Bank Zero partners with Green Riders to power job creation
Economic inclusivity requires access to the formalised banking sector, which is why Bank Zero and Green Riders have partnered to power entrepreneurship among South Africa’s previously marginalised youth.
Green Riders, a two-time Earth Shot nominee, has created employment for thousands of youths by providing access to e-bikes, which enables them to become riders in the last-mile delivery industry.
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With the ability to use sponsored e-bikes to begin earning a good income, these previously marginalised young people become micro-entrepreneurs who are eventually able to own these assets.
This creates opportunities for these youths to sustainably develop their own businesses.
“The company is committed to contributing to the local economy and environment while creating thousands of jobs,” said Bank Zero CEO Yatin Narsai.
“However, high banking costs and complexity present significant challenges, diverting valuable resources. We believed that a flexible banking solution could support both the Green Riders community and the local economy.”
The solution
Bank Zero leveraged its innovative banking system to develop a cost-effective customised commercial banking solution that offers bespoke functionality for Green Riders and their drivers, who all bank with Bank Zero.
By building these systems in-house, Bank Zero can keep pricing for basic banking services at zero.
The solution also empowered the Green Riders finance team to easily do general ledger processing.
“We explored various options for a customizable commercial banking solution but struggled to find the right fit.
After reviewing Bank Zero, we found their approach aligned with our needs,” said Richard Clarke, Executive Chairperson of Green Riders.
“Over the past six months, their solution has provided the functionality and support required to streamline our operations.”
“My CFO finds the detailed spreadsheets really beneficial, especially since it can streamline our general ledger processing. No other bank does this,” said Richard.
Empowering South Africa’s economy
“It is hugely rewarding to see our zero-fee digital banking services contribute to growing the South African economy by supporting small and micro-enterprises,” said Yatin.
“We’re delighted to support a business that creates opportunities for young South Africans to start earning a proper income while giving them access to banking services that can help them save, and grow their business, leading to a more prosperous future.”
This same flexible and effective system used for Green Riders allows Bank Zero to customise solutions for other business customers, helping them keep the zeros in their banking fee column year after year.
“Fees charged by traditional banks are too high. Our customers don’t pay for basic banking and are only charged for extras and cash, but even these fees are low,” said Yatin.
Beyond the cost-saving benefits, Bank Zero’s system provides other benefits to retail and business customers.
“While we remain pragmatic about the services we can cost-effectively offer, our focus on pioneering disruptive change to transform the banking game for consumers and businesses remains firmly in place,” concluded Yatin.
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