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Bank Zero wins banking license

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Michael Jordaan, Yatin Narsai to launch a new app-driven bank.

 

Bank Zero, a new play by Michael Jordaan and Yatin Narsai, is the latest banking venture to receive a provisional license from the South African Reserve Bank (Sarb).

 

The 45% black-owned bank, due to launch in the fourth quarter, will be app-driven and operate under a mutual bank license. “The mutual banking concept mirrors current social media trends and benefits customers by allowing for the support and creation of financial communities. It also provides for a capital-efficient framework, and Bank Zero will be sharing the subsequent cost benefits with its customers (both businesses and individuals),” Bank Zero said in a statement.

 

According to Jordaan, the bank's offerings will be in line with modern-day realities. “Facebook, WhatsApp, Twitter, and Instagram are the new normal for societies. Why shouldn’t banks also innovate in this era of wider connectedness whilst still ensuring a robust banking value proposition? Bank Zero is addressing these realities, while employing cutting-edge technologies, minimising typical admin-intensive processes and delivering state-of-the-art security.”

 

Jordaan and Narsai, tech entrepreneurs and banking innovators, spent a decade at FNB, during which the time the bank was recognized as the most innovative bank in the world.

 

In addition to Bank Zero, the Sarb has most recently issued banking licenses to insurer Discovery and Tyme Digital by Australia’s Commonwealth Bank, both of which are expected to launch offerings later this year. 

 

Source: Moneyweb

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Don't think it will affect any of them all that much. Once Zero lists, different story maybe.

 

Also waiting for Discovery Bank :)


IQ Test

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Monitor Moneyweb and the like? It'll be in the news and there might be IPO notifications from your broker.


IQ Test

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What a stupid headline what race was the bank in to win a licence?

The body does make sense

"Bank Zero, a new play by Michael Jordaan and Yatin Narsai, is the latest banking venture to receive a provisional license from the South African Reserve Bank (Sarb)."

This is good news for us consumers. I had to get a new capitec card in and out of Capitec in 10 minutes with a new card compared to the hassle FNB put you through the banks do need a big shake up.

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I am waiting the the Discovery Bank listing, think that can be a cracker. They already have access to a lot of potential customers.

 

I'll be waiting with my money ready for its listing. If it does as well as Capitec, we will be able to retire comfortably...  :-)

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What about the AZAR BANK? I thought this was it, but I was wrong, there's Zero Bank and AZAR Bank.

 

I'm nervous about no-name-brand banks. African bank didn't do well. I thought its rebirth as African Phoenix (AXL) would do well but I lost money there too. At least Discovery bank has the backing of a financial giant behind it.

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I'm nervous about no-name-brand banks. African bank didn't do well. I thought its rebirth as African Phoenix (AXL) would do well but I lost money there too. At least Discovery bank has the backing of a financial giant behind it.

 

How did you lose money on AXL, unless you sold early as in 3 months later because they are up.

 

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How did you lose money on AXL, unless you sold early as in 3 months later because they are up.

 

 

 

It was terrible timing on my part. I bought at 74c per share in mid July when it was looking really promising, only to cut losses with a trailing 18% SL two months later...   :-(

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It's my own fault really. I waited too long to confirm the upward trend and got stuck in the typical "buying at the top" trap.

 

I should have known better!!!

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