At BOVAREFILL, we have different KYC tiers, each with its own requirements and transaction limits.
We also provide different document options at each verification level, making it easier for you to choose an option that works for you.
As you move to a higher tier, you get access to higher deposit and withdrawal limits and more features on the platform.
How to Find Your KYC
To find your KYC section:
Log in to your BOVAREFILL account.
Go to Security.
Select Verification to see your KYC details.
KYC Tier 0
Tier 0 is the starting level of your account. At this level, you have limited access to the platform and cannot access a virtual account.
To unlock more features and get access to a virtual account, you’ll need to upgrade to Tier 1.
KYC Tier 1
To move from Tier 0 to Tier 1, you need to provide either your Bank Verification Number (BVN) or National Identification Number (NIN).
We give you the option to use either one because you may not have both. Once your details have been verified successfully, your account will be upgraded to Tier 1 instantly.
Tier 1 Transaction Limits
Daily deposit limit: ₦1,000,000
Monthly deposit limit: ₦10,000,000
Daily withdrawal limit: ₦1,000,000
Monthly withdrawal limit: ₦5,000,000
If you need higher transaction limits, you can upgrade to Tier 2.
KYC Tier 2
To upgrade to Tier 2, you can provide any one of the following identity documents:
Driver’s Licence: Upload the front and back.
International Passport: Upload the information page.
National ID: Upload the front and back.
You’ll also need to provide proof of address.
You can find the Accepted Proof of Address Documents on the verification page.
Once your documents have been submitted and successfully verified, your account will be upgraded to Tier 2 instantly.
Tier 2 Transaction Limits
Daily deposit limit: ₦5,000,000
Monthly deposit limit: ₦50,000,000
Daily withdrawal limit: ₦5,000,000
Monthly withdrawal limit: ₦25,000,000
If you need even higher limits, you can apply for Tier 3.
KYC Tier 3
Tier 3 is for users who need higher transaction limits. To apply, you’ll need to provide a Source of Wealth document showing where your funds come from.
Some examples include:
Bank statements
Property sale documents
Inheritance letters
Audited accounts
Once you’ve submitted your documents, a senior approver will review your application and make the final decision. Your account will be upgraded once your application is approved.
Tier 3 Transaction Limits
Daily deposit limit: ₦5,000,000
Monthly deposit limit: ₦10,000,000
Daily withdrawal limit: ₦20,000,000
Monthly withdrawal limit: ₦50,000,000
How to Check Your Deposit and Withdrawal Limits
You can check your current verification tier and track how much of your deposit and withdrawal limits you’ve used directly from your account.
To view your limits:
1. Log in to your BOVAREFILL account.
2. Go to Profile.
3. Select Accounts.
4. Click on Limits.
Here, you’ll see your current verification tier and the deposit and withdrawal limits that apply to your account.
You’ll also be able to track your usage against your daily and monthly limits. The amounts should update as you make deposits and withdrawals.
For example, if your monthly deposit limit is ₦50,000,000 and you’ve deposited ₦27,700 so far this month, you’ll see:
● Monthly deposit: ₦27,700 / ₦50,000,000
This helps you keep track of how much you’ve deposited and how much of your limit you have left.
You can view your daily and monthly deposit limits, as well as your daily and monthly withdrawal limits, in the same section.
What If Your Verification Fails?
If your BVN, NIN, or identity document fails verification, check the details you provided to make sure they’re correct.
If you need help understanding the issue or completing your verification, reach out to us through the in-app chat or via our WhatsApp number (08118000555).
Why Should You Upgrade Your KYC Tier?
Upgrading your KYC tier gives you access to higher deposit and withdrawal limits and more features on BOVAREFILL.
There is no limit to how much you can spend on purchases on the platform. Your KYC tier limits apply to deposits and withdrawals, not the amount you can spend purchasing products and services on BOVAREFILL.