SA’s original digital and toll-free bank is finally open for business and revealed its new pricing

Bank Zero today released its new pricing for 2022. With all charges remaining as they were in 2021 and 2020, this sends a powerful message of Bank Zero’s intention to bring much-needed relief to consumers and consumers alike. companies. No monthly fees, no fees for debit orders, EFTs, and card transactions – and no fees when purchasing prepaid items like data or power.

President Michael Jordaan says: “Advanced app-based banking services are now available to 24 million South African smartphone users and their businesses. This brings huge cost relief (potentially billions), great features, and full access – our youngest client is three while our oldest is 80. It is simply amazing. “

One of the main features of Bank Zero is that the zero fees and innovative features are the same for consumers and businesses. Until Bank Zero’s arrival, the corporate sector had little relief from high bank fees in addition to cumbersome and paper-intensive processes. As one customer tweeted: “This is a game changer for the SME market! Bank Zero sees huge opportunities in this space, with the South African SME market alone estimated at 5.6 million companies.

The Bank Zero app caters to most South African businesses with turnover ranging from small to billions. (Although it does not accept listed companies and companies related to the public sector).

Yatin Narsai, the managing director, is “pleasantly surprised by the higher than expected number of companies registered during the closed deployment, mainly Ltd (PTY) followed by CCs, then sole owners.”

Jordaan adds: “It’s wonderful to see how customers vote with their money. We’ve already seen large deposits pouring into Bank Zero so early in its lifecycle. “

Since its public debut, Bank Zero has seen an excellent adoption rate and growth in card transactions. The most popular is e-commerce, with rapid growth in card subscriptions (i.e. new debit orders). A card control feature unique to Bank Zero allows customers to manage these sometimes unpleasant subscriptions by turning them on / off as needed. (Merchants who continue to charge your card incorrectly can now be stopped!)

The special patent of the Bank Zero card has proven itself in stopping potentially fraudulent transactions. Bank Zero cards are used locally and internationally. Bank Zero’s R0 fees per international card transaction and its low exchange margin (0% if displayed in ZAR, 1% if displayed in foreign currency) are clearly a success.

The purchase of prepaid items is increasing at a rapid rate, exceeding all Bank Zero forecasts.

Another feature appreciated by customers is its ability to notify customers of a new debit order that has been loaded into their account and which they can then reject. And customers are notified when a regular debit order is about to be executed and if they have (insufficient) funds.

Jordaan also announced today that “After an incredibly smooth start, Bank Zero is now fully open for business. Our launch is no longer constrained and we invite all businesses and consumers to experience powerful banking at no cost ”.

Bank Zero was the first bank in the world to be launched by a fully WFH team. Public access was initially limited to those on the waiting list while monitoring the effectiveness of digital customer support processes created during the pandemic to match a new world of the WFH.


SA’s original digital and toll-free bank is finally open for business and revealed its new pricing

Source link SA’s original digital and toll-free bank is finally open for business and revealed its new pricing

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