South African digital challenger Bank Zero to launch in mid-2020
Bank Zero, a new app-driven bank in South Africa, is set to launch in the middle of this year, reported The Africa Report.
Speaking to the publication, executive director Lezanne Human said that the systems to be used by the digital lender are presently undergoing trial.
Bank Zero obtained a provisional banking licence from the South African Reserve Bank in January 2018. It was originally expected to start operations from the fourth quarter of 2018.
Last November, the bank went live with its debit card, which it says is designed to offer security from data theft and skimming.
The bank collaborated with Mastercard teams in South Africa, India, and the US to develop the new proposition. It also utilised the encrypted card security expertise of IBM for the new offering.
Human said that Bank Zero will not require additional cash infusion for its roll-out.
Bank Zero has “sufficient finance to cover operational expenses and regulatory capital requirements,” she said.
South Africa is also home to other digital challengers.
Among them are TymeBank, previously known as TymeDigital. The bank received a banking licence in September 2017 and has African Rainbow Capital as the majority shareholder.
Another digital banking venture recently launched in the country is Discovery Bank.