Bank Zero started its first trial run for staff members on Tuesday after the South African Reserve Bank (SARB) granted it a banking licence.
The mutual bank, which is more than 45% black-owned and 20% women-owned, successfully integrated with the national payments systems of the SARB, in September, a move that will bring major benefits to customers.
Seeing payments flow from our Bank Zero App to our revolutionary core banking platform and eventually all the way to another bank is just surreal. We can’t believe it, it’s still sinking in.
— Bank Zero (@BankZeroSA) November 2, 2018
Co-founder and chairperson of Bank Zero, Michael Jordaan acknowledges the professionalism, skills and world-class systems. “The stringent licencing process, the high standards, and their skilled and professional approach clearly demonstrates that South Africa has a world-class regulator.”
Bank Zero Chairperson Michael Jordaan says “Building a bank is hard work; building an innovative bank is exponentially harder”.
The Bank Zero is expected to start operations around mid-2019.
