Bank Zero
Ex-FNB CEO's zero-fee mutual bank built on its own core stack.
Mutual-model app-only bank.
- Who holds it
- The company itself — it holds a full banking licence — Mutual bank license (SA).
- The ledger
- The bank’s own core ledger.
- If it fails
- A covered-deposit payout through the local scheme, up to its limit.
Derived from Bank Zero’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional |
| HQ | Johannesburg, ZA |
| Founded | 2018 |
| Custody | Custodial |
| Regulation type | Licensed bank |
| License detail | Mutual bank license (SA) |
| Card | MC · Debit |
| Stablecoins | No |
| KYC | Yes |
| Active regions | Africa |
| Founders | Michael Jordaan, Yatin Narsai |
Verified links: official site ↗
Common questions about Bank Zero
What is Bank Zero?
Bank Zero is a fiat neobank, headquartered in Johannesburg, ZA and founded in 2018. Your money is held custodially, so Bank Zero or its partner bank holds the balance and you hold a claim on it. It is regulated as a licensed bank (Mutual bank license (SA)).
Does Bank Zero have a card, and where can you use it?
It issues a Mastercard debit card. It is available in Africa.
Does Bank Zero require KYC?
Yes. Bank Zero requires identity verification (KYC) to open an account, as a licensed bank.
Peers
Wise · TymeBank · OPay · PalmPay · Discovery Bank · Kuda
Bank Zero appears in
Neobanks that hold their own banking license (132) · Neobanks available in Africa (92) · Neobanks that issue a Mastercard (150)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.