New app-based bank to officially launch in South Africa


A new app-driven bank is set to launch in South Africa after getting a provisional licence from monetary authorities, the institution announced today, 16 January 2017.

Bank Zero, a 45% black-owned mutual bank founded by veteran bankers Michael Jordaan and Yatin Narsai, is set to launch in the fourth quarter of 2018.

“The bank will make use of a mutual bank licence, a concept which mirrors current social media trends and benefits customers by allowing for the support and creation of financial communities,” it said in a statement.

“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).”

Jordaan and Narsai are both former executives at First National Bank who helped build its reputation is one of the most innovative in the country.


About Author

Thabo Mphahlele is the BizNis Africa Head of Sales and Marketing. Mphahlele was previously MultiChoice Production Support Analyst responsible for developing and monitoring applications. In addition, Mphahlele develops and automates batch scripts and is responsible for the daily infrastructure maintenance at MultiChoice. As a Production Support Analyst, he is responsible for incident analysis solving , developing and constructing business reports for SQL and Oracle and implement change controls for the business. Additional responsibility includes monitoring system performance via SOA, Kibaba (Elasticsearch), H.P BSM, HP Sitescope. Mphahlele is responsible for creating infrastructure performance reports through HP Ops Analytics, monitoring payments via Splunk and in-house built-in tool and disaster recovery simulation and testing. At Nashua Mobile, he was responsible for application development and enhancing the web sites At South West Gauteng College, he was the IT Technician and Network Administrator. During his tenure at Double Digit Media, he was he focused on application and web site development for new and existing clients Mphahlele contributes as a Content Manager for BizNis Africa.

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