How To Become An Equity Agent?

  • Qualified business owner in an Agency working potential area to be approached by a bank staff or him/herself to join the Bank for working partnership.
  • Discussion on Agency working requirements as pre-mentioned on Agency Check list
  • Partnership agreement and start the file consolidation process (3 copies of contract attached & signed in advance by the applicant)
  • File of the applicant to be submitted at Branch and preliminary appraised by the Agency Branch committee
  • The Applicant’s file at Head office to be re-appraised by Head office Agency committee.
  • Once approved, Agency working contract within the whole file to be signed by the Agency management and the Bank Legal department
  • Preparation of Agency offer letters with main Agency details of banking and working identification to be signed by the approved new applicant and Agency management.
  • New Agent to start working by respecting the internal banking supervision but also the BNR monitoring and Evaluation.

Requirements To Become An Agent

  • Owner of business entity that must have been in operation for a minimum of 12 months (Can be a sole proprietor, companies, partnerships) with Good character and social standing.
  • Board resolution applicable for companies and partnerships
  • Copy of certificate of incorporation or certificate of registration of business name as applicable
  • Valid Business license (Patents of 2 last years)
  • Good financial standing from any financial institution for at least the past 6 months
  • Criminal record certificate provided by the applicant
  • Attached letter from local authority from where the applicant operates
  • 3 copies of pre-signed Equity Agent Contract to accompany the application and to be first signed by the Applicant and later by the Bank once approved
  • External and internal business photos to be provided + Drafted sketch map
  • ID copy of principal applicant and Passport photo for every applicant to be provided.

Benefits Of Being An Agent

  • Agency Business generated Revenue (Agency Service Commission): The agent is paid commissions on transactions done by the bank. This adds up to revenues generated from the business (Withdraw commission, deposit commission & SB117 Accounts opened commission)
  • Higher turnovers emanating from huge customer flows: More customers use to flow to the agent premises in the process to carry out a one stop shopping which may lead to high turnovers to the Agent
  • Financial with better cash management: The agent will manage cash at hand in a better way given the balance in float handling and cash maintenance
  • Automatic Reconciliations: The bank will provide reconciliation of your accounts through bank statements
  • Growth in customer base: Agency business will attract new customers to the business establishment
  • Enhancing the agents brand strength: Huge benefit from the strength of the Equity Brand.

Requirements To Onboard POS Merchants

  • Account with EBR PLC                              
  • Valid ID/Passport copies
  • RDB certificate with full information
  • Board of resolution and memorandum and articles of association
  • Signed contract and merchant application( only account signatories to sign )
  • Sketch Map ( done by our staff )
  • 2 Photos of business (Inside and outside)- taken by our staff
  • physical Address of Business
  • Telephone number ( Merchant)

Merchant Benefits

  • Real time settlement
  • Completive pricing
  • No CIT cost involves cost and cash handling risk for fake notes
  • High account  turnover and better credit scoring

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Equity Bank is Regulated by Central Bank