Merchant POS 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 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

Event POS Machine Hire

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 36 on-line branches complimented by 215 Zimpost Offices, 45 MFS and 15 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