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:
TymeDigital (owned by Patrice Motsepe’s African Rainbow Capital Investments)
- Post Bank
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
Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:
Recommendedby NEWSROOM AI
Capitec Bank is South Africa’s largest bank by the number of customers, according to the BRC Products and Brands Module survey.
The Money Show’s Bruce Whitfield interviews Discovery Limited founder and CEO Adrian Gore.
The Money Show's Bruce Whitfield interviews Sandile Shabalala (CEO, TymeDigital) and Johan van der Merwe (co-CEO, ARC).
The Money Show’s Bruce Whitfield interviews Michael Jordaan, cofounder of the app-driven, 45% black-owned Bank Zero.
The Money Show's Bruce Whitfield interviews Rain Director Michael Jordaan about his money beliefs and history.
What does the outspoken CEO of the SAPO believe about money? What does he fear, and hope for? How much is, for him, enough?
The ANC's Amos Phago says party to address challenges of racism and factionalism identified in Western Cape branches.
Clinical psychologist Dimakatso Maboea discusses ways to accept a breakup and avoid the triggers that could set you back.
The choir has been wowing TV audiences in the US and across the world with their energetic performances.
Large eye stickers are being stuck to the bottom of surfboards in order to deter sharks.
Daily Maverick associate editor at Scorpio Sikonathi Mantshantsha takes a look at the week's financial news.
The feline was found by detectives at a property in Athlone on Wednesday following a tip-off.
Magda Wierzycka – Sygnia’s renegade CEO – on her attitude toward money (hopes and fears, successes and failures, etc.).