South Africa gets a brand-new bank, ‘Bank Zero’

Fees… we haven’t disclosed what they would be, but there’s a hint in the name.

Michael Jordaan, Bank Zero

Bank Zero started its first trial run for staff members on Tuesday after the South African Reserve Bank (Sarb) granted its banking license and it successfully integrated its systems with those of the Sarb.

Bank Zero is 45% black-owned and 20% women-owned.

The bank is one of four expected new entrants in South Africa.

The others are:

The Money Show’s Bruce Whitfield interviewed Michael Jordaan, co-founder and Chairperson at Bank Zero.

Listen to the interview in the audio below (and scroll down for more quotes from it).

It was quite tough. It’s taken us a year and a half to get here… we’re proud we now have a licence… hopefully, we can launch towards the middle of 2019.

Michael Jordaan, Bank Zero

Mutuality allows us to give back to our customers… The better a customer you are the better your shareholding in the bank will be.

Michael Jordaan, Bank Zero

We have a very, very low-cost base… we want to leverage that in favour of consumers so that they will pay much less in banking fees…

Michael Jordaan, Bank Zero

…Banking is necessary, banks aren’t…

Michael Jordaan, Bank Zero

There won’t even be a website… [Bank Zero is only app-based]

Michael Jordaan, Bank Zero

We’re not going to be a lending bank…

Michael Jordaan, Bank Zero

There are people here who don’t get salaries, who’ve invested their life savings…

Michael Jordaan, Bank Zero

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