Bank Zero is finally here after months and multiple delays. South Africa’s newest and app driven digital bank officially launched to the public. The bank, which was granted a license to operate by the South African Reserve Bank in September 2018 but its launch delayed a couple of times.
The app-driven bank is the brainchild of tech entrepreneur Michael Jordaan and banking innovator Yatin Narsai, two figures well known for spearheading FNB’s digital banking transformation. The two met while working at First National Bank (FNB).
The bank’s core value proposition was offering a bank account with no monthly subscription fee and lower transaction costs than conventional banking accounts.
According to Michael Jordaan, the Bank Zero does not rely on the traditional banking structures of established banks like head offices, branches, and numerous employees.
Instead, it runs entirely on an app, intending to put digital interaction and communication front and centre. To access cash, customers can use any ATM or cash out at major local retailers.
To open an account with the bank click here.