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.
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
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
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3 comments
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
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.
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.