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How Much Does It Cost You To Rent A POS Device For An Event From A Bank?

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Zimswitch, FBC, swiping, plastic money, bank cards

The ongoing cash crisis in Zimbabwe is being tamed by the use of plastic money (debit and credit cards) (through POS devices) and mobile money. The problem is that not everyone has the capacity to accept plastic money for the simple reasons that POS devices are expensive and there is are too many requirements (for an average person) to acquire a POS device. At events like weddings or parties, it can be hard to collect payments if you don’t have a POS device.

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However, a majority of banks in Zimbabwe have arrangements which make it possible for people or companies rent POS devices for a certain time period. In this article, we will take a look at how much each bank charges for renting out POS devices.

Steward Bank

Kwenga-$30 per day

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Standard POS- $50 per day

ZB bank

1% of total transactions processed during the day

Stanbic Bank

$50 per day

NMB Bank

$25 flat fee and 1% of total transactions processed during the day

CBZ Holdings

$25 per day

FBC Holdings

$20 per day

Nedbank Zimbabwe

It doesn’t rent out

POSB

$50 per day

Agribank

$20 per day

CABS

1% on all local cards swiped and 3% on all international cards swiped

National Building Society

$50 Per Week

NedbankNational Building SocietyNMB Bank

Nedbank Zimbabwe is a commercial bank in Zimbabwe. It is a subsidiary of the Nedbank Group headquartered South Africa, itself a subsidiary of Old Mutual Group. The Nedbank Group own 74% of stake in the MBCA Bank, Old Mutual Zimbabwe owns 18.30% and the rest... Read More About Nedbank

National Building Society (“NBS”) is a Zimbabwean building society owned by the National Social Security Authority (NSSA). it is registered under the Building Society Act chapter 24:20. The bank was licensed in April 2016 and launched to the public in May 2016 in Harare. The... Read More About National Building Society

NMB Bank Limited is a registered commercial bank in Zimbabwe. It is the principal subsidiary of NMBZ, a Zimbabwean based investment holding company. The bank was founded in October 1992 by James Mushore and others. The bank's group has a dual listing on the Zimbabwean... Read More About NMB Bank

3 thoughts on “How Much Does It Cost You To Rent A POS Device For An Event From A Bank?

  1. Wow the 1% guys are liking it…. If you swipe 25000 in a day you looking at 250 ….
    Depends on how long going to use the machine and how much you expecting to swipe…
    FBC looks reasonable on face value is you use it for 3 days
    Could add how long it takes to get the machine after you apply… How long it takes to transfer funds…. Some might dat after 30days… It’s all in the details

  2. Those amounts exclude bank charges levied on the transactions. Then the banks wonder why we don’t think they have our interests at heart. Even the slow little Kwenga is $30.

  3. FBC Wedding Event Requirements

    ACCOUNT HOLDER
    • Invitation Card
    • Copies of IDs for both bride and groom
    • Passport Size photos for both bride and groom
    • $35.00 Non-Refundable fee

    NON-ACCOUNT HOLDER
    • Invitation Card
    • Copies of IDs for both bride and groom
    • Passport Size photos for both bride and groom
    • 3 months stamped bank statement
    • Proof of residence for account holder
    • $35.00 Non-Refundable fee

    1% and 2% POS commission on Zimswitch and Mastercard/VISA transactions respectively.

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