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Profile Setup & Verification: FAQs
Updated over a week ago


Why do you need my ID or passport document?

We use your identification documents to make sure that the person signing up really is you. We do this to minimise the risk of impersonation, but also to comply with South African laws like the FICA (Financial Intelligence Centre Act 38 of 2001).

This is why it’s so important that the person signing up with Yoco is also the sole trader, owner or a director, partner, member or trustee of the business.

Do you accept temporary ID documents?

Yes. But, you’ll need to make sure you give us an updated, valid version whenever your original document has expired.

Must my ID/ passport document be certified?

No, we only require colour photographs of the original documents to verify your account.

Do you accept birth certificates?

For minors between the ages of 16 and 18, we do accept birth certificates. But, once a minor reaches the age of 18, they’ll need to submit a copy of their ID or passport.

If I’m using an international passport, why do you need my Work Visa?

This states the reason why you’re in the country, and verifies how long you’re allowed to remain here. It’s a legal and regulatory requirement that all our merchants be permitted to work or do business in South Africa, at all times.

My identification document has expired, can I still use it?

Unfortunately not. We can only accept documents that are up to date and valid.

Bank Account Holder Verification

Which account can I use?

Use a transactional South African bank account in your name, or if you’re signing up for a business or organisation, the account must belong to the business or organisation.

Why must my account be transactional?

A transactional account can be debited and credited - this is so we can settle the money from your transactions (minus your transaction fees) into your account.

When do you ask for proof of account?

We only need proof of account to verify your bank details if you’re signing up for a:

  • Partnership / many co-owners (not registered with CIPC)

  • NPO / NPC

  • Trust

Note: If you bank with Finbond, you'll also need to provide proof of account.

If you need to submit proof of account, a Bank Letter or Bank Statement will suffice.

Can I use a bank account that belongs to someone else?

No, we don’t allow any 3rd party bank accounts. It’s important that the same person who signs up, owns the business and the bank account (or part thereof). To protect our community, we insist that anyone joining Yoco must have the right to do so, with lawful access to bank accounts and other financial information they wish to use.

Verification (Vetting)

Can someone else sign up on my behalf?

Unfortunately not: you must also be the sole trader, owner or a director, partner, member or trustee of the business you’re signing up for.

Can I use my card machine or take payments online before providing all my verification details?

Sure thing, we wouldn’t want you to miss a sale - but remember that we can only settle your Payouts into your bank account once we’ve been able to complete your verification process.

What is a CIPC registration?

The CIPC is the Companies and Intellectual Property Commission, founded in 2011, it’s the government body responsible for company registration (among others). Find your CIPC registration no. (xxxx/xxxxxx/xx) on your CIPC Document or get yours here . Haven’t registered yet? That’s okay, you should rather sign up as a sole trader or partnership.

What is a Confirmation of Shareholding?

If you’re signing up as a Registered Private Company (Pty) Ltd, you’ll need to also submit a Confirmation of Shareholding. This is a declaration that you (as a Director of the Company) make, to list the details and shareholding % of each of the Shareholders of your Company.

Check out our guide and template here .

Why? Because, by law we have to confirm that we know who is tied to your business operation.

Please Note: We need to know which natural person ultimately owns the company, so if your shareholding is made up of 1 or more entities, we may ask for the shareholding details of those entities too.

What is a Resolution?

If you’re signing up for an NPO or NPC, you’ll need to also send us confirmation that you’re authorised to act on behalf of the organisation. The Resolution can be any properly signed document that authorises you to apply and transact with Yoco on behalf of the Organisation. You can submit Minutes of a Meeting, in which you’re given the express permission to do so, or you can also have an official letter signed by all the Members of the Board and the Treasurer.

Check out our template here .

Why do you need extra documents for Trusts?

A Trust is a very special legal construct, whereby one person/ entity hands over their right to certain assets to another person, in order for that person to manage those assets to the benefit of another (third) person/ entity.

All important details about how the Trust is operated is contained in the Trust Deed, and will detail who the trustees and beneficiaries are. This, combined with a stamped Letter of Authority, proves that you have the legal authority to act on behalf of the Trust, in this way.

Can a minor sign up for Yoco?

Sure, we welcome merchants from the age of 16 (with proper parental or guardian permission).

Check out our free template here.

Need to upload extra details to get verified?

Useful Free Templates:

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