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