Merchant Onboarding

Job Summary

JOB OBJECTIVE(S) To oversee and manage the merchant onboarding process, ensuring all merchants meet Unified Payments’ risk management standards and regulatory requirements. This includes identifying potential risks, conducting due diligence, and ensuring merchants align with compliance, anti-money laundering (AML), and fraud prevention standards.

Job Details

DUTIES AND RESPONSIBILITIES 

Merchant Risk Assessment & Due Diligence:

· Conduct comprehensive risk assessments for new merchants to evaluate financial

stability, operational risks, and compliance with regulatory requirements.

· Ensure that the merchant onboarding process is in line with AML and Know Your

Customer (KYC) regulations.

· Perform background checks and due diligence investigations to assess potential merchant risks.

· Review merchant documentation and contracts to ensure they meet regulatory, legal, and company standards.

Compliance and Regulatory Management:

· Ensure that all merchants comply with internal policies, local regulations, and relevant industry standards.

· Work with regulatory authorities and internal stakeholders to ensure the merchant onboarding process adheres to compliance guidelines.

· Identify and escalate any compliance risks that may arise during the onboarding process, ensuring prompt resolution.

· Maintain an up-to-date knowledge of regulatory changes, AML laws, and other compliance requirements affecting merchant onboarding.

Risk Management & Mitigation:

· Develop and implement risk management protocols specific to merchant onboarding.

· Monitor merchant risk profiles throughout the onboarding process, ensuring appropriate mitigation strategies are implemented. 

· Collaborate with the Enterprise Risk Management team to address any risks identified during merchant onboarding. 

· Work closely with internal departments (e.g., legal, compliance, IT) to ensure a seamless onboarding process with adequate risk controls in place. Ongoing 

Monitoring & Reporting: 

· Conduct regular monitoring of onboarded merchants to ensure continuous adherence to compliance requirements and risk management practices. 

· Prepare and present risk reports related to merchant onboarding for senior management and key stakeholders. 

· Support the audit process by providing necessary documentation and reports for internal and external audits. 

Stakeholder Engagement & Communication: 

· Collaborate with cross-functional teams to ensure efficient merchant onboarding processes and risk management. 

· Communicate with merchants regarding risk management requirements, ensuring a clear understanding of compliance expectations. 

· Serve as a point of contact for merchant inquiries related to the onboarding process and risk management guidelines.

Requirements

 Education 

University degree in Finance, Risk Management, Business Administration, or related field.

Professional Memberships (Mandatory):

· Certified Risk and Compliance Management Professional (CRCMP) or equivalent is preferred. 

· Certified Anti-money Laundering Specialist (ACAMS) or equivalent certification is an added advantage.

General Experience: 

· A minimum of 2-6 years of relevant experience in risk management, merchant onboarding, or compliance roles, preferably within financial institutions or the payments industry. 

· Strong understanding of AML, KYC regulations, and fraud prevention practices. 

· Experience in conducting due diligence and risk assessments during the merchant onboarding process.

REPORTING RELATIONSHIPS 

Functionally reports to: Head, Business Risk Department

Benefits

Salary, HMO, Leave Allowance, 13th Month, Airtime Allowance

About Company

UNIFIED PAYMENT SERVICE LTD

https://www.up-ng.com/

UP® otherwise known as Unified Payments or Unified Payment Services Limited is a group of companies with services including Financial Technology, Banking, Payment Scheme, Digital Commerce, Value Added Service, Payment Solutions, Software Solutions, etc. The UP® Group comprises (i) UP® which is Nigeria's premier financial technology service provider (ii) Hope PSBank which is Nigeria's premier payment service bank (iii) Payattitude® which is a digital-first payment scheme (iv) UP Digital which is a telecom value added service provider; and (v) TM30 which is software solutions provider. At UP®, we PRIDE ourselves in our mission statement of Professionalism, Respect, Innovation, Dependability, and Execution. In demonstration of our cross-enterprise alliances and capabilities, companies in the UP® group provide diverse services to different businesses that offer similar or the same services as our company and her subsidiaries or associates. Major Services & Solutions The major services and solutions offered by UP® which is the parent company of the UP® Group are in two categories: B2B (Business-to-Business) and B2C (Business-to- Consumer). Under B2B, our services include (i) Processing (ii) Switching (iii) Payment Terminal Services (iv) Settlement services (v) Instant Payments/Transfers (vi) Merchant Services; and (vii) Payment Solutions/Revenue Optimisation. For B2C, the services and solutions include (i) Value Added Services (ii) Verification Services (iii) Virtual Mall; and (iv) Agency Banking.