Streaming issues? Report here
Lester Kieviet 2019 1500 BW 2 Lester Kieviet 2019 1500 BW 2
The Midday Report with Lester Kiewit
12:00 - 13:00
volume_up
volume_mute

Up Next: Lunch with Pippa Hudson
See full line-up
The Midday Report with Lester Kiewit
12:00 - 13:00
Home
arrow_forward
Business
fiber_manual_record
Lifestyle

Bank fees are too high. It’s unfair! – Bettr (new app-powered 'bank')

29 September 2020 11:11 AM
Tags:
Banking
Personal finance
Bank
Fintech
Digital Banking
bank fees
Bettr
Tobie van Zyl
virtual bank
digital bank

"We aim to do banking differently," says Bettr cofounder Tobie van Zyl. "The traditional banking model is going to evaporate."

It’s fundamentally unnecessary to go to into a bank branch.

Bruce Whitfield, presenter - The Money Show

In 1994 Bill Gates famously said, "Banking is necessary; banks are not".

Twenty-six years later and the case for stand-alone, digital-only banking products is compelling.

The Money Show’s Bruce Whitfield interviewed Tobie van Zyl, cofounder at Bettr, a brand-new “virtual banking experience” powered by a smartphone app.

We are not a bank… We’re a technology company that aims to do banking differently… The traditional banking model is going to evaporate… Right now, in South Africa, the average bank account costs consumers half a day’s minimum wage. It’s unfair… it’s unaffordable…

Tobie van Zyl, cofounder - Bettr

We don’t lend and we don’t take deposits. We partner with a sponsor bank – we’ll announce which one later this year… We offer an interest rate in exchange for the commercial bank that obtains low-cost deposits…

Tobie van Zyl, cofounder - Bettr

You can start entrepreneurial ventures within our banking ecosystem… You can swop or trade phones, books, clothes… We share the interest rates that we earn with the customer. We’re so lean, we can literally survive on two revenue streams…

Tobie van Zyl, cofounder - Bettr

We ran into many challenges when building this business… When we started three or four years ago, it was ahead of its time…

Tobie van Zyl, cofounder - Bettr

Listen to the interview in the audio below.


29 September 2020 11:11 AM
Tags:
Banking
Personal finance
Bank
Fintech
Digital Banking
bank fees
Bettr
Tobie van Zyl
virtual bank
digital bank

More from Business

Happy family dancing 123rf

How to get or update a will at no cost (this week only) – it’s an act of love

27 October 2020 10:49 AM

It’s National Wills Week – you have until Friday (30 October) to get a professional to draw up or update your will at no charge.

Share this:
Read More arrow_forward

Cell tower wireless internet 123rf

Cell C shutting down? Not quite - you will still get service through MTN towers

27 October 2020 7:33 AM

It is being widely reported that the service provider is shutting down, but Tech guru Brendon Petersen says it is not that clear cut.

Share this:
Read More arrow_forward

Time coins money pexels

How to optimise cash flow and reduce interest charges

26 October 2020 8:09 PM

Absa’s working capital management solutions help businesses successfully manage their cashflows and working capital.

Share this:
Read More arrow_forward

Happy child kid face mask facemask covid-19 123rf

[BOOK REVIEW] The future arrived early - economist Dr Iraj Abedian

26 October 2020 7:34 PM

Famed economist Dr Iraj Abedian talks about his book, "FutureNEXT: Reimagining Our World and Conquering Uncertainty”.

Share this:
Read More arrow_forward

Woman saving money piggy bank mask 123rf 123rfbusiness 123rflifestyle

Middleclass incomes have recovered almost fully since hard lockdown – FNB data

26 October 2020 7:13 PM

The lowest and highest-paid workers in SA haven’t yet recovered from the lockdown, according to FNB's Dr Christoph Nieuwoudt.

Share this:
Read More arrow_forward

Empty piggy bank broke 123rfbusiness 123rf

Famous Brands (owner of Steers/Wimpy/etc.) reports its 1st ever operating loss

26 October 2020 6:52 PM

The Money Show’s Bruce Whitfield interviews Famous Brands CEO Darren Hele.

Share this:
Read More arrow_forward

Lockdown levels South Africa Covid-19 coronavirus 123rf

'Another hard lockdown will cause even more state violence'

26 October 2020 6:27 PM

Futurist Graeme Codrington and economist Dick Forslund on how a 2nd hard lockdown and a 2nd Covid wave might affect our country.

Share this:
Read More arrow_forward

Khayelitsha Western Cape 123rf

Khayelitsha businesses and residents in the 'grip of a handful of thugs'

26 October 2020 12:20 PM

Khayelitsha Development Forum chair Ndithini Thyido says 'enough is enough' to these protection rackets targeting the community.

Share this:
Read More arrow_forward

train-widejpg

Consumer goods sector is consolidating - and supply chains are de-globalising

23 October 2020 2:19 PM

The pandemic has hastened much-needed consolidation and made clear the value of bringing supply chains closer to home.

Share this:
Read More arrow_forward

Procrastination procrastinator lazy office worker wasting time on phone 123rf

Are you a 'cyber-slacking' procrastinator? Tech can help! We’re not being ironic

23 October 2020 1:22 PM

Are you always on your phone, procrastinating? There’s an app for that, says USB productivity researcher, Sam Orton.

Share this:
Read More arrow_forward

More from Lifestyle

beer-alcohol-brewery-bottle-cap-drinking-booze-warehouse-liquor-industry-123rf

Pricing is proven as an effective way to reduce alcohol consumption, says prof

27 October 2020 11:28 AM

UCT Professor Corné van Walbeek says there is scientific evidence that raising the price of alcohol does reduce consumption.

Share this:
Read More arrow_forward

Happy family dancing 123rf

How to get or update a will at no cost (this week only) – it’s an act of love

27 October 2020 10:49 AM

It’s National Wills Week – you have until Friday (30 October) to get a professional to draw up or update your will at no charge.

Share this:
Read More arrow_forward

man-suitcase-travel-tourism-hotel-bed-room-accommodation-stay-getaway-123rf

SA must scrap the 'red list', we aren't importing entire populations - Satsa CEO

26 October 2020 5:58 PM

Southern Africa Tourism Services Association (Satsa) CEO David Frost says the red-listing of high-risk countries is killing inbound tourism.

Share this:
Read More arrow_forward

miss-sa-shudu-musidajpg

5 things you should know about the newly crowned Miss SA, Shudufhadzo Musida

25 October 2020 10:18 AM

Shudufhadzo Musida was crowned Miss South Africa 2020 at a ceremony held at the Table Bay Hotel in Cape Town on Saturday evening.

Share this:
Read More arrow_forward

katlego-maboe-facebook-pic-an-hour-withjpg

Petition started to 'bring back Katlego Maboe' after TV presenter taken off air

24 October 2020 3:23 PM

More than 51,000 people have signed an online petition to bring back TV presenter Katlego Maboe after he was suspended from the SABC 3 morning show Expresso.

Share this:
Read More arrow_forward

hand-sanisiter-hygeine-Covid19-Covid-19-pandemic

Why SA govt needs to urgently regulate the production of hand sanitisers

24 October 2020 12:08 PM

Hand hygiene has become a critical part of the response to Covid-19, but not all hand sanitisers are up to scratch or even certified.

Share this:
Read More arrow_forward

Psilocybin Magic Mushrooms pixabay

'Psilocybin (magic mushrooms) will probably be legal for medical use in 3 years'

23 October 2020 3:29 PM

Research has shown psychedelic drugs to be effective treatments for depression, alcoholism and anxiety, says Leonie Joubert.

Share this:
Read More arrow_forward

Procrastination procrastinator lazy office worker wasting time on phone 123rf

Are you a 'cyber-slacking' procrastinator? Tech can help! We’re not being ironic

23 October 2020 1:22 PM

Are you always on your phone, procrastinating? There’s an app for that, says USB productivity researcher, Sam Orton.

Share this:
Read More arrow_forward

happy-at-workjpg

Picked the wrong job? There's a company that pays you to quit if you're unhappy

22 October 2020 7:06 PM

'If you're happy at work it rubs off on your colleagues and clients' says Gideon Galloway, CEO of King Price Insurance.

Share this:
Read More arrow_forward

black-woman-health-fitness-orange-juice-vegetables-diet-exercise-kitchen-123rf

Worried about the future of the planet? The 'climate diet' may be for you

22 October 2020 3:17 PM

There's a move towards eating what is termed 'futureproof foods' which are more conducive to the sustainability of the planet.

Share this:
Read More arrow_forward