Bank Zero goes commercial

The bank that has been an exclusively digital mutual bank in South Africa since 2018, Bank Zero is now providing commercial banking, too.

Michael Jordaan who is the bank’s chairman, said that the commercial products are aimed at businesses of any size.

In a statement, Jordaan also said: “We have completely rethought commercial banking to bring it into the digital age. We’ve built it from the ground up, which means we have no legacy systems that are cumbersome and costly, leading to inefficiency and high bank charges,”

The bank’s CEO Yatin Narsai said: “It was a complex project, but because we were able to design the system as a whole, it works seamlessly with the user in mind.” Narsai also revealed that everything from setting up your in-house banking team, changing mandates and granting access privileges, to making payments is all done within the app.

Customers are now able to download transaction histories into spreadsheets, making reconciliations easier, as well as set up business debit cards for staff.

Bank Zero commercial banking supplies card machines through a partnership with iKhokha and is fully integrated with Xero accounting software.