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Check Out What You Are Charged For Using NMB Bank’s ‘KaGwenya’ POS Device And What It Takes To Get One

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Yesterday we broke the news about NMB Bank’s portable Point Of Sale device, called KaGwenya but we didn’t let you know about what it takes to get it. In addition to that, you would also want to know the charges for using KaGwenya. Here are requirements and charges for using KaGwenya;

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SOLETRADER SME CURRENT ACCOUNT

  1. Copy of ID
  2. 2 Passport size photos
  3. Proof of Residence ( ZESA/ Council Bill/ Telone Bill)
    • Bill should be not more than 6months old.  If the utility bill is not in the applicant’s name, the client must also attach an Affidavit
    • commissioned by Police or Commissioner of Oaths  If the area is still new and bills are not yet in place, an applicant must attach a recent
    • Letter from Cooperative or Land developer with the developer’s stamp
    • If the bill is in parent’s name, attach a copy of birth certificate
  4.  A valid Business license in the applicant’s name OR Proof of Trading like two (2 )receipts from
    Stock Suppliers (i)Licences can be Council licenses/ Vendors licenses / Cross boarders licenses, Trade
    bodies licenses. (ii) If an applicant does not have a valid business license, he must attach proof of trade like 2 receipts/invoices from suppliers

REGISTERED COMPANIES (PRIVATE LIMITED OR/ PRIVATE BUSINESS CORPORATION (PBC)

  1.  Memorandum and Articles of Association
  2.  Certificate of Incorporation
  3.  CR14
  4.  Tax Clearance
  5.  Bank statements from current bankers (this can be waived)
  6.  IDs of directors
  7.  Directors’ and Signatories Proof of Residence ( E.G Utility bill from ZESA / City council/Telone
    not more than 6months old)
  8.  2 Passport size photos for each director and signatory
  9.  Initial deposit $100. To be deposited when the account is opened

APPLICABLE BANK CHARGES

  • Monthly service fees $10.00

  • Point of Sale (Swipe) charges-1% of the transaction charges with a minimum of $10

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  • Deposits/ Credits-No charge

  • Cash Withdrawal Fees-1.25% of the Encashed amount. No minimum

  • Visa Debit card Fee-$10

  • Minimum Balance-$25


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One thought on “Check Out What You Are Charged For Using NMB Bank’s ‘KaGwenya’ POS Device And What It Takes To Get One

  1. Point of Sale (Swipe) charges-1% of the transaction charges with a minimum of $10. This doesn’t make much sense. No wonder prices of goods are ridiculously high in Zimbabwe. If a vendor sells a pair of shoes for $30 through this kagwenya they lose $10? How much would the vendor have paid for the stocks to make a profit of at least $10 on every sale not taking all other costs of the business into account?

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