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