Backed by ex-FNB CEO Michael Jordaan‚ Bank Zero looks set to become SA’s newest mutual bank and will be 45% black-owned.
“It also provides for a capital efficient framework‚ and Bank Zero will be sharing the subsequent cost benefits with its customers.” If Bank Zero manages to launch this year‚ it will be joining Discovery Bank‚ TYME and Post Bank as SA’s first new banks in more than a decade.
“Bank Zero is the newest citizen in South Africa’s banking world‚ pivotal to the new banking revolution‚” it said on its website. Bank Zero said it would “offer a unique and fresh approach to banking without any legacy systems which can be costly to maintain”. “Bank Zero is part of the new frontier of banking‚ which has arrived through smartphones and associated digital technologies‚” Narsai said.
- BusinessLIVE
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