghanaian businesses.
Kenya
Central Bank of Kenya (CBK)
Target market — in progress
Payment Service Provider
We are working toward authorisation under Kenya’s National Payment System Act, which would let us process KES transactions and provide cross-border payment services for East African businesses.
* Licences in Tanzania, Uganda, and South Africa are pending and expected in H2 2024.
AML / KYC programme
Our Anti-Money Laundering and Know-Your-Customer programme is designed to meet or exceed the requirements of all regulators in our operating markets.
Customer Due Diligence (CDD)
All merchants undergo identity and business verification before account activation. We apply enhanced due diligence (EDD) to higher-risk customers and politically exposed persons (PEPs).
Transaction Monitoring
Our automated transaction monitoring system screens payments in real-time against behavioural rules, velocity checks, and sanctions screening. Suspicious transactions are automatically flagged for review.
Sanctions Screening
Every transaction is screened against OFAC, UN, EU, and CBN sanctions lists. We use a continuously updated global sanctions database and apply 24/7 automated screening on all parties.
Suspicious Activity Reporting
We maintain a dedicated compliance team responsible for investigating alerts and filing Suspicious Transaction Reports (STRs) with the Nigeria Financial Intelligence Unit (NFIU) and equivalent bodies in other jurisdictions.
Record Keeping
We retain KYC/KYB records and transaction data for a minimum of 7 years in compliance with the Money Laundering (Prevention and Prohibition) Act 2022 and equivalent legislation in our operating markets.
Staff Training
All Payve employees complete mandatory AML/CFT training at onboarding and annually thereafter. Our compliance team holds CAMS certifications and maintains active memberships with ACAMS.
Regulatory frameworks
We align with international and local regulatory frameworks to ensure consistent compliance across all our markets.
FATF Recommendations
Aligned with the Financial Action Task Force (FATF) 40 Recommendations for AML/CFT, including risk-based approach, CDD, wire transfer rules, and reporting obligations.
Nigeria Data Protection Act (NDPA) 2023
Designed to meet the NDPA 2023, covering lawful processing, data subject rights, breach notification, and cross-border data transfers.
GDPR (EU)
Where we process data belonging to EU residents, we design for the General Data Protection Regulation. Data Processing Agreements are available for merchants operating in EU-regulated environments.
CBN AML/CFT Regulations
Designed to align with the Central Bank of Nigeria AML/CFT Regulations 2022, including the NFIU reporting requirements, transaction monitoring obligations, and PEP controls.
Your obligations as a merchant
By using Payve, you accept responsibility for ensuring your own compliance with applicable laws. In particular:
You must only use Payve for lawful business activities and transactions.
You must maintain your own KYC records for your end customers where you collect payments on their behalf.
You must comply with all applicable AML, sanctions, and export control laws in your jurisdiction.
You must notify Payve immediately if you become aware of suspicious activity on your account.
You must ensure your use of Payve APIs complies with the data protection laws applicable to your customers.
You must not attempt to circumvent Payve's AML controls through structuring, splitting, or other means.
Compliance enquiries
For compliance reports, regulatory correspondence, or to request our compliance documentation package, contact our compliance team.
compliance@payve.com