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/confirmOperation 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/business/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	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	File Type	Required?
KYCF00011	CR12	pdf, jpg, jpeg	TRUE
KYCF00012	CR2, CR1, CR8 - Memorandum of the Company	pdf, jpg, jpeg	FALSE
KYCF00013	KRA Pin certificate of Company	pdf, jpg, jpeg	TRUE
KYCF00014	Original Board Resolutions on company’s letter head	pdf, jpg, jpeg	TRUE
KYCF00023	Ultimate beneficiary owners	pdf, jpg, jpeg	FALSE (unless one shareholder is a company)
KYCF00024	Certificate of Incorparation	pdf, jpg, jpeg	TRUE
KYCF00029	Other document files	pdf, jpg, jpeg	FALSE

Partnership

File ID	Description	Supported File Type	Is Required
KYCF00013	KRA Pin certificate of Company	pdf, jpg, jpeg	FALSE
KYCF00014	Original Board Resolutions on company’s letter head	pdf, jpg, jpeg	TRUE
KYCF00016	Partnership Certificate of Registration	pdf, jpg, jpeg	TRUE
KYCF00017	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