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Michael Jordaan blown away by all the good wishes on app-based Bank Zero


Former FNB head and venture capitalist Michael Jordaan says he’s “blown away by all the good wishes” on his announcement today of the planned launch of an app-based bank later this year with former FNB colleague Yatin Narsai.

“Blown away by all the good wishes. Hope to not disappoint when we launch end 2018,” Jordaan (pictured above) tweeted at about 12pm today.

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It follows the announcement of the bank’s imminent launch that Jordaan made earlier today at 9am on the Bank Zero website.

In the announcement he said the bank has been granted a provisional licence from the South African Reserve Bank and would be 45% black-owned bank and would be launched in the final quarter of this year.

I’m blown away by all the good wishes. Hope to not disappoint when we launch end 2018, Michael Jordaan tweeted earlier on Bank Zero

Jordaan, who will serve as the bank’s chairman, says businesses, individuals, families and communities will benefit through Bank Zero’s products and services which are in tune 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,” he said.

Bank Zero will make use of a mutual bank licence. 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.

The bank’s CEO, Narsai, said the bank is part of the new frontier of banking which has arrived through smartphones and associated digital technologies.

“Beyond the mobile technology revolution, other innovations will bring more financial transparency and control to our customers in an intuitive, secure and affordable way,” he adds.

“Coupled with the mutual banking concept, this will help nurture a savings culture in South Africa. New technologies, together with tried-and-tested account features like chip-and-pin cards, will deliver real value to our customers,” said Narsai.

Featured image: Bank Zero chairman Michael Jordaan (Supplied)

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