Michael Jordaan, chairman of Bank Zero.

App-only bank, Bank Zero, has teamed up with fintech iKhoka to provide business customers with a card machine solution with zero monthly rental fees.

The digital bank announced the partnership today, saying the solutions seamlessly integrates with Bank Zero’s zero-fee bank account.

In a statement, the bank says, as the only banking services provider in South Africa to offer zero-fee bank accounts for private companies, close corporations and sole proprietors, it has attracted a significant number of new customers in this market segment, with many businesses requesting card machines.

To respond to business needs, the bank has partnered with iKhoka to offer customers what they require without any additional credit checks.

It says customers can now request an iKhokha card machine via the Bank Zero app or website.

The devices, Bank Zero says, are purchased outright, which means there are no monthly rental fees, and iKhokha will deliver the card machine directly to the business at zero cost.

Commenting on the partnership, Michael Jordaan, chair of Bank Zero says: “Business banking has remained stuck in a quagmire of high fees, poor service delivery and no real choice. We embrace ecosystem thinking and prefer to partner with like-minded providers to bring solutions to market.”

Matt Putman, CEO at iKhokha, comments: “We aim to make doing business easier for businesses, by simplifying money movements and broadening access to financial services for all South African entrepreneurs.

“We also want every iKhokha interaction to be a frictionless experience, and the partnership with like-minded Bank Zero enables us to extend that seamless experience to all of their business customers.”

Mastercard’s country manager in Southern Africa, Gabriël Swanepoel, adds: “As an established payment partner of both Bank Zero and iKhokha, we are excited to continue delivering technology-led innovations that enable digital acceptance of card-based payments for South African consumers.