Bank Zero, which is backed by former FNB CEO Michael Jordaan, has launched a completely app-based commercial banking offering that aims to provide low-cost transactional capabilities to its growing client base.
Yatin Narsai, Bank Zero’s CEO, told News24 that the digital-only bank is positioning its commercial banking offering to lure businesses with annual turnovers of between R60 million to a"few hundred million rand."
"We strictly don’t do lending, but in business banking, lending is not a big deal," Narsai said, adding that most of Bank Zero’s commercial banking customers are focused on notice deposits and transactional banking.Bank Zero will also allow its commercial banking customers to set up business debit cards for staff, download transaction histories into spreadsheets for easier reconciliations, as well as make scheduled payments and transfers.
Narsai said Bank Zero’s current customer base – including individuals – numbers"well into the tens of thousands" though he said a more precise update would be provided in due course. Bank Zero is expected to break even once it reaches 100 000 customers, a threshold it expects to pass in the next few years, said Narsai.
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