Explore

Sycamore 2.0

Get ready to elevate your banking game. We’ve built magic.

We’ve been building for about 7 months now and we’re so proud to announce new set of features we’ve worked tirelessly hard to add to the Sycamore App. It’s been full of learning, sweat, tears and even blood.

When we set out to build this app, we had only one thing in mind; to raise our user experience to the very roof and show that we’re a brand that listens.

Now we can say we have built a foundation from which we can build products that’ll rival even tech giants globally. The goal is and has always been to be world class.

There are over 20 major updates we have added to give you our best product yet.

We’ll be speaking to the most impactful of the changes here. However, if you’d like to see a summary of all the changes, you can simply click

here⁠

⁠

Introducing Account Tiers

In order to mitigate against fraudulent actors, stay within CBN regulations while still serving our users right, we have adopted a tiered system to make Sycamore accessible to everyone.

Every user on Sycamore will be placed in an appropriate tier depending on the KYC requirement they have submitted. Users in each tier will only be able to perform transactions allowed per tier.

There are only one of 4 tiers a user can be in at any given time:

Tiers

Tiers

Tier

Details

KYC Required

Single Transaction Limits(N)

Daily Transaction Limits(N)

Notes

Tier 0

This is the default tier for new users who sign up on Sycamore

Full Name

Email Address

Mobile Number

Airtime & Data - 0

Cable & Electricity - 0

Transfers - 0

Loan Friends - 0

Airtime & Data - 0

Cable & Electricity - 0

Transfers - 0

Loan Friends - 0

Open

Tier 1

This is the next tier after Tier 0

In addition to Tier 0 requirements:

Full Personal details including Address

Selfie

BVN or NIN

Verified Email

Verified Phone number

Airtime & Data - 50,000

Cable & Electricity - 50,000

Transfers - 50,000

Loan Friends(Lender) - 200,000

Airtime & Data - 50,000

Cable & Electricity - 50,000

Transfers - 200,000

Loan Friends(Lender) - 200,000

Open

Tier 2

This is the next tier after tier 1. The limits on this tier are what is currently applicable to all Sycamore users.

In addition to Tier 0 and Tier 1 requirements:

Valid Government ID - one of an International Passport, Drivers’ Licence, Voter’s card

Utility Bill - showing the customer’s address submitted during onboarding

Airtime & Data - 50,000

Cable & Electricity - 50,000

Transfers - 500,000

Loan Friends(Lender) - 1,000,000

Airtime & Data - 100,000 Cable & Electricity - 100,000 Transfers - 1,000,000 Loan Friends(Lender) - 1,000,000

Open

Tier 3

Users who accept the terms and conditions on the Indemnity Contract in the app will be upgraded to this tier

In addition to Tier 0, Tier 1 and Tier 2 requirements:

Indemnity Contract

Airtime & Data - 100,000

Cable & Electricity - 100,000

Transfers - 5,000,000

Loan Friends - 1,000,000

Airtime & Data - 100,000 Cable & Electricity - 100,000 Transfers - 5,000,000 Loan Friends(Lender) - 5,000,000

Open

There are no rows in this table

⁠

Important Things to Note

Every document or ID a user submits will be validated by our 3rd party verification partner(Dojah). This process is seamless and automated provided the ID the user is trying to submit is clear with accurate information.

If the ID/document cannot be verified for any reason, we’ll give the user an option to manually upload the document for manual verification. This document will then flow through Sprout for the Risk team to review and approve or decline within 48 hours.

Every utility bill submitted by users will have to manually verified on Sprout by the Risk team.

Every document uploaded by a Staff member on behalf of a customer on Sprout will pass through the Risk team for verification.

For now, users can only upgrade to tier 3 by going to the mobile app to accept the indemnity clause. An OTP will be triggered to the user to validate the request

We will add an option on Sprout for a Staff member with the right permission to trigger an indemnity clause to the customer’s email. This will be similar to how loan contract works today.

What does this mean for Existing Users?

For users who had uploaded documents before this change, we will review their documents and KYC information and place them in appropriate tiers.

In the mean time, we will place all borrowers in Tier 2. We’re doing this because we know their documents were reviewed by the Risk team before the loans were approved.

All investors with investments above or equal to 1 million naira will be placed in Tier 2 in the meantime. All other investors will be placed in Tier 1

Once we’re done reviewing all documents, everyone will be placed in appropriate tiers. We have created a clear UX for anyone to see upgrade their account to the right tier

The timeline for completion of this exercise is next week Friday, the 17th of February.

Want to print your doc?
This is not the way.

Try clicking the ⋯ next to your doc name or using a keyboard shortcut (

CtrlP

) instead.