First Capital Bank’s forays into informal sector

LIVINGSTONE MARUFU 

First Capital Bank (FCB), a listed financial services group, is introducing a number of products for small and medium scale enterprises (SMEs), in an effort to grow revenue streams, Business Times can report.

It comes at a time when small and medium-sized enterprises (SMEs) constitute an essential component of the economy, employing over 80% of the labour force and making a major GDP contribution.

“We are pleased to introduce a range of innovative solutions that are designed to meet (SMEs) unique banking needs. Start saving smarter, achieving more, and taking control of your financial future with the products  which include nostro individual savings, nostro group savings account and  the sole trader account,” First Capital Bank said.

With a competitive interest rate of 2%, the Nostro Individual Savings Account is ideal for individuals who wish to save their hard-earned money for extended periods of time in order to lock in its value, according to the lender. This allows one to efficiently save money and watch it increase over time.

Some key features of this account include no access to an ATM or debit card, no access to e-channels for transacting purposes, no monthly maintenance fees, loan repayments are not permitted from the account, cash withdrawal charges apply and credit interest of 2% applies per annum, calculated daily, and accrues monthly.

First Capital said the nostro group savings account is one 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.

“This account provides a safe place for your group to save money, with no monthly charges. Key features include formal constitution or minutes of the meeting authorizing the account opening, no monthly maintenance fees and no minimum balance, no debit card issuance on the account, cash withdrawal charges apply and credit interest of 2% applies per annum, calculated daily, and accrues monthly,” the financial service provider said.

FCB said  for one to open  this  account,  one has to submit the necessary documents including a resolution letter, group constitution or minutes of the resolution, group savings application letter, appointment of bankers and mandate to the bank form, and identification documents for each group member.

The financial institution has an account  for the  sole trader account that is specifically designed for individuals operating their own businesses without being registered as an operating legal entity.

This account provides a solution for sole traders across various sectors of the economy.

“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,” reads part of the statement.

The requirements of opening  a sole trader account include providing 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,” FCB said.