Michael Jordaan-backed Bank Zero is set to become SA’s first mutual bank since 2012, promising simplified fee structures and considerable black ownership and allowing depositors to become shareholders. Bank Zero, which is an app-driven bank co-founded by Jordaan, a former First National Bank (FNB) CEO, announced on Tuesday that the South African Reserve Bank had granted it a provisional banking licence. It planned to launch in the fourth quarter of 2018, joining VBS, 141-year-old GBS and Finbond to become SA’s fourth mutual bank. Bank Zero would be 45% owned by its black co-founders, which included former FNB executive Yatin Narsai, Jordaan said on Tuesday. "We will share their details as we draw closer to the official launch date." There were seven co-founders in total, all highly experienced in banking and technology, he said. If it gets off the ground, Bank Zero will join a growing list of newly launched or soon-to-be launched banks in SA.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.