{"id":270041,"date":"2018-09-07T10:26:30","date_gmt":"2018-09-07T08:26:30","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=270041"},"modified":"2018-09-07T10:26:30","modified_gmt":"2018-09-07T08:26:30","slug":"bank-zero-has-taken-a-big-step-closer-to-launching-heres-how-its-different-from-other-sa-banks","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/270041\/bank-zero-has-taken-a-big-step-closer-to-launching-heres-how-its-different-from-other-sa-banks\/","title":{"rendered":"Bank Zero has taken a big step closer to launching – here’s how it’s different from other SA banks"},"content":{"rendered":"

A government gazette published on Friday (7 September) confirmed that Bank Zero<\/a><\/strong> has officially been registered as a Mutual Bank in South Africa.<\/p>\n

According to the notice, the registration officially took effect from 17 August 2018 – indicating that it’s on track to meet it early 2019 launch date.<\/p>\n

In a\u00a0statement<\/a>\u00a0<\/strong>in January, Bank Zero said it will make use of a\u00a0mutual bank licence<\/strong>, which mirrors current social media trends and benefits customers by allowing for the support and creation of financial communities.<\/p>\n

Mutual banks, or mutual savings banks, are banks that typically operate\u00a0without capital stock, and is owned by its members who subscribe to a common fund.<\/p>\n

This, the bank said, will provide for a capital-efficient framework, and Bank Zero will be sharing the subsequent cost benefits with its customers (both businesses and individuals).<\/p>\n

“Facebook, WhatsApp, Twitter and Instagram are the new normal for societies,” Michael Jordaan said at the time.<\/p>\n

“Why shouldn\u2019t 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 and delivering state-of-the-art security.”<\/p>\n

As such\u00a0Bank Zero will not offer credit, will be entirely digital, and will handle all of its services and communications via an app.<\/p>\n

In this way, it is\u00a0going against the traditional banking grain, and targeting a younger, more tech-savvy market that wants to do their banking the same way they interact with other digital media.<\/p>\n

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The bank\u2019s website<\/a> <\/strong>also states the following:<\/p>\n<\/div>\n