South African Bank Zero Revolutionizes Business Banking With Zero-Cost App Launch
A South African digital bank, Bank Zero, has expanded into commercial banking with the launch of its zero-cost business banking app.
Disrupting Traditional Banking
Bank Zero was founded by tech entrepreneur Michael Jordaan, banking innovator Yatin Narsai, and five other co-founders.
Founded in 2018, the company entered the South African market three years later and is now 45% Black-owned and 20% women-owned.
The co-founders have a combination of deep and diverse banking and technology skills, with extensive experience in and knowledge of banking through previous roles.
Bank Zero aims to disrupt traditional banks with its tech-driven services, zero monthly fee model, and lack of physical branches.
The digital bank also offers free electronic payments, debit orders, card swipes, and prepaid purchases.
Some of its main principles include leveraging the power of a smartphone, emphasizing security, and customers having a complete view of their finances at all times.
Bringing commercial banking to the digital age
Bank Zero’s new app-based commercial banking service aims to enhance productivity and security with all processes handled in the app, from setting up teams to making payments.
Bank Zero allows its customers to set up business debit cards for staff, download transaction histories into spreadsheets for easier reconciliations, and make scheduled payments and transfers.
According to Tech in Africa, Jordaan said Bank Zero offers an innovative approach far from legacy banks’ costly, inefficient systems.
The team highlighted security features like flagged changed account details and documentation for approvals.
The bank promises the app will significantly improve business productivity and lower costs.