Banking On Technology

Michael Jordaan on his soon-to-be-launched Bank Zero and why businesses should build for the future.

- Melitta Ngalonkulu

The former CEO of First National Bank (FNB), Michael Jordaan, is launching a new app driven bank early next year. He says Bank Zero will not inflict exorbitant fees on consumers.

“It is possible to create a mobile bank at a much lower cost than the traditional banks… If we can stimulate a savings culture in South Africa, as well as help individuals and businesses to waste less money on bank fees, it will help the economy grow,” he says.

The South African entrepreneur has worked in the banking sector for over 20 years and will need all his experience as he becomes a competitor of his former employers.

The idea came about three years ago, over a good bottle of red wine with his co-founder Yatin Narsai, who is the former head of retail at FNB. The two were inspired by app-driven businesses such as Uber and Airbnb.