Nedbank has confirmed plans to publicly launch its mobile virtual network operator (MVNO) this month.
In an e-mail interview with ITWeb TV, Ciko Thomas, group managing executive for personal and private banking at Nedbank, says Nedbank Connect is currently available on the Money App and online banking, with a broader public launch scheduled for 15 September.
Nedbank’s foray into the MVNO space comes after several local banks already have a head start in the burgeoning market.
South African banks are increasingly launching MVNO platforms as part of a broader strategy to evolve into full digital ecosystems that go beyond traditional banking.
By offering mobile services, the banks can lock customers more firmly into their value chain, rewarding loyalty with data and airtime, while gathering richer insights through the combination of financial and telecom usage patterns.
FNB launched its MVNO platform, FNB Connect, in 2015 and it now has close to one million subscribers, according to FirstRand’s interim results for the year ending December 2024.
Standard Bank rolled out Standard Bank Mobile in 2018 and rebranded it to Standard Bank Connect last year. It now has over 300 000 subscribers.
Capitec launched its Capitec Connect platform in 2022 and now has over 1.7 million subscribers. The bank recently told ITWeb that it is looking to double the number of subscribers by next year.
Meanwhile, Absa is still to unveil an MVNO.
Thomas explains that Nedbank Connect operates as an MVNO, leveraging the infrastructure of telecommunications provider, MTN.
“We launched Nedbank Connect to help our clients overcome everyday connectivity challenges, such as high data costs, complex contracts and juggling multiple SIMs,” he says.
“Our research has shown a clear need for a simpler, more flexible mobile solution. Nedbank Connect offers an all-in-one mobile service designed for individuals, families and communities, with transparent pricing, flexible plans and exclusive rewards. It’s about making staying connected easier, more affordable and more rewarding.”
Describing how the MVNO supports Nedbank’s core banking services, Thomas says the platform enhances access to digital banking platforms by ensuring clients stay connected.
“With seamless integration into the Money App and online banking, clients can manage their mobile plans and finances in one place at anytime and anywhere. It’s a natural extension of our digital-first strategy.
“Our goal is to drive strong uptake by offering compelling value to both existing and new clients. With R100 free airtime on sign-up, flexible plans and no contracts, we’re confident Nedbank Connect will resonate widely – especially with digitally-active and value-conscious users.”
In its interim results for 2025, Nedbank said digital volumes grew at double digits, with digital sales reaching 70%. Retail digital transaction volumes and values in South Africa rose by 15% and 16%, respectively, while digitally-active retail clients increased by 8% to 3.2 million – over 70% of main-banked retail clients.
Thomas explains that clients can join Nedbank Connect directly through the Money App, online banking or in branch.
“They can choose between a physical SIM, which can be delivered or collected at a branch, or an eSIM for compatible devices. The onboarding process is fully digital, including RICA and activation.”
Share