 | |
| Company type | Mutual bank |
|---|---|
| Industry | |
| Founded | January 16, 2018; 7 years ago (2018-01-16) |
Area served | South Africa |
| Owner | Lesaka Technologies |
| Website | bankzero |
Bank Zero is a South Africandigitalmutual bank. It offers banking to both individuals and businesses. Bank Zero joins other newbanks in South Africa, such asTymeBank andDiscovery Bank.[1] The bank registered with theSouth African Reserve Bank in 2018 and launched in 2021.[2][3][4][5]
In 2018, Bank Zero was co-founded with a few formerFirst National Bank employees.[6] The bank is 45% black-owned and 20% female-owned.[7] Instead of outsourcing traditional pre-ready banking packages, Bank Zero relies on a core banking platform.[8] By the end of 2018, after integration with theSouth African Reserve Bank, Bank Zero was a full settlement bank. In early 2019, Bank Zero integrated into the rest of the national payments system[9] to become a full clearing bank with an independent licence.[8]
Bank Zero had originally planned tosoft launch some of its products at the end of 2019, but decided to delay its launch to 2020.[2][3] After disruption due to theCOVID-19 pandemic, the launch was delayed until 2021.[5][10] The bank does not offer credit.[7]
In June 2025,Lesaka Technologies (formerly Net1 UEPS Technologies) acquired Bank Zero for R1.091 billion.[11]
Bank Zero usesIBM Z mainframe computers andLinuxONE,[12] as a secure platform that can protect against data breaches with IBM'sSecure Service Container.[13]
In November 2019, a patented debit card obtained with an agreement with MasterCard, combined with in-house patented security procedures,[14] operate on the latest Mastercard EMV technology and multi-layered security protocols.[15] Instead of storing thecard number that is embossed on the card on both themagnetic stripe, and in thecard chip, the debit card would have three different card numbers for each: the embossed number, the magnetic strip, and the card chip.[15] This would allow Bank Zero to limit specific types of transactions to each card number. For example, the magnetic strip card number could only be used at an ATM and at apoint-of-sale terminal; the card chip card number could only be used at point-of-sale devices; and, the embossed number could only be used foronline transactions.[15]
The bank said, "[this] will dramatically minimise the negative impact ofcard data theft andcard skimming,"[15] allowing for a claimed virtually secure card.[citation needed]
{{cite web}}: CS1 maint: numeric names: authors list (link)Companies based inGreater Johannesburg | |||
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