On Tuesday, 16th January 2017 Michael Jordaan, former CEO of South African bank, First National Bank (FNB), announced on Twitter his support for Bank Zero- a digital-only bank.
The bank is set to begin operations in the last quarter of 2018. This is after being granted a provisional licence from the South African Reserve Bank. With the launch of Bank Zero in South Africa, there is a glaring indication of how quickly Africa’s Banking industry is switching up to 4.0.
Bank Zero was co-founded by Michael Jordaan and Yatin Narsai who together built FNB and made it one of the most innovative banks in Africa. CEO and co-founder of Bank Zero, Yatin Narsai said “Bank Zero 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.”
Why Bank Zero?
As bank zero follows the concept of banking 4.0, questions are arising concerning the launch of a fully digital bank in Africa. These legitimate questions mainly harbour on the fact that Africa’s banking sector is still grasping the rudiments of bank 3.0.
Bank Zero will totally transform the status quo by providing customers transparency, full control of their account and connectedness. The financial digital entity also brings a refreshing twist as it solves and discards the complications of branch and paperwork due to its digital nature. Being the first of its kind in Africa, we welcome the first-ever fully digital bank to the continent and concurrently usher in bank 4.0. Replicating these fully digital banks across Africa will transform the banking and financial sector.