Michael Jordaan’s Bank Zero prepares to shake up the banking system
Innovator and venture capitalist says the start-up is declaring war on business banking fees
Banker-turned-venture capitalist Michael Jordaan has vowed that his newest creation, Bank Zero, will compete fiercely in the business banking space. “We have made it clear we want to attack banking fees,” he told Business Day in an interview. “But not everyone has latched onto the fact that we are going to be attacking high business bank fees, especially the exceptionally high card transaction and electronic banking fees companies incur.” Bank Zero has now been integrated into the country’s national payments system, allowing it to compete on “an equal footing with the big guys”, he says. The bank, which has started trial runs for staff, plans to launch in mid-2019. Bank Zero is one of four new banks expected to launch in SA as technology enables new ventures to launch at lower cost. The others are TymeDigital, for which Patrice Motsepe’s African Rainbow Capital Investments has made a takeover offer; Discovery Bank; and the Post Office’s Postbank, which will be allowed to offer a wid...
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