SA’s newest digital-only bank, Bank Zero, is appointed as a restricted authorised dealer in forex exchange by the South African Reserve Bank.

South Africa’s latest digital-only bank confirms it will be open to the public before the end of the year, with financial backing from seven investors.

The digital bank ties up with local insurance giant Hollard to offer customers funeral policy plans without any paperwork needed.

The digital bank says it has 489 000 clients as of 13 September, versus 370 000 accounts at the end of June.

African Rainbow Capital injected R750 million in TymeBank in the last financial year ended June, a tough period for the relatively new digital bank.

The new kid on the banking block now has two million customers − a target reached five months ahead of the bank’s plans.

The digital banks report an upswing in on-boarding new customers, as more consumers look to branchless banking channels for their financial services.

With the new facility, customers from all South African banks will be able to deposit cash directly into their bank account at any Pick n Pay till point.

The 18-month-old South African digital bank is rated second best in the country on the Forbes list of the world’s best banks.

The bank says overall credit utilisation declined during the lockdown and arrears, including non-performing loans, are still within expectation.

The digital bank announces the appointment of Karabo Morule as its new independent non-executive director.

The digital bank now has 1.4 million customers, of which 700 000 are active bank accounts