Bank Zero
“Can a zero-fee, app-only South African mutual bank become the embedded-banking backbone for Lesaka's fintech ecosystem and third-party card programs?”
Founded 2018 by ex-FNB CEO Michael Jordaan and Yatin Narsai as a fully licensed South African mutual bank, Bank Zero pursued a zero-fee, app-only model with in-house core banking and patented card security. After launching publicly in 2021, the business was acquired by Lesaka Technologies in mid-2025 for R1.09bn — moving from independent neobank to the consumer/banking pillar of a fintech holding group. In 2026 Bank Zero signed its first alliance partnership with Paymentology to act as a card-issuing sponsor for fintechs, SMEs and platforms, signaling a pivot to embedded-finance / BaaS-style distribution alongside its direct-to-consumer bank.