FNB, FirstRand’s retail and commercial banking unit, has announced the appointment of Sashin Sookroo as the CEO of its mobile virtual network operator (MVNO) FNB Connect.
Previously FNB’s head of retail payments, Sookroo has been at FNB for 14 years and started in the new position on July 1.
According to Lytania Johnson, CEO of FNB’s personal segment, Sookroo’s experience in financial services, technology, and payments, and his knowledge of the company “positions him to lead FNB Connect”.
MVNOs are usually non-telecom businesses that lease network capacity from mobile operators to sell products such as data or airtime under its own brand to its customers, but do not own telecom infrastructure it uses.
MVNOs constitute about 2% of total mobile subscribers in SA.
Business Day reported last month that FNB signed new deals with Cell C and MTN to boost FNB Connect as it looks to offer more telecom services.
FNB has the largest MVNO business in SA, a market that includes Standard Bank Mobile, Capitec Connect and Mr Price Mobile.
FNB CEO Jacques Celliers previously said the bank is set to use the new partnership to offer services in areas such as 5G and connected devices, referred to as the internet of things (IoT).
According to his LinkedIn profile, Sookroo holds an MBA from Wits.
With Mudiwa Gavaza
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