South Africa lags behind the rest of the continent when it comes to fintech. Services aimed at financial inclusion, like mobile money, are booming across Africa but here we’re pretty traditional with our banking. You may also have noticed, when you’ve travelled, how much lower bank fees are in developed countries like the US and UK – basically zero! – compared to what we pay here. But there’s now lots of movement in the lower-income banking market, with several recent low-fee or no-fee bank launches: African Rainbow Capital Investments’ TymeBank and Discovery’s Discovery Bank. The latest is Bank Zero, which launched with little fanfare. We’re guessing they’ve tightened the marketing budget to help keep fees low. The good news is that all this fresh competition forces the bigger banks to reconsider their offerings and be more competitive. Now’s a good time to re-examine your banking options!