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.