Virtual Bank Accounts

Virtual Bank Accounts (or Virtual Accounts) are a special type of bank account that you can use to receive payments from your customers. Customers only need to make transfers from their preferred bank app into the virtual account assigned to them. Because this account is dedicated to a single customer, every payment made to that account will be associated with the customer.

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It is important to note that Virtual Bank Accounts do not store monetary value like regular bank accounts; they only provide a means for your customers to pay you.

The Virtual Bank Account can be used to accept payments from customers at any time. You won't need to generate a new bank account for the customer every time they need to pay you. Making payments with Virtual Bank Accounts is flexible and absolutely stress-free for customers since they can choose to pay from their preferred banking channels.

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Currently, Kora’s Virtual Bank Account service supports only Nigerian Naira (NGN).

Prerequisite

Create an account on Korapay here and submit all necessary compliance details.

The Virtual Bank Account feature may vary significantly based on currency in terms of account details and functionality..

• Accepting Payments with NGN Virtual Bank Accounts