JOHANNESBURG - Bank Zero, co-founded by former FNB chief executive Michael Jordaan, has been registered as a mutual bank and is set to open to the public in the middle of next year.
In September, Bank Zero integrated with the national payments system of the South African Reserve Bank.
Lezanne Human, co-founder and executive director, says: “Settling directly with the SA Reserve Bank, rather than through a ‘sponsoring bank’, enables us to participate directly with peer banks in the movement of money. We now have the ability to control our payments value chain, which forms a powerful foundation for innovative and cost-efficient offerings.”
The bank, which will be app-driven, is currently undergoing testing of its systems and processes.
“Building a bank is hard work; building an innovative bank is exponentially harder,” says Jordaan.
After implementing additional payment methods (such as card trans- acting), a second round of testing will begin in the first quarter of next year. Public operations are expected to start around June.