Business Reporter
LEADING financial services provider,First Capital Bank Zimbabwe has unveiled the sole trader account and two other lucrative savings account which will go a long way to contribute towards formalisation and capital raising.
The Sole Trader Account is specifically designed for individuals operating their own businesses without being registered as an operating legal entity providing a solution for sole traders across various sectors of the economy.
Zimbabwe is rated among the world’s top five highly informalised economies dominated by small businesses which are often finding it unnecessary to deposit their earnings.The account will therefore go a long way to give such locals a reason to deposit their money.
Key features of the Sole Trader account include:
Access to a Visa Debit Card/Gold Card
Access to Digital Platforms – IB, Mobile App, and USSD
Access to a POS terminal – PAX D20
No minimum balance
Normal transactional charges apply
Transactional limits are the same as retail customers
Operating license from the local municipality
To open a Sole Trader account, one just needs to provide a customer ID/passport/driver’s license, proof of residence, Form 31A (instruction to open a sole trader account), POS application form, commission letter, and tax clearance certificate (if required).
“We are excited to offer these new product features to help you achieve your financial goals and simplify your banking experience. If you have any questions about these products, please visit your nearest branch or contact our dedicated customer service team,” said First Cap Bank in a statement.
The top fiancier also launched the Nostro Group Account account tailor-made for groups who come together for a common purpose, such as burial societies, soccer teams, family events, group holidays, and women stokvels.
The third offering is the Nostro Individual Savings aimed at securing r Hard-Earned Money for the Future use.It is a savings account specifically designed for individuals who want to save their hard-earned money for long periods to lock in its value.
