Bank Zero — South Africa’s zero-fee bank will go live in 2020

The South African banking sector is getting a well-deserved shake-up. All thanks to new banks popping up over the past year, One of which is the highly anticipated Bank Zero. Zero will focus on more transparency in a sector that’s historically thrived on keeping customers in the dark.

Bank Zero will be a digital-based platform and is backed by former First National Bank CEO Michael Jordaan. It has finally reached its final stages before local rollout and will launch to the public in the first half of next year.

Citizen Zero

According to a recent statement, Zero promises innovations that’ll improve customer security and prevent card fraud.

“Bank Zero has now fully completed its core value proposition by going live with its debit card. Following this card go-live, rigorous health-checks such as simulated card attacks, card fraud detection and retailer readiness are currently underway,” the statement on Bank Zero’s website reads. 

But how will its fraud prevention differ from what current banks offer? Zero explains that its debit card uses new patented technology to help rule out any possibilities of card fraud. 

Obviously, we’ll need to see how the system functions after launch, but security (especially when it comes to people’s hard-earned money) is vital. Especially when it comes to card data theft and card skimming, which runs rampant in SA. Especially considering around R873m stolen from South African cardholders in 2018.