Breaking down FICA

So you’ve heard about this thing called FICA but what is it all about? Stay in the know! Read all about FICA requirements right here.



What is FICA?

So you’ve heard about this thing called FICA but what is it all about and what’s it got to do with iKhokha? Read through this handy breakdown to learn everything you need to know…

What is FICA?

FICA came into effect to fight crimes such as money laundering, tax evasion, and other unlawful financial activities. FICA does not only help curb these illegal activities, but also helps to keep the money of South African citizens safe.

The nitty gritty of FICA

iKhokha has a responsibility to FICA you according to the Financial Intelligence Centre Act (38 of 2001).

iKhokha needs to verify a merchant’s identity and bank account therefore require a potential merchant to upload a few documents depending on whether the merchant is applying as an individual or on behalf of a business.


Sole Prop:

A sole proprietorship is a sole trader. It is a business owned and run by one person.

  • ID copy
  • Proof of residence
  • Letter from bank or bank statement reflecting your name and account details.


Business:

A business can be classified as a PTY, CC or Trust or other business entity.

  • Company registration document
  • Director/s ID copy
  • Resolution should there be more than one director
  • Proof of address for the business or an affidavit from the police station
  • Letter or bank statement confirming account details

Give us a call on 087 222 7000 if you have any questions.

Samantha Gounden

Hey, I’m Samwise. The Storyteller and friendly face behind the words, here at iKhokha. When I'm not dotting my i's and crossing my t's, I set out to conquer the universe in other ways…behind a camera lens, on radio or being a Podcast Princess. A perfect day? Curling up with a great book in one hand and coffee in the other. A perfect life? Smiles, giggles and the company of my devilishly gorgeous labs.

Related articles

Start a business for under R500

How to Start a Business for Under R500

Starting a business doesn't need to be expensive. In fact, there are ways you can start a business for under R500. Find out how and get started today!. Read more
Working through Covid-19

Hustle Hard Together: Working Through Covid-19

In a tough time for business, iKhokha's co-founder Ramsay Daly discusses working through Covid-19 and how iKhokha is helping small businesses bounce back.. Read more
Now SMEs can sell prepaid products and services – not just the big retailers

Now SMEs can sell prepaid products and services – not just the big retailers

iKhokha's new prepaid offering enables you to vend prepaid airtime and data, prepaid utilities, payments for DSTV, Telkom, Pay@, Easypay, traffic fines and municipal bills.. Read more
Sell Prepaid Products and Services with iK Vend

Sell Prepaid Products and Services with iK Vend

Attract more feet to your store by selling airtime and data with the iKhokha app. Become the one-stop-shop your customer needs.. Read more
Say Hello to the iKhokha Shaker Solo Card Machine

Say Hello to the iKhokha Shaker Solo Card Machine

Accept card payments with the iKhokha Shaker Solo card machine. No phone needed. It’s a card machine with a built-in 3G connection and printer.. Read more
Cash-ups on the Shaker Solo

Cash-ups on the Shaker Solo

Easily run an End-of-Day or Cash-up process on the Shaker Solo. You can now print your business's X and Z reports, just like traditional card machines.. Read more