South Africa’s first Crypto-Currency Bank has just opened … Bank Zero

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[This is interesting. In Europe a LOT of Europeans are using REVOLUT which is a crypto-currency bank there. I don't know of any crypto-currency banks in the USA though. There probably are such things? Jan]

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.

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 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 FICAd 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.

You can view the many images and screen shots and read the rest here:

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