SOUTH AFRICA – Bank Zero set to open next year

Business

Bank Zero, co-founded by former FNB chief executive Michael Jordaan, has been registered as a mutual bank and is expected to open to the public mid 2019.

Bank Zero integrated with the national payments system of the South African Reserve Bank in September.

The bank will be app-driven and 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 the implementation of  additional payment methods transactions by card, a second round of testing will begin in the first quarter of next year. Public operations are officially expected to begin in June 2019.

IOL

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