Saylor
Effective Date: [June 30th, 2025]
Last Updated: [June 30th, 2025]
1. Introduction
At SaylorPay, we are committed to promoting financial
inclusion while maintaining responsible platform management. As a payment
facilitator, we do not collect, receive, store, or process funds on behalf of
merchants or users. Instead, we leverage USSD automation technology to
facilitate direct mobile money payments between customers and merchants.
This KYC Policy outlines the specific identification
requirements for certain categories of merchants on our platform and clarifies
where identity verification is required or not necessary.
2. Our Non-Custodial, Facilitator Role
SaylorPay is not a traditional payment gateway.
We do not:
- Collect,
hold, or route customer funds.
- Generate
payment prompts or store customer payment details.
- Act as
an intermediary financial custodian for any transaction.
Our Role:
We provide a product (the SaylorPay app) that automates the USSD
process for users making mobile money payments and a service (an API
for merchants) that integrates with websites, online stores and apps and
automates the USSD payment sequence up to the point where the customer is
required to enter their wallet PIN to authorize the transaction.
As a result, while we take reasonable steps to maintain a
safe and responsible platform, and to ensure that our risk exposure to financial crime is
significantly reduced compared to a regulated financial services provider.
3. KYC Requirements and Exceptions
As a means of protecting the users of Our product (the app)
(when making online payments triggered by the SaylorPay API), safeguarding the
reputation of Our business and in compliance with legal requirements, We take calculated
steps and approach to verify the identity of Individuals and Businesses using
Our service.
Note, however, that KYC is not strictly mandatory for
merchants or developers (Individual or Business). Merchants who do not wish to
undergo KYC can use SaylorPay with an unverified badge indicating their
verification status.
For Merchants that wish to attain a verified badge, KYC
requirements are explained below.
3.1 KYC
Requirement for Individual
For the purpose of this policy, an Individual is any SME or
informal business that is not officially registered with the Registrar of
Companies Ghana (formerly known as Registrar General’s Department).
Individuals are therefore required to upload an image of the
front and back of their valid National Identification Card
3.2 KYC
Requirement for Businesses
For the purpose of this policy, a Business is any firm that
is formally registered with the Registrar of Companies Ghana (formerly known as
Registrar General’s Department) and duly issued with a valid Certificate of
Incorporation.
Businesses are therefore required to upload an image of;
·
Business Certificate/Certificate of
Incorporation (in PDF file format)
·
Form A (in PDF file format)
·
the front and back of their valid National
Identification Card (in png or jpeg file format)
3.3 Exemptions
for Individuals and Advertisers
To promote financial inclusion and seamless onboarding:
- Individual
merchants are only required to submit their valid National
Identification Card
- Advertisers
are not required to undergo any KYC.
We believe this is consistent with our low-risk,
facilitator-based model and ensures accessibility for small business owners,
startups, and individuals who may not yet be formally registered.
4. Right to Request Verification in Special
Circumstances
Although KYB and KYC is not strictly mandatory for
individuals and advertisers during sign-up, SaylorPay reserves the right
to request additional identity or business verification from any user or
merchant in the following cases:
- If
a fraud report, legal complaint, or regulatory inquiry is
received.
- If
there’s evidence of misuse, abuse, or illegal
activities conducted through the SaylorPay platform.
- If
the merchant or advertiser’s activities pose a potential reputational
or legal risk to SaylorPay.
Failure to comply in such cases may result in:
- Temporary
suspension of service access.
- Termination
of account.
- Legal
reporting to relevant authorities where necessary.
6. Data Protection and Privacy
All personal information and documentation submitted for KYC purposes will be
handled in strict compliance with our Privacy Policy and relevant data
protection laws, with the user’s consent where applicable.
We collect only what is necessary, store it securely, and limit its use to
identity verification and fraud prevention purposes.
6. Policy Updates
We may update this KYC Policy from time to time to reflect changes in legal
requirements, platform operations, or risk considerations. All updates will be
communicated to affected users, and continued use of the SaylorPay platform
constitutes acceptance of these changes.
7. Contact Us
For any questions, clarifications, or KYC support, kindly
contact:
- Email: [[email protected]]
- Phone: [+233 539084357]
- WhatsApp: [+233 539084357]
- Website: [https://saylorpay.com]