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FNB’s telecommunications arm wants all the bank’s retail customers in SA to use its services within the next decade. FNB Connect, the mobile virtual network operator (MVNO) launched in mid-2015, had 670,000 active users at the end of 2018, up from 600,000 a year before. This compares to FNB’s 8.2-million customers in SA at the end of December 2018. MVNOs such as FNB Connect — which exists partly to attract and retain customers for the bank — rent network capacity from traditional telecoms companies. “I want every FNB customer to have our SIM card; they should think of this as being part of banking with us,” FNB Connect CEO Len Pienaar said. “I hope that 10 years from now, no-one will have a bank account with FNB without our SIM.” FNB Connect, which rents capacity from Cell C and can also access MTN and Vodacom’s networks, has so far focused on the bank’s retail customers, but Pienaar said it has begun targeting small- and medium-sized eneterprises SMEs). “We believe the benefits we ...

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