Founded by Michael Jordaan and Yatin Narsai, South Africa Bank Zero has been granted a provisional licence by the South African Reserve Bank in a move expected to bring transparency and speed to the South African financial services sector.
The 45% black-owned bank says it will make use of a mutual bank concept which allows customers to create financial communities either as businesses, individuals, families and communities.
According to co-founder and Chairman, Michael Jordaan, “Facebook, WhatsApp, Twitter and Instagram are the new normal for societies. Why shouldn’t banks also innovate in this era of wider connectedness whilst still ensuring a robust banking value proposition? Bank Zero is addressing these realities, while employing cutting-edge technologies and delivering state-of-the-art security.”
Bank Zero provides customers with transparency and control over their finances – know at all times exactly what is happening in their account. Enables true connectedness in a digitally socially connected world for both individuals and businesses.
Bank Zero has simple fee structure, is highly digital and users need not to go into a branch or submitting paperwork. Bank Zero is highly secure and will have no physical branch or branch network but customers can access cash via ATMs locally and internationally. All communication will be app-driven and via e-mail
Bank Zero aims to nurture a savings culture in SA by creating easy ways for financial communities like clubs, families and businesses to save individually or together. Customers can become shareholders, based on the type of savings products they have with us, thereby enabling further savings among others.
“Bank Zero is part of the new frontier of banking which has arrived through smartphones and associated digital technologies, says co-founder and CEO Yatin Narsai. “Beyond the mobile technology revolution, other innovations will bring more financial transparency and control to our customers in an intuitive, secure and affordable way,” he adds. “Coupled with the mutual banking concept, this will help nurture a savings culture in South Africa. New technologies, together with tried-and-tested account features like chip-and-pin cards, will deliver real value to our customers.”