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Choice Microfinance Bank KYC/KYB Requirements
Choice Microfinance Bank KYC/KYB Requirements
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Written by Linda Kendeli
Updated over 3 weeks ago

Choice Microfinance Bank is one of the banking partners we work with to provide you with banking services. When you open your Boya account and choose Choice Microfinance Bank as the bank, your funds will be held in a bank account at Choice Microfinance Bank. Below are the required KYC/KYB requirements for the different organization types when you open your Boya account and choose Choice Microfinance Bank as the bank to hold your funds.

1. Limited Companies (Kenyan)

  • Certificate of Incorporation

  • KRA PIN Certificate

  • Latest business search CR 12 must have been obtained within the last 6 months

  • Signed and Stamped Board Resolution (Mandatory)

  • Proof of Address Document (utility bill, tenancy agreement, recent rent invoice, or valid business permit) (Optional)

Note: KYC for individual UBO is optional but mandatory if they are a shareholder or a director of the company.

Local Director Requirements:

  • Valid Mobile Number

  • Email Address

  • Photo of ID/Passports for all directors (Front and Back)

  • KRA PIN Certificate

  • Passport-Size Photos/Selfies

Note: If there is an Ultimate Beneficial Owner (UBO) of the company (e.g., Delaware company), then the director information of that company and the UBO form must be provided.

Foreign Director Requirements:

  • Valid Mobile Number

  • Email Address

  • Valid notarized Foreign Passport

  • Notarized Foreign tax document

  • Clear Selfie/ passport photo.

Foreign resident directors/ shareholders

  • Valid Mobile Number

  • Email Address

  • Valid Alien id (both front and back)

  • Valid notarized foreign passport (if Alien id is unavailable)

  • KRA Pin certificate

  • Notarized Foreign tax document (if KRA Pin is unavailable)

  • Clear Selfie/ passport photo.

Note: All KYC documents that need to be notarized should all be notarised in the country of origin.

2. Partnerships

  • Certified Copy of Executed Partnership Deed

  • KRA PIN Certificate

  • Proof of Address Document (Optional)

  • Original Board Resolutions on the Company’s Letterhead (Stamped/Sealed - Mandatory)

Individual Partner Requirements:

  • Valid Mobile Number

  • Email Address

  • Photo of ID (Front and Back)

  • KRA PIN Certificate

  • Current Passport Photo/Selfie

3. Clubs/Associations/NGOs/Foundations/SACCO Societies

  • Certified Copy of Constitution/Rules/By-Laws

  • Certified Copy of Certificate of Registration/Trust Deed or Exemption

  • Certified Copy of Board Resolution/Minutes of the Board

  • List of Registered Officials and Current Board Members

  • Certified Copy of Residential Address/Business Permit/License in Business Name

  • KRA PIN Certificate

  • Current Audited Financial Statements for the Last One Year

Registered Officials Requirements:

  • Valid Mobile Number

  • Email Address

  • Photo of National ID or Passport for Officials and Signatories

  • Current Passport Photo/Selfie of Officials and/or Authorized Signatories

  • Work Permit for signatories

4. Sole Proprietorships

  • Registration Certificate

  • KRA PIN Certificate

  • Valid Mobile Number

  • Email Address

  • Photo of ID (Front and Back)

  • Current Passport Photo/Selfie

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