Bank fees getting you down? Many South Africans are left at the mercy of high bank charges from existing South African banks but a new wave of banking is on the way… and it’s promising to offer lower than low bank fees! The highly anticipated, Bank Zero is due to launch its commercial, app-driven banking service in South Africa next year and the tech-driven bank could mean the end of bank fees for South African clients.
The affordable bank service will be totally app-based and promises cheaper fees, transparency, and more control over your finances. Bank Zero’s entire sign-up process will be electronic, making it accessible to those with an internet connection and simple for clients to open an account.
Bank Zero will not have branches but customers can use ATMs both locally and internationally to withdraw cash. The app aims to solve the issue of high bank fees in South Africa with the belief that banking should be free to users.
The bank has also partnered with Mastercard to develop a brand new generation of smart card called EMV (Europay Mastercard Visa) that delivers unique features like cutting-edge security. EMV is a global payment standard and will be available to use in SA and out of the country.
What’s more, the smartphone-based platform will be heavily secure and protected against hackers through employing encryption techniques. It will also use biometrics and location services for an extra layer of security.
For more information visit the Bank Zero website.