FNB Connect, a mobile virtual network operator (MVNO), has attracted 878 000 customers since its launch in June 2015, making FNB the first bank in the country to establish a mobile offering.
Standard Bank officially launched its MVNO, SB Mobile, in November 2018.
JSE-listed FirstRand, FNB’s parent, disclosed in its latest integrated report that retail’s commissionable turnover amounted to R17.9 billion (including prepaid service providers), with active sim cards in the MVNO reaching 878,000 in 2022 versus 833, 000 in 2021.
Therefore, FNB Connect attracted 45 000 new customers in 2022.
That means FNB is attracting a mere 3,750 customers a month, way below the numbers reported by traditional mobile network operators.
FNB Connect rides on struggling Cell C’s network.
FNB Connect is an MVNO available to FNB customers and allows them to choose between a range of contract and prepaid packages.
The other MNVOs that ride on the Cell C network include SB Mobile, Capitec Mobile, Mr Price Mobile, Trace Mobile and me&you Mobile.
Bradwin Roper leads the FNB Connect.
The company also offers fibre-to-business..
Banks in Africa must provide mobile payments and other digital services to remain competitive as well as to unlock new business opportunities across sectors such as energy, health care, education and transportation, according to a new report by Boston Consulting Group (BCG) titled Five Strategies for Mobile-Payment Banking in Africa.
Although many African banks have little direct experience with mobile payments, it represents a must-win opportunity for these institutions on the continent because technology companies outside of Africa will capture the market if African banks fail to provide these services.
“The estimated market in facilitating payments alone is $500 billion. By using digital platforms it offers the potential to develop more holistic solutions that solve deep-rooted customer friction points for African consumers. Such mobile ecosystem solutions have been extremely successful in China and South East Asia. We believe Africa is the next foreground for exponential growth,” says Tijsbert Creemers, MD and partner at Boston Consulting Group, Johannesburg, and co-author of the report