How to Verify Your Business on Bloc

To use Bloc for your business, we do not require your business to be registered with the CAC. This means you are welcome to use Bloc as a registered or unregistered business.

However, we are required by Central Bank of Nigeria [CBN] Regulations to carry out compliance verification on all businesses signing up to use our platform, and so until we verify your business, you will not be able to use the Bloc Dashboard for transactions.

Once you complete your business verification as a Starter or Registered business, you can access the Bloc Dashboard to start performing transactions with your business bank account immediately.

Why do we verify your business?

Depending on the registration status of your business, we collect various information when you sign up to ensure that you comply with regulations and to protect the businesses signed up on our platform from malicious activity.

In cases where we identify a lack of compliance or suspicious activity on a business, we use the details you have provided to reach out to rectify it as quickly as possible or take legal action (if applicable).

The verification process is slightly different for registered and unregistered businesses. When you sign up on Bloc as a business not registered under the CAC, we verify your business through a simpler "Starter business" process. In contrast, we verify and categorize businesses registered with the CAC as "Registered business".

The major difference between these two business verification types is that Registered businesses have full access to all banking and payment features on Bloc. So, they must submit their business registration documents with the CAC for our compliance team to verify before accessing Bloc.

Starter businesses, however, are business accounts for small businesses without a CAC document. This business type has a transaction limit of 2,000,000 naira, and we only require information on the business and its director to complete verification.

Starter Businesses on Bloc can always upgrade their verification to Registered business anytime. Read: How to switch from Starter to Registered business.

How do I get started with my Business Verification?

  1. Sign up on Bloc here. Read this article to learn how to sign up on Bloc.
  2. Verify your email address to complete your account creation. Make sure to use an accessible email address, you'll need it to verify our OTP with your email address each time you want to log in to your account.

  1. Click on Set up my Bloc account and choose whether you want to verify your business as a Starter or Registered business.
  2. Follow the steps in this help article to complete your business verification as a starter or registered business.

How long does it take to verify a business on Bloc?

When you submit your information, the Compliance team reviews it alongside our automated internal verification tool.

Business Verification takes between 24 - 48 hours. You can track the status of your verification on your dashboard.

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