Bank Zero reaches break-even milestone following Mukuru partnership

South African app-only lender Bank Zero achieved its first monthly break-even in August 2026, approximately five years after its launch. The milestone was reached through revenue from deposit margins and transaction activity, covering monthly operating costs with a relatively small customer base of 275,000 direct accounts.

The bank’s growth was significantly bolstered by a new partnership with remittance group Mukuru. Through an alliance banking model, Bank Zero integrated approximately 500,000 end customers from Mukuru, bringing its total end-customer reach to over 700,000. This migration allows fintechs and digital platforms to issue products on Bank Zero’s proprietary infrastructure.

Founded by former First National Bank executives Michael Jordaan and Yatin Narsai, Bank Zero utilizes a proprietary core banking system built from scratch. This lean operational model allowed the company to reach sustainability with 100,000 active users, whereas traditional challenger banks often require over 2 million customers to cover overhead. The bank plans to pursue further growth through its B2B alliance banking strategy and new product lines heading into 2027.