FNB Connect has become an overlooked — but highly successful — part of FNB’s business, having generated billions in sales over the past financial year.
FNB Connect generated R18.6 billion in total revenue last year, including airtime and data sales for its 958,000 active SIM cards, as well as Lotto and electricity sales revenue over the last financial year.
They offer their customers cellular services through roaming agreements with mobile network operators such as MTN or Vodacom. An MVNO is often part of another business — like a grocery retailer, bank, or clothing store. Total sales, including lotto tickets, electricity, airtime and data, totalled R18.6 billion, contributing meaningfully to FNB’s performance.MVNO explosion
Crucially, Capitec Connect is profitable for the bank and contributed R35 million in net income for the six months to the end of February 2024.
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