Sole Prop: FICA Review Guide
Updated over a week ago

To update your Yoco profile, we’ll need to confirm that the details you may have submitted previously are still accurate, and collect more recent verification documents as per the regulated FICA review process.

All Yoco profiles, no matter the business type will need to:

  • Confirm the business’s trading name, industry and address - and submit proof of address.

  • Confirm the profile owner’s residential address.

  • The profile owner will need to submit their original ID document(s) and confirm their identity with a live selfie.

    • For RSA citizens, a green ID book, smart ID card, or barcoded passport. Note - Drivers’ licenses are not accepted.

    • For international citizens, a passport and work visa which are current and valid (not expired).

That’s it! Except if you’re one of the listed groups that needs to answer an extra FICA questionnaire...

Will I be asked extra FICA review questions?

The extra FICA questionnaires are there to help better capture key details about some types of businesses, so we can confirm that they’re operating safely and that we know how best to support them.

We’re required to collect extra details from these types of businesses:

  1. If your business is online, and you sell on social media or over messaging platforms (like WhatsApp) - you’re probably using Yoco Link / Invoices.

  2. If your business is online, and you sell from an online store on your website - you’re probably using Yoco Gateway.

  3. If you’re at a higher risk or you and/or your business partners/associates is/are politically exposed person(s).
    * In financial regulation, a politically exposed person (PEP) is someone with a prominent public function.

If you fall into one of these categories, please read our extra FICA review guide here.

Did this answer your question?