INVESTM,ENTS PAGE
This is a short-term investment facility in which one can deposit money into the bank and receives certificates entitling him/her to a non-taxable fixed interest from the investment. Investment product available to individuals and businesses.
Benefits
- Guaranteed investment returns.
- Investment periods are flexible (30, 60, 90 days).
- Attractive tax free interest.
- Interest rates are negotiable.
A short-term credit investment created by a company and authorised and guaranteed for payment by the Bank. It’s a short term financing option for businesses.
This is an investment account where one can receive a competitive interest on the balance. The minimum balance required is higher compared to other transactional accounts.
Benefits
- Investment can be used as security for a loan.
- Secure, simple and convenient
- Funds available on demand.
- Interest rates are negotiable.
POSB Corporate loans provide corporates with access to working capital as well as capital expenditure finance. Overdraft Facilities are designed to allow companies to draw from their accounts even when they have no funds in order to bridge temporary financing gaps. POSB Corporate Loans and Overdraft Facilities’ conditions are negotiable.
Corporate Loans and Overdraft Facilities Application Requirements
- Business plan / project proposal / company profile.
- Financial statements (Income Statement, Balance Sheet, Cashflow Statement, 12 months cashflow projections).
- Corporate account with POSB.
- Security (Immovable property, Shares, Cash Cover)
- Proof of business premises.
Benefits
- Low commission charged.
- Instant credit to your DSTV account.
- Flexible repayment periods.
- Negotiable business terms.
- Most favourable rates on the market.
The loans are ideal for all SMEs and the maximum loanable amounts depend on the size of the SME, asset value and ability to repay. The loans are available for the purposes of order financing, working capital, bridging finance, bank guarantees and asset financing. The loans can be issued to an SME or a group of SMEs where they can guarantee one another in order to reduce default risk.
SME Loans and Overdraft Facilities Application Requirements
- POSB SME account operated for at least 3 months.
- Cover application letter for the required facility.
- Brief business profile and proposal to cover current operations, proposed enterprises, marketing arrangements, and project management structure.
- Financial records for the past 2 years or at least 6 months depending on age of business.
- Cash flow projections covering the tenor of the facility applied for.
- Company or partnership registration documents.
- Certified copies of identity and proof of residence for company directors.
- Valid tax clearance certificate and trading licences.
- Collateral – immovable property with title deeds and valuation report or cash deposits or investments.
- Current banking arrangements with other banks. Bank, branch, account number, relationship manager, time with bank.
Benefits
- Low interest rates.
- Flexible repayment periods.
- Flexible terms.
The loans are ideal for all Agriculture based businesses and the maximum loanable amounts depend on the size and nature of the business, intended use, asset value and ability to repay. The Agribusiness loans include order financing, working capital, bridging loan facility, bank guarantees and asset financing. The loans can be issued to an Agribusiness or a group of Agribusinesses where they can guarantee one another in order to reduce default risk.
Agribusiness Loans and Overdraft Facilities Application Requirements
- Agribusiness or corporate account operated for at least 3 months.
- Cover application letter for the required facility.
- Official tenure of land (original offer letter, title deed or lease agreement from title holder).
- Brief business profile and proposal to cover current operations, proposed enterprises, marketing arrangements and project management structure.
- Certified copy of national identity documents and proof of residence (individual applicant and/or company directors).
- Insurance policies covering; key-man’s life, crop/livestock, farm machinery/equipment, loan protection.
- Current banking arrangements with other banks. (Bank, branch, account number, branch/relationship manager, time with the Bank.)
- Cash flow projection covering the tenor of the facility being applied for.
- Tobacco growers to submit grower’s number.
- Attach copies of quotations from reputable suppliers for Capital Items to be financed.
- Cash budget for crop to be produced (outlining prices of inputs and output as well as expected profit).
- Production schedule outlining hectarage, timelines and expected yields.
- Irrigated/dry land farming (to be stated clearly in brief business outline).
- Collateral: immovable property with title deed and valuation report/ cash deposits / investments personal / group guarantees (Terms and Conditions apply.)
Benefits
- Low interest rates.
- Flexible repayment periods.
- Flexible terms
The loan can be used for working capital financing (for income generating projects and renovations), or asset financing (to purchase assets such as school buses, trucks and passenger vehicles).
Schools Development Loan Facility Application Requirements
- School Account which receives school fees payments with POSB which has operated for
at least 1 month.
Benefits
- Low interest rates.
- Flexible repayment periods.
- Flexible terms.
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 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
Requirements for partnerships
– A formal application requesting for POSB merchant acquiring services.
– Profile of the company, business plan or strategy
– POSB FCA account
– Registration documents:
- Tax clearance certificate
- Certified 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
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:
-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
POSB has 32 on-line branches complimented by over 300 Zimpost Offices, MFS and Wisrod agents that provide banking services on behalf of the Bank, through access to some of the Bank’s platforms such as the use of Point of Sale devices
The following services can be accessed through POSB Agents:
- Instant account opening
- Account opening application
- Deposits and withdrawals
If you would like to become a POSB Agent, the following are the requirements:
Requirements for Sole Traders
A formal application requesting to be an agent of POSB
– POSB individual FCA account
– Registration documents:
- Tax clearance certificate
- Certified 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
Requirements for Partnerships
– A formal application requesting to be an agent of POSB
– Profile of the company, business plan or strategy
– POSB FCA account
– Registration documents:
- Tax clearance certificate
- Certified 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
– Profile of the company, business plan or project proposal
– POSB corporate or SME FCA account
– Registration documents:
- Tax clearance certificate
- Certified copies of Certificate of Incorporation
- Certified copies of Memorandum and Articles of Association
- Certified copies of CR14 and CR6
- Certified 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
