- Bank Zero is finally here after receiving its license in 2018.
- It has individual and business banking accounts the fees of which are the same.
- We got FICA verified in three hours but the process was seamless and easy.
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Michael Jordaan’s digital banking newcomer Bank Zero has been officially opened to the public for more than a full day now, three years after announcing he was planning on setting it up.
The bank, which was granted a license to operate in September 2018, saw its launch delayed a couple of times. It is now finally serving the public and launched with two types of offerings, individual and business banking that have the same fee structures.
Although it is not lending yet, it plans to partner with a credit provider in the future.
The bank’s name lends itself to its commitment to keep banking fees as low as possible. The bank charges no fees to run basic banking and only charges for extras such as third-party services, including sending money to a non-Bank Zero account holder and withdrawing cash at an ATM. Other services such as requests for account balances and paying recipients are free. The bank also doesn’t charge a monthly fee on any account.
Here are the Bank Zero’s fees
The bank is taking a staggered approach in signing on customers. Currently, anyone who wishes to download the Bank Zero app and open an account will need to request a unique link on the bank’s “Contact Us” page that will allow them to download the app.
It took almost a day to get our link, and we were FICAed and approved in less than three hours. Here’s how our onboarding process went for us.
The process was as easy and painless as it is for digital banks operating in developed markets like the UK’s Monzo. The app prompts you through the various steps to get you FICA verified, and allotting just under 10 minutes, can get you up and running on the app. Once we downloaded the Bank Zero App, we filled out the first form requesting personal information. Then we were sent a one-time pin to register.
The next step includes capturing live selfies of yourself; the app also records your voice after prompting you to read a generated sentence aloud.
We were then required to either take a selfie or upload one before a sample of the bank card appeared, where you are required to type in your preferred name that will appear on your card.
Then we were required to take pictures or upload pictures of an ID and proof of residence, and then we confirmed our income and wealth sources.
After submitting the FICA documents, you can start using the app. We were impressed upon registering when the bank offered us a free savings account where we put in our goal description and savings goal amount.
At the end of the process, you have the option to either collect your card at a retailer nearby, seemingly all Clicks stores, for R79, or you can opt to get it couriered to you for between R139 to R179.
After three hours, we were FICAed and glad to finally be Bank Zeroers.