How Dojah can help you verify businesses to work with.

Verification process for businesses

Imagine this, you want to work with a business and to do that, you have to verify the business. So you:

  • Hand out a 10-page form to be filled with various attachments and signatories,
  • Visit the bank to verify the company’s account, know if they pay tax (which might take days or need a connect),
  • Allocate manpower to verify the business against the submitted details by going to the address of the company, the owners, guarantors enlisted.
  • Interact with these people physically, via social media, calls, etc., to verify the submitted details.

and other draining activities that could take up to a month, just to be sure you are not about to deal with fraudsters. A whole lot of stress, right?

KYB being closely related to KYC is an acronym for “Know Your Business”, a process that ensures verification of businesses before onboarding, carrying out business deals and transactions because customers can also be businesses.

The extent to which KYB is done has rapidly evolved over the years, from a manual process that involves a lot of manpower, money, human checks prone to inaccuracy and gut feelings to an automated process that eliminates bureaucracy, is cost friendly and provides accurate, updated information.

This is the reason behind Dojah’s KYB service, getting verification of businesses done with ease. Because the longer it takes, the higher the impact on client acquisition because of a poor onboarding experience, or by losing clients to a business that can allocate more resources for a faster verification process.

This service especially covers B2B relationships such as partnerships, businesses that are your customers, goodwill affiliations, mergers, online merchants, vendors, suppliers, transporters, and so on.

Companies that offer professional services to other companies or that constantly work with SMEs and freelancers must establish KYB procedures to identify the legal standing of these businesses and verify their connection.

Why is business verification service needed?

When there is an intention to or need to work with a business, certain things must be considered.

  1. Is this business registered? Can this registration be verified?
  2. What are the risks associated with this particular business?
  3. Is this business compliant with the government and laws?
  4. Who are the owners of this business?
  5. What is this business worth?

How to authenticate a business with Dojah

You can use any of the endpoints we provide to verify a business easily, which are:

  1. Lookup CAC: to determine the existence of a company by fetching the details of the company, the affiliates and registration details. You can read more about this here and see how it works here.
  2. Lookup TIN: to get tax information of the company, determining legal compliance. You can check this out here.
  3. Lookup NUBAN: to get the financial information of the company. You can check this out here.

With the response from any of the above mentioned services, verification is done easily for decisions to be made.

You can visit our documentation to view how this service works and to get onboard, please sign up here and schedule a call here to discuss how this service can work for you and we look forward to that.

Please follow us here on medium, on twitter, linkedin and check out our website for more information and if you would like to discuss further with us, please reach out via mail to support@dojah.io.

If you found this post helpful, please clap, share and follow us for more.

One-stop shop for APIs in Africa