When Steward Bank introduced Kwenga, there have been a lot of rumours circulating via social media that the bank rushed on releasing the product to the market saying that The Kwenga mPOS are not available in the streets yet. Kwenga was introduced to counter the cash shortages in the country. It is meant to help mostly the Small to Medium Enterprise sector which is usually ignored and sidelined in the banking sector. It is meant for street vendors, sole traders, private limited companies etc, who can not afford exorbitant bank charges.
A couple of weeks after its inception, it appears many people are yet to be familiar with the Kwenga mPOS hence an outcry especially on social media in the last few weeks. However, Steward Bank firmly confirmed that Kwenga is up and running. However, consumers have to register and fill application forms to kick-start their trade using the mPOS.
For Sole Traders and street vendors, they should have a duly signed out Merchant Application form, proof of Residence of the business owner/Proof of address of the business premises/ Police affidavit, copy of ID of the trader/Director. They should also have a coloured passport size photo of the director/trader and a valid trading licence(s) (where applicable) e.g. Operator’s Licence and/ or Route Permits
Societies, Associations, Clubs Etc should provide a list of members of the executive committee on top of the duly signed out Merchant Application form. Also required are certified copies of at least 2 executive committee membersí IDs accompanied by proof of residence of the committee members/proof of physical address of the outlet
If you are in partnership, you’re duly signed out Merchant Application form should be accompanied by a partnership agreement, proof of Residence of the business owner/Proof of address of the business premises as well as copy IDs of the business partners and coloured Passport size photo of each partner with a valid trading licence.
For Private Limited Companies the following are required. duly signed out Merchant Application form, a certified copy of Certificate of Incorporation, a certified copy of CR14, a coloured passport photo of the Directors, certified copies of at least 2 Directorsí National Identity Documents, proof of Residence of the directors or proof of physical address for business premises.
For all forms of business, proof of residence can be a bank statement or utility bill that is not older than 3months, a valid trading license showing the business address or a copy of lease agreement for rented premises supported by landownersí ID or an affidavit with a Commissioner of Oaths or Police stamp. In rural areas where this may not always be available, a copy of ID of the landowner and a letter from the landowner confirming that they are operating from their premises.
Merchants who are not Steward Bank customers: Merchants will be able to transfer funds through RTGS to a selected bank account using the Steward Bank Merchant Portal 24 hours a day. Normal RTGS charges apply. Steward Bank Account Holders: Merchant will be able to request for the automatic linking of mPOS accounts with their Steward Bank business accounts.
Kwenga have many benefits as it accepts MasterCard, VISA, ZimSwitch, EcoCash and NFC Cards.The machines also accept EcoCash USSD payments and Mobile App payments and can process cash back. It also has loan facilities availed to Merchants and Merchants have a dedicated Relationship Manager. In addition, the Kwenga mPOS gives a competitive Merchant Services Commission, merchant Incentive Scheme and Promotions available for Merchants, Cashiers, Shoppers and an increased convenience, especially with the current cash shortage.