ZA · ZAR
South Africa digital banks
Bank Zero is a SARB mutual bank in Sandton — app-only, clearing rails, Michael Jordaan and Yatin Narsai. CODI launched in April 2024. Mutual banks, commercial banks and co-operative banks are members automatically. A wallet with a Visa sticker is not CODI. The Big Five still dominate; this page exists so a ‘SA neobank’ search lands on a licence.
1Live on the desk
Regulator
South African Reserve Bank (SARB) / Prudential Authority
Deposit scheme
CODI covers qualifying deposits up to R100,000 per depositor; mutual banks are in by law
In this market
Licence still sits on the product| Product | Score | HQ | Monthly | FX | Users | Licence | |
|---|---|---|---|---|---|---|---|
 Bank Zero | 6.9 | Sandton, South Africa | Low / free core pitch — confirm live | Rand product, not Wise | App-only SA | Mutual bank — Bank Zero Mutual Bank |
Questions
Does CODI cover Bank Zero?+–
Yes, as a registered mutual bank. Qualifying deposits are covered up to R100,000 per depositor. Kids’ profiles are separate qualifying depositors on Bank Zero’s own reading — confirm live.
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PeruCross-check the scoring weights and the graveyard before you treat a leftover landing page as live.