SME Account

Background

SME can open the SME Account in Choice Bank through BaaS API Platform. The following 5 types of organizations are eligible to open the SME Account:

  1. Sole Proprietorship

    A sole proprietorship is a type of enterprise that is owned and run by one individual, with no distinction between the owner and the business entity. The owner is entitled to all profits and is responsible for all the business's debts, losses, and liabilities.

  2. Limited Liability Company

    A limited liability company is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. Owners of an LLC are called members and are protected from personal liability for business debts and claims.

  3. Partnership Company

    A partnership company is a business organization in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed. Partners share profits and losses and are jointly and severally liable for the obligations of the partnership.

  4. NGO (Non-Governmental Organization)

    A non-governmental organization is a non-profit group that operates independently of any government, typically one whose purpose is to address a social or political issue. NGOs play a critical role in developing society, improving communities, and promoting citizen participation.

  5. CBO (Community-Based Organization)

    A community-based organization is a non-profit group that works at a local level to improve life for residents. These organizations are typically grassroots entities that are focused on community-based issues and are involved in activities that address the needs of the community.

Steps

1

Initiate Onboarding Request

Call endpoint /onboarding/business/applyForSmeOnboarding to initiate an onboarding request. On initiation, end users will need to select their SME type and how they would like to receive the OTP (SMS or email).

Status: 1-SUBMITTED

2

Confirm OTP

Call endpoint /common/sendOtp to request for OTP (using onboardingRequestId received in the response in the first step).

Call endpoint /common/confirmOtp to confirm the OTP code received.

Status: 2-PROCESSING

If the OTP is not verified within 30 minutes of submission, the onboarding request will expire.

3

Submit Onboarding Basic Information

Based on the SME's businessType, call different endpoints to submit the basic information for onboarding. Onboardings for Different organizations require different information.

  • Sole Proprietorship - /onboarding/business/submitStoreOnboardingRequest

  • Limited Liability Company - /onboarding/business/submitCompanyOnboardingRequest

  • Partnership Company - /onboarding/business/submitPartnershipOnboardingRequest

  • NGO/CBO - /onboarding/business/submitOrganisationOnboardingRequest

Status: 2-PROCESSING

4

Submit Onboarding Documents

Call endpoint /onboarding/uploadMedia to submit the onboarding documents.

Call endpoint /onboarding/business/removeMedia to remove the uploaded onboarding documents.

For the documents required for onboarding, please refer to the table Documents below

5

Submit Company Shareholders/Directors/Partners Information

Sole Proprietorship type of company is not required to do this step.

For Limited Liability Company, Partnership Company, NGO and CBO, the information of at least 2 shareholders/directors/partners need to be submitted.

  • Add Individual shareholder: /onboarding/business/submitCompanyMember

  • Add organization shareholder: /onboarding/business/submitShareholderCompanyMember

  • Remove shareholder: /onboarding/business/removeMember

Status: 2-PROCESSING

6

Submit the Request for Reviewing

When all information & documents are submitted, call endpoint /onboarding/submitOrPullBackRequest to send this onboarding to Choice Bank's reviewing.

Before it's sent for reviewing, end users' onboarding information can be edited by repeating step 3-5;

After the request is sent for reviewing, the onboarding information can no longer be amended.

In case end users find anything wrong about the onboarding information or materials and want to amend it, they can also pull back the request (by calling the same endpoint /onboarding/submitOrPullBackRequest) and re-edit.

Status: 9-MANUAL_REVIEWING

Once the OTP has been confirmed, the onboarding request is in 2-PROCESSING status. In this status, end users have 72 hours to complete steps 3-5 by submitting basic information, company documents and shareholder information. If the onboarding request is not sent to 9-MANUAL_REVIEWING within 72 hours, it will expire.

7

Waiting for Reviewing

Status: 9-MANUAL_REVIEWING

End users can request pulling back the request and amend the onboarding information at this stage.

8

Get Onboarding Result

  • Get it from 0006 - SME Account Opening Result Notification

  • Query the result by calling the endpoint

    • Sole Proprietorship: /onboarding/business/getStoreOnboardingInfo

    • Limited Liability Company: /onboarding/business/getCompanyOnboardingInfo

    • NGO/CBO: /onboarding/business/getOrganisationOnboardingInfo

    • Partnership Company: /onboarding/business/getPartnershipOnboardingInfo

Status

Documents

Sole Proprietorship

File ID
Description
Supported File Type
Is Required

KYCF00001

Front side photo of Kenya national ID

JPG, JPEG

TRUE

KYCF00002

Back side photo of Kenya national ID

JPG, JPEG

TRUE

KYCF00006

Selfie Photo

JPG, JPEG

TRUE

KYCF00009

Photo of Kenya Personal KRA PIN Certificate

PDF, JPG, JPEG

TRUE

KYCF00010

Photo or scan copy of Proprietor Business Certificate

PDF, JPG, JPEG

TRUE

KYCF00029

Other document files

PDF, JPG, JPEG

FALSE

Limited Liability Company

File ID
Description
Supported File Type
Is Required

KYCF00011

Photo or scan copy of Company CR12

PDF, JPG, JPEG

TRUE

KYCF00012

Photo or scan copy of memorandum of the company

PDF, JPG, JPEG

FALSE

KYCF00013

Photo or scan copy of KRA Pin certificate of the company

PDF, JPG, JPEG

TRUE

KYCF00014

Photo or scan copy of Original Board Resolutions on company’s letter head

PDF, JPG, JPEG

TRUE

KYCF00015

Photo or scan copy of Articles of Association of the company

PDF, JPG, JPEG

FALSE

KYCF00018

Photo of scan copy of By-laws / constitutions

PDF, JPG, JPEG

TRUE

KYCF00023

Photo or scan copy of Ultimate beneficiary owners

PDF, JPG, JPEG

TRUE

KYCF00024

Photo or scan copy of Certificate of Incorporation

PDF, JPG, JPEG

TRUE

KYCF00029

Other document files

PDF, JPG, JPEG

FALSE

Partnership

File ID
Description
Supported File Type
Is Required

KYCF00013

Photo or scan copy of KRA Pin certificate of the company

PDF, JPG, JPEG

FALSE

KYCF00014

Photo or scan copy of Original Board Resolutions on company’s letter head

PDF, JPG, JPEG

TRUE

KYCF00016

Certified Copy of Certificate of Registration/Exemption Certificate

PDF, JPG, JPEG

TRUE

KYCF00017

Photo or scan copy of Certified partnership deed

PDF, JPG, JPEG

TRUE

KYCF00029

Other document files

PDF, JPG, JPEG

FALSE

NGO / CBO

File ID
Description
Supported File Type
Is Required

KYCF00013

Photo or scan copy of KRA Pin certificate of the company

PDF, JPG, JPEG

TRUE

KYCF00014

Photo or scan copy of Original Board Resolutions on company’s letter head

PDF, JPG, JPEG

TRUE

KYCF00016

Certified Copy of Certificate of Registration/Exemption Certificate

PDF, JPG, JPEG

TRUE

KYCF00018

Photo of scan copy of By-laws / constitutions

PDF, JPG, JPEG

TRUE

KYCF00029

Other document files

PDF, JPG, JPEG

FALSE

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