The Mifos Initiative is a non-profit organization whose mission is to help financial service providers more effectively serve the world's 2.5 billion unbanked poor. To open an account, customers must provide their true full name and permanent home address. Acceptable forms of identity verification include passports, residence permits, birth certificates, and documentation showing the customer's name and address, such as recent utility bills or bank statements. Financial institutions should take a risk-based approach to identity verification, with lower risk accounts requiring less documentation.
2. 2 Here, The Customers Are Our First Priority...
3. 3
What We Do?
The Mifos Initiative is a non-profit
incorporation whose mission is to speed
the elimination of poverty by enabling
financial service providers to more
effectively and efficiently deliver
responsible financial services to the
world’s 2.5 billion poor and unbanked.
4. 4
Identity Proves Required
1) True Full Names
2) Permanent Home Address Including
Postcode.
The information obtained should provide satisfaction that a person of that name exists at
the address given and that the applicant is that person.
5. 5
Identity Proves Required
1) True Full Names
2) Permanent Home Address Including
Postcode.
The information obtained should provide satisfaction that a person of that name exists at
the address given and that the applicant is that person.
6. 6
Identity Proves Accepted
Current International Passport
Residence Permit issued by the
Immigration Authorities
Birth Certificate/Sworn Declaration of Age
Documentary Evidence of Address:
Record of home visit
Confirmation from the electoral registers that a person
of that name lives at that address.
Recent utility bill (e.g. NEPA, NITEL)
State/Local Government Rates
Bank statement or passbook containing current
address.
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RISK BASED APPROACH
A risk-based approach should be adopted when
obtaining satisfactory evidence of identity. The
extent and number of checks can vary depending on
the perceived riskiness of the service or business
sought and whether the application is made in
person or through a remote medium, such as
telephone, post or the Internet. For lower risk
accounts or simple investment products, e.g. deposit
or savings accounts without cheque books or
automated money transmission facilities, there will
still be an overriding requirement for the bank to
