Agency and Merchant Banking

Agency Banking Services

Requirements for sole traders

- A formal application requesting to be an agent of POSB

- POSB individual FCA account

- Registration documents:

• Tax clearance certifcate

• Certifed copies of trading licence

• Lease agreement or title deeds

- Current proof of residence for business owner

- Copy of ID

Requirements for schools

- A formal application requesting to be an agent of POSB

- Constitution/minutes/resolution to become an agent

- List of ofcials responsible for running the agency on behalf of the school

- POSB individual FCA account

- Registration documents:

• Official address of business premises

• Registration number from Ministry of Education

- Current proof of residence for business owner

- Current bank statements for accounts with other financial institutions

- Principal, Deputy Principal and Bursar documents:

• Copy of ID

• Current proof of residence for signatories or trustees

Requirements for partnerships

- A formal application requesting to be an agent of POSB

- Profle of the company, business plan or strategy

- POSB FCA account

Registration documents:

• Tax clearance certifcate

• Certifed copies of trading licence Lease agreement or title deeds

- Current bank statements for accounts with other financial institutions for at least 12 months

- Partnership agreement or constitution if applicable

- Individual owners’ documents required:

• Copy of ID

• Current proof of residence for signatories or trustees

•Requirements for corporates

- A formal application requesting to be an agent of POSB

- Profle of the company, business plan or project proposal

- POSB corporate or SME FCA account

- Registration documents:

• Tax clearance certifcate

• Certifed copies of Certifcate Of Incorporation

• Certifed copies of Memorandum and Articles Of Association

• Certifed copies of CR14 and CR6

• Certifed copies of trading licence for proposed outlets

• Lease agreement or title deeds

- Current bank statements for accounts with other financial institutions for at least 12 months

- Audited financial statements for the past year

- Individual directors documents required:

• Copy of ID

• Current proof of residence for signatories or trustees

ZESA PPE Agency

POSB affords businesses the opportunity to subvend ZESA prepaid electricity tokens. The agents will prefund their accounts in order to sell the tokens, and shall replenish the deposits from time to time during the subsistence of the agreement in order to maintain a sufficient credit balance equivalent to the value of prepaid electricity to be sold to customers at any given time

 

Conditions

To qualify for commission, individuals operating as agents should sale electricity tokens of a minimum of $50 per month. SMEs and corporate agents should sale electricity tokens of a minimum of $500 per month. The agent’s commission will be 2% on sales payable at month-end. The POSB account operating terms and conditions apply.

Benefits/Key Selling Points

Waived monthly account maintenance charges

2% commission for transactions above $50.00 per month for individuals

2% commission for transactions above $500.00 for SMEs and corporates.

Access to debit cards

Access to POSB’s wide distribution network – 35 own branches, over 300 agents, Internet Banking, Cellphone Banking, Bank to Wallet services and Zimswitch Agency Banking Services

POSB banking agents provide banking services to customers on behalf of the bank on commission basis. The bank operates a float based agency banking system. The agents will provide services such as card based withdrawals and deposits.

Requirements for sole traders

- A formal application requesting to be an agent of POSB

- POSB individual FCA account

- Registration documents:

• Tax clearance certifcate

• Certifed copies of trading licence

• Lease agreement or title deeds

- Current proof of residence for business owner

- Copy of ID

Requirements for schools

- A formal application requesting to be an agent of POSB

- Constitution/minutes/resolution to become an agent

- List of officials responsible for running the agency on behalf of the school

- POSB individual FCA account

- Registration documents:

• Official address of business premises

• Registration number from Ministry of Education

- Current proof of residence for business owner

- Current bank statements for accounts with other financial institutions

- Principal, Deputy Principal and Bursar documents:

• Copy of ID

• Current proof of residence for signatories or trustees

Merchant Acquiring

POSB offers merchant acquiring services whereby the bank provided POS machines to retailers and businesses to facilitate card based transactions.

Requirements for sole traders

- A completed contract form for POSB merchant acquiring services.

- POSB individual FCA account

- Registration documents:

• Copy of trading licence

• Lease agreement or title deeds

- Current proof of residence for business owner

- Copy of ID

Requirements for schools

- A formal application requesting for POSB merchant acquiring services.

- Constitution/minutes/resolution to become an agent

- List of ofcials responsible for running the agency on behalf of the school

- POSB individual FCA account

- Registration documents:

• Official address of business premises

• Registration number from Ministry of Education

- Current proof of residence for business owner

- Current bank statements for accounts with other financial institutions

- Principal, Deputy Principal and Bursar documents:

• Copy of ID

• Current proof of residence for signatories or trustees

Requirements for partnerships

- A formal application requesting for POSB merchant acquiring services.

- Profle of the company, business plan or strategy

- POSB FCA account

- Registration documents:

• Tax clearance certifcate

• Certifed copies of trading licence

• Lease agreement or title deeds

- Current bank statements for accounts with other financial institutions for at least 12 months

- Partnership agreement or constitution if applicable

- Individual owners’ documents required:

• Copy of ID

• Current proof of residence for signatories or trustees

Event POS Machine Hiring

The bank offers POS machine hiring for customers intending to hold events and functions at which card based payments and transactions will be expected.

Requirements and conditions

The following requirements and conditions apply:

-$50 application fee

-Application form notifying the bank of the date of the event

-POSB account for settling the transactions

Benefits

-No commission charged by the bank

-Secure transactions ensured by the bank

-The bank provides training to the users of the POS machine

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