Business Talk – Michael Jordaan on how Bank Zero has transformed the South African banking industry

Michael Jordaan is one of South Africa’s most respected business leaders and is the co-founder of Bank Zero.

He was previously the CEO of First National Bank (FNB), after which he founded Montegray Capital.

Through Montegray Capital, he has rapidly become one of the most respected venture capitalists in South Africa, and Bank Zero is among his greatest successes.

In this Business Talk interview, Jordaan discusses how Bank Zero makes money considering that nearly all the transactions Bank Zero customers make are free.

He also highlights which target markets benefit from Bank Zero’s services the most, and provides valuable insight into how these prospective customers can open an account.

Jordaan then talks about how South Africans don’t save enough money, and explains how banks can play a key role in changing this.

He also touches on rogue debit orders, explaining that they are a form of white-collar crime and discussing what banks should be doing to protect their customers.

Jordaan then explains why children are not engaged in digital banking as much as they should be, before closing by discussing how Bank Zero handles the legal complexities of business mandates without having any physical bank branches.

The full interview with Michael Jordaan is embedded below. Find all the Business Talk – Presented by Monocle interviews here.

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Business Talk – Michael Jordaan on how Bank Zero has transformed the South African banking industry