Bank Zero snapped up for R1.1 billion

  • Thread starter Thread starter Shaun Jacobs
  • Start date Start date
ToxicBunny said:
Nice little payday for Jordan and his cronies.
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Agree.


Seem like that was the end game they had in mind. Because they didn't really market their bank, never saw an active push to get new customers.

Couldnt understand what else Michael Jordaan wanted to achieve with this.
 
Ecco said:
Agree.


Seem like that was the end game they had in mind. Because they didn't really market their bank, never saw an active push to get new customers.

Couldnt understand what else Michael Jordaan wanted to achieve with this.
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In my opinion it was 100% this.

Tymebank did a ton of marketing and built a presence, Bank Zero seemed to do none so it did scream out to me that it was built as an acquisition target.
 
I see this Leseka technologies was at one point Net1, if i recall they had some dodgy dealings with Sassa
 
Ecco said:
I see this Leseka technologies was at one point Net1, if i recall they had some dodgy dealings with Sassa
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Yup...it was their CPS subsidiary. Groot skandaal but of course no-one was brought to book.
 
KulQkumba said:
Yup...it was their CPS subsidiary. Groot skandaal but of course no-one was brought to book.
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Net1 were giving loans to SASSA recipients through their subsidiary CPS and then deducting the repayments before putting the money into peoples SASSA accounts, and because they managed the IT systems for SASSA they had privileged access to do this.

Other short term loan companies had to wait for the money to clear into the account first.

Very dodgy, even by loan-shark standards.
 
Napalm2880 said:
Net1 were giving loans to SASSA recipients through their subsidiary CPS and then deducting the repayments before putting the money into peoples SASSA accounts, and because they managed the IT systems for SASSA they had privileged access to do this.

Other short term loan companies had to wait for the money to clear into the account first.

Very dodgy, even by loan-shark standards.
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same thing will happen to bank zero clients, potentially?
or is there enough checks and balances with all the hoops a bank needs to be set up to prevent this.
 
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