FNB appoints CEO of its mobile virtual network operator.
By Lehlohonolo Lehana.
First National Bank (FNB) has appointed company insider Sashin Sookroo as the CEO of its mobile virtual network operator business, FNB Connect.
Sookroo replaced Bradwin Roper in the role. Roper recently joined MTN South Africa as head of financial services.
"Sashin's comprehensive experience in financial services, technology and payments, coupled with his deep understanding of the FNB culture, positions him to lead FNB Connect," said Lytania Johnson, CEO of FNB's personal segment, in a statement on Friday.
Sookroo has worked for FNB for the past 14 years, in which time he was "instrumental in driving innovation across different business areas, including the EFT product house and core banking", FNB said.
FNB Connect provides customers with services such as voice and data plans, smart devices, and prepaid vouches for airtime, electricity, entertainment, streaming and gaming, through FNB's digital interfaces, such as the FNB app.
It uses FNB’s platform to give customers the ability to manage their SIMs, data and voice plans, and sold almost R400 million worth of smart devices via the FNB app during the first half of 2023.
The appointment comes after FNB Connect recently signed an MVNO partnership with MTN. FNB Connect had been piggybacking on Cell C since 2015.
MTN launched its MVNO platform in 2020, in a space where Cell C had been active over the years.
According to a recent report by local market analyst firm BMIT, the collective market share of MVNOs will double in the next two to three years and account for 10-12% of mobile subscribers in five years.