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Former First National Bank CEO and venture capitalist Michael Jordaan is set to change the banking sector of South Africa with his new innovation ‘Bank Zero’ an app-driven bank.
‘Bank Zero’ is a 45% black-owned app-driven bank in which all transactions and communications will be done via the app.
Founded by two financial game changers, Michael Jordaan and Yatin Nasai, the bank is set to launch in the fourth quarter of the year 2018 and has already been granted a provisional license after thorough evaluation by the South African Reserve Bank.
According to the management, Bank zero would be utilising a mutual banking license, and would mirror the concept of social media trends for support and creation of financial communities. It would also provide for a capital-efficient frame work and will be sharing cost benefits with its customers.
Bank zero would present a new approach to banking and would also use mobile technology as well as other innovations to create room for financial transparency to customers in an affordable and secure way.
“coupled with the mutual banking concept, this will help nurture a savings culture in South Africa. New technologies together with tried and tested account features like like chip-and-pin cards willdeliver real value to our customer” Yatin Nasir, co-founder of Bank Zero said.
According to reports, there will be no physical offices of this bank and customers can have access to cash through ATMs both locally and internationally. There would be room for email interactions and customers can become share holders depending on the type of saving products they have.
We Appreciate This Innovative Idea! Thanks Micheal Jordaan
