Digital-only Bank Zero has opened for business to individual clients and firms in South Africa, which is charting out plans to revive its economy from the damage caused by Covid-19 pandemic.
Positioned to compete with the country’s traditional and challenger banks, Bank Zero was originally planned to be launched by end of 2019, but was later pushed to end of 2020 and finally to 2021.
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Marked by little marketing, the bank launched an account for individuals and business customers and has the same fees for both the segments.
Its offering for business owners also comes with integration of Xero accounting software, while its offering for individuals comes with special features such as a patent to stop card skimming and a facility to befriend accounts.
The mutual digital bank Zero is not looking to enter the lending market right now.
Bank Zero chief executive Officer Yatin Narsai was quoted by Bloomberg Quint as saying: “The smaller banks don’t cater for such a wide target market and typically have a narrow focus like just the high- or low-income groups. We’re targeting individuals in all income groups and businesses.”
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By GlobalDataThe bank is one of the last to commence its operations among a group of newly licensed banks in the recent years, including TymeBank and Discovery Bank.
It also provides zero monthly account management fees, and does not charge fees for bank notifications.
