You can add or edit your banking details from the Yoco Mobile App or Yoco Web App here.
Please Note: Your bank account must be South African and transactional (that means it can make and take payments).
Typical transactional bank accounts include a current or cheque account, or a transactional savings account. If you’re unsure, it’s usually easy to check with your bank, or on your banking profile.
How to update your Business Bank Account:
Log in to the Yoco Mobile/Web App here
Select your business name to access the Business Settings page
Click on the Bank Details tile
Click the Change button next to your current bank details.
Select your Bank, Account Type (Cheque or Savings) and enter your Account Number.
Click Request Change or Submit
Depending on what type of business structure you’re signed up as, you may need to provide extra documentation so we can verify your bank account.
After updating your bank details and clicking on Request Change or Submit, you'll receive an SMS to the mobile number on your Yoco (Personal) profile to verify the updated bank details, and you'll need to confirm before the details will be updated.
Note: All Finbond bank accounts will always need proof by Bank Letter for any updates or changes.
If you edit or change your bank details, you’ll also need to resubmit any relevant documents for verifying the new details. If you had to submit a proof of account the last time you submitted your bank details, you’ll have to do it again. To find out more, check out this guide.
Note: Your payouts will keep being paid into your current bank details until your new bank details are verified.
What kind of verification is required for updating my Business bank details?
For a self-employed person/ sole trader: You must own the bank account. No proof needed.
For a Private Company (Pty) Ltd: You must be one of the Directors, and the bank account must be in the name of the registered company. You’ll also need to supply your CIPC number and confirmation of shareholding, but no other banking proof is needed.
For Partnerships: You must be one of the Partners, and the bank account must be in the name of the Partnership. You’ll also need to supply a copy of your Partnership Agreement, and a Bank Letter or Statement as proof.
For Close Corporations: You must be one of the Directors or Members, and the bank account must be in the name of the registered CC. You’ll also need to supply your CIPC number, but no other banking proof is needed.
For Non-Profit Organisations: You must be one of the Directors or Members, and the bank account must be in the name of the Organisation (whether registered or otherwise). You’ll also need to supply a Board Resolution granting you permission, and a Bank Letter or Statement as proof. If the NPO is registered with the Dept of Social Development or the CIPC, you’ll also need to provide those registration details.
For Trusts: You must be one of the Trustees, and the bank account must be in the name of the Trust. You’ll also need to supply a coy of the Trust Deed and a stamped Letter of Authority from the Master of the High Court, as well as a Bank Letter or Statement as proof.
Check out our extra verification documents checklist for more details, here.