Innovate 1 Pay is licensed by the Central Bank of Nigeria (“CBN”), to engage in wholesale foreign currency distribution, importation and evacuation and other various payment services. Innovate 1 Pay’s operational offices within Nigeria are strategically located in both Kano State the vibrant commercial center and the Federal Capital Territory Abuja.
Innovate 1 Pay is regulated by the CBN and adheres to other applicable compliance requirements under the Nigeria Federal Intelligence Unit, Economic and Financial Crimes Commission, Nigeria Customs Service and Department of State Services.
Innovate 1 Pay recognizes that compliance with all relevant internal and external laws, rules, regulations, policies and standards are invaluable to the success of its business and complies with best practices and international standards. We are committed to maintaining a disciplined and controlled compliance environment. As a regulated entity, Innovate 1 Pay is required to meet statutorily prescribed operating standards. We are also required to routinely submit financial reports and specific statutory returns to our regulators. These standards are enforced by the CBN and the various state regulators, which have the right to impose sanctions for any infractions.
At Innovate 1 Pay we adhere to set standards under the CBN Act, Banks and other Financial Institutions Act, the AML Legislation and other relevant laws applicable within the jurisdiction we operate.
Innovate 1 Pay implements the “Know Your Customer” Policy (KYC) under the CBN Anti-Money Laundering Legislation through its biometric verification process. The purpose of the KYC is to ensure that all customer transaction information and records, are accurately obtained, updated and maintained as mandated by the CBN and Anti-Money Laundering (AML) Legislation.
Our biometric verification system captures biometric and demographics of customers operates on a secure technology platform which validates the identity of customers and purpose of the transactions.
The data captured on the biometric verification system which is integrated to the transactions database, records and tracks transaction frequencies against other indices to detect ineligible, money laundering, anti-terrorism, suspicious and or other prohibited transactions in line with AML Legislation and KYC best practices and recommendations.
Innovate 1 Pay is committed to maintaining the highest level of professional and ethical standards in the conduct of its business affairs. We value and uphold our corporate reputation and integrity through transparent and statutorily compliant transaction processing.
We provide instructions and guidance to our Team on the processes required for identifying and reporting suspicious activity, transactions, data requirements for collecting and verifying customer identification information.
Our employees are trained and equipped with the knowledge of these prohibitions upon their engagement with our organization.
As a partner of the CBN, engaged in foreign exchange business and other payment services, compliance with the regulations and ethical practices which relate to our services is of utmost importance.
Our customers are advised to carefully review any and all form instructions prior to submission as these form part of our rendition of reports to the CBN and other regulatory agencies.
