Bank Zero

Bank Zero Mutual Bank is a SARB mutual bank. CODI covers qualifying deposits up to R100,000. Michael Jordaan and Yatin Narsai built an app-only clearing bank in Sandton. That is a bank. It is not Capitec-scale and it is not a multi-currency EMI. Salary in rand can live here; FX still belongs on Wise.

Mutual-bank class is the file: members, not listed-bank shareholders. CODI launched in April 2024 and mutual banks are in automatically. Directories call it a neobank. This desk calls it a mutual bank with an app.

Bank Zero lists Mutual bank — Bank Zero Mutual Bank under SARB in South Africa. On safeguarding we currently write: CODI (Corporation for Deposit Insurance) up to R100,000 per qualifying depositor — mutual banks are in by law. Holder / issuer line: Bank Zero Mutual Bank. An AML programme is claimed. There is no IBAN-class local rail on the flags we store. We list 1 live markets on the product. As we score the sticker: monthly Low / free core pitch — confirm live; FX Rand product, not Wise; ATM SASWITCH / network schedule. This desk would open it for: South African residents who want a SARB mutual bank on a phone, not a Big Five branch.

What it does well: Named SARB mutual bank; CODI R100k; Clearing bank, not a wallet. What to watch: Mutual, not a commercial bank; ZAR-only home; Small versus Standard / FNB. Desk score 6.9 / 10 (safety 7.8, fees 8.0, features 6.8, app 7.6). Last verified 2026-08-28. Headquartered in Sandton, South Africa; founded 2018. None of this is advice — it is a file so you can read the entity before the card colour.