KYC is the one step in any financial app that people try to put off. It asks for a selfie, a number, a document, and a bit of patience, and it sits between you and everything you came to do. On Divest Private Banking, it also unlocks things that matter: your USD account, conversions, and sending money across borders.
This guide covers what KYC is, what you’ll need, and each of the seven steps in the Divest app, in the order you’ll see them. Get your documents together first, then download Divest if you haven’t yet and follow along.
What Is KYC?
KYC stands for Know Your Customer. It’s the identity verification process that banks, fintechs, and other regulated financial services run before they open an account for you. The goal is simple: confirm you are who you say you are, which protects you from fraud and helps the platform meet financial regulations.
Key Terms to Know
- KYC (Know Your Customer): The process of verifying a customer’s identity before giving them access to financial services.
- BVN (Bank Verification Number): An 11-digit number linked to your biometric details and your bank accounts in Nigeria. It confirms your identity across the banking system.
- Selfie verification: A live photo of your face, taken in the app and matched against your identity records.
- Proof of address: A document showing where you live, such as a utility bill or bank statement.
- Verification status: Where your application currently stands, such as pending, approved, or needing changes.
Why Divest Asks You to Complete KYC
KYC isn’t there to slow you down. It does three jobs at once:
- Protects your money. Verified accounts are harder for someone else to take over or misuse.
- Keeps the platform compliant. Regulated financial services are required to verify their customers.
- Unlocks the full Divest experience. Features like your USD account, conversions, and cross-border transfers depend on a verified identity.
Divest is built so the whole process happens on your phone, with no bank visit and no paperwork stack.
| What | Why | Tip |
| Your smartphone | Everything happens in the app | Charge it and update the app first |
| Your BVN | Verifies your identity | Dial 5650# on the phone number linked to your bank if you’ve forgotten it |
| A well-lit spot | For your selfie | Face a window or light source, avoid shadows |
| Proof of address | Needed if prompted | Have a recent document ready as a photo or file |
| Your personal details | To confirm your information | Match them exactly to your ID |
How to Complete KYC on Divest Private Banking
Here are the seven steps in the app. Take them in order, and take your time on each one.
Step 1: Open Divest
From the Divest home screen, navigate to the identity verification section.
Step 2: Take a Selfie
Follow the on-screen instructions to capture your selfie. Stand in good light, keep your face fully in the frame, and remove anything covering it, such as sunglasses or a cap.
Step 3: Enter Your BVN Details
Provide your BVN and any other information the app asks for. Type it carefully, since a single wrong digit is the most common reason for a failed check.
Step 4: Confirm Your Personal Details
Review your information and complete any additional fields required. Your name, date of birth, and other details should match your official records.
Step 5: Upload Your Proof of Address
Upload the required document if prompted. Check that the document is clear, uncropped, and readable. The app will tell you which documents it accepts.
Step 6: Submit Your Information
Go over everything one last time, then submit your details for verification.
Step 7: Track Your Verification Status
Check the app for updates while your information is being reviewed. You’ll see your status change as the review progresses.
Your KYC is complete once your verification is approved. Enjoy more of Divest!
What Happens After KYC Is Approved?
Once you’re verified, more of Divest opens up:
- Create your USD account. Get your own dollar account details to receive payments from abroad. Our guide to creating a USD account walks through it.
- Hold multiple currencies. Fund USD, GBP, EUR, and NGN accounts in one place.
- Convert between currencies. See the rate before you confirm anything.
- Send across borders. Pay out to 20+ countries, including South Africa, Ghana, Kenya, China, the UK, the US, and Europe.
You can explore more guides on the Divest blog.
Common KYC Mistakes and How to Avoid Them
- Mismatched details. Your name or date of birth in the app doesn’t match your BVN records. Check them against your bank details before submitting.
- Poor selfie conditions. Dim light, blur, or partial faces are the usual culprits. Retake it somewhere bright.
- Typing the BVN wrongly. Count the digits. It should be 11.
- Blurry or cropped documents. Capture the full document on a flat surface.
- Outdated proof of address. Use a recent document if the app asks for one.
- Closing the app mid-way. Finish the process in one go so nothing gets lost.
Tips for a Faster Verification
- Do your KYC before you need the account, not when a payment is waiting.
- Use a stable internet connection from start to finish.
- Keep your app updated to the latest version.
- Use the same name across your BVN, your ID, and your Divest profile.
- Check your status regularly after submitting, and respond quickly if the app asks for anything more.
FAQs
What is KYC on Divest?
It’s the identity verification process you complete in the app so Divest can confirm who you are before giving you full access to your account.
Why do I have to complete KYC?
Regulated financial services are required to verify their customers. KYC protects your account, helps prevent fraud, and unlocks the full range of Divest features.
How long does KYC take?
Completing the steps in the app is quick. How long approval takes depends on the review, so track your status in the app and finish KYC before you need the account.
What is a BVN, and why does Divest need it?
A BVN is an 11-digit Bank Verification Number tied to your biometric details in Nigeria’s banking system. Divest uses it to confirm your identity.
I’ve forgotten my BVN. How do I find it?
Dial 5650# from the phone number linked to your bank account, or check with your bank.
Is it safe to enter my BVN in the app?
A BVN verifies identity. It does not by itself give anyone access to your bank account or money. As with any sensitive detail, enter it only inside the official Divest app, which you can get from Google Play, the App Store, or the official download link.
Do I need to upload proof of address?
Yes, you’ll need to include your proof of address to use the Private Banking feature.
What counts as proof of address?
Documents such as a utility bill or a bank statement work for your proof of address.
My selfie keeps failing. What should I do?
Move to a brighter spot, hold the phone steady, keep your face centred, and remove glasses or hats. Then try again.
Can I leave halfway and come back?
It’s best to finish in one sitting. If you get interrupted, reopen the identity verification section and continue as the app instructs.
What if my details don’t match my BVN?
Check your name, date of birth, and other details against your bank records, then correct them. If they still don’t match, contact support.
How will I know my KYC is approved?
A notification will be sent to you immediately your KYC is approved. You can also check the verification status in the app. It updates as your information is reviewed.
What if my verification is rejected?
Review the reason shown in the app, fix the issue, such as a blurry document or mismatched detail, and resubmit. If you’re stuck, reach out through the app, at [email protected], or via the Help Center.
Do I need to repeat KYC?
You complete it once. The app may ask for more information later if something needs updating.
What can I do once I’m verified?
You can create your USD account, hold USD, GBP, EUR, and NGN, convert between them, and send across borders.
Is Divest available on Android and iPhone?
Yes. You can find it on Google Play and the App Store, or use the download link.
Get Verified on Divest Today
KYC takes a few minutes and opens the door to everything else in the app. Download Divest, follow the seven steps above, and track your status until it’s approved. To see what Divest can do for your money, visit usedivest.com.
Divest lets you hold, send, and receive money across borders without ever stepping into a bank. Open a multi-currency account in Naira, Dollars, Pounds, or Euros, convert between them, and pay out to 20+ countries, all from your phone, at rates that beat what your bank quotes you.
Why Divest?
- No bank visit, no paperwork, the entire process happens on your smartphone
- Multi-currency account: hold and fund USD, GBP, EUR, and NGN in one place
- Send to South Africa, Ghana, Kenya,and soon 20+ countries, including
- Transfers move same-day or within minutes, not days
- Transparent, rate-based pricing, no separate fees buried in the transfer
- Dedicated account details, not pooled with other users
- 300k+ users and counting
Follow Divest on socials @usedivest for product updates, new features, and anything else worth knowing between posts like this one.