22 Jan The birth of a new bank in SA – Bank Zero
Michael Jordaan and Yatin Narsai launch app-driven bank that offers added control and transparency, with a fresh approach towards banking
Bank Zero has been granted a provisional licence after a rigorous in-depth evaluation process by the South African Reserve Bank. The 45% black-owned bank is set to launch in the fourth quarter of 2018.
Bank Zero will make use of a mutual bank licence. The mutual banking concept mirrors current social media trends and benefits customers by allowing for the support and creation of financial communities. It also provides for a capital-efficient framework, and Bank Zero will be sharing the subsequent cost benefits with its customers (both businesses and individuals).
Founded by two game shakers and path makers in South Africa’s Financial Services industry, tech entrepreneur Michael Jordaan and banking innovator Yatin Narsai – who together built FNB into the most innovative bank in the world under their decade-long leadership – Bank Zero will offer a unique and fresh approach to banking without any legacy systems which can be costly to maintain.