Bank Zero breaks even and gains access to 500,000 customers through Mukuru
The branchless South African bank, launched in 2021, has been profitable since August. Its “bank for others” model brings it half a million customers from money transfer specialist Mukuru.
- Bank Zero, an app-only bank, broke even in August 2026.
- 275,000 direct customers, plus 500,000 customers brought by Mukuru through its shared platform.
- Next step: foreign exchange services, awaiting authorisation.
Bank Zero, a South African bank that operates only through an app, broke even in August 2026, its chief executive, Yatin Narsai, said. Founded in 2018 and opened to the public in August 2021, it invested about 300 million rand ($18.5 million) to build its own platform.
Customers brought in by partners
The bank has 275,000 direct customers, 18% of them businesses, well above the 10% it had planned. Since January 2026, it has also offered its platform to other companies, which provide banking services to their own customers. Mukuru, an African money transfer specialist, is bringing 500,000 customers through it.
« We are going to go after the big fish, meaning the big portfolios. »
Yatin Narsai, CEO of Bank Zero (paraphrased)
Bank Zero is waiting for authorisation from the South African Reserve Bank to offer foreign exchange services, and expects a sharp rise in revenue and profits in 2027.
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