Bank Zero, an app-driven bank, has secured a provisional banking licence from the South African Reserve Bank (SARB).
The bank, co-founded by former First National Bank (FNB) executives Michael Jordaan and Yatin Narsai, is expected to commence operations in the fourth quarter of 2018.
Go deeper with GlobalData
The lender will operate under a mutual bank licence and promises to offer simplified fee structures. It will focus on transactional banking and deposits.
The bank aims to build a customer base by offering the support and creation of connected financial communities, from families to clubs and societies.
Jordaan said that the bank’s offerings will be in line with modern day realities.
“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,” Jordaan added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataRecently, SARB has also issued banking licences to insurer Discovery, Tyme Digital by Australia’s Commonwealth Bank, and Post Bank.
