FNB’s digital growth amid own mobile network rumours

First National Bank (FNB) reported a 15% rise in electronic volumes on Tuesday (9 September) for the year ended June 2014, with continued growth in the sale of mobile devices adding to speculation that the group will launch its own virtual mobile network.

FNB’s plans to launch its own virtual mobile network (MVNO) have been described as an “open secret” in the industry. The bank however, remains coy on any plans within the mobile space.

The bank on Tuesday noted a 17% lift in Internet banking transactions year-on-year, while cellphone banking, excluding prepaid, was up 30% and the group’s banking app saw an over 100% increase in transactions.

Giuseppe Virgillito, head of channel, banking app confirmed that the group has increased its app linked devices to 875,000 at the end of June 2014, from 750,000 active users a mere three months earlier, in March.

FNB banking app transactions

Point-of-sale transactions increased 22%, FNB said, while manual transactions interestingly, declined 4%.

FNB Transactions“FNB’s ongoing strategy to encourage customers to migrate onto electronic platforms continued to produce good growth,” it said.

The bank cheered healthy rise in smart devices, approaching 250,000, from just over 200,000 reported in the prior reporting period for the end of December 2013.

FNB smart device salesThe banks bemoaned a slight decline in customer numbers in SA to 7.1 million as at June 2014 due to outmigration of SASSA customer base.

It noted “good 10% growth in our core SA focus areas of Commercial, Business, Consumer and Wealth from R3.22 million in June 2013 to R3.55 million in June 2014”.

Total customers for FNB SA and FNB International stands at 8.7 million amid strong customer growth in African Subs of 14%, the bank said.

More on FNB

FNB’s huge digital growth

FNB a competitor: MTN

FNB set to launch its own mobile network

Must Read

Partner Content

Show comments

Trending Now

Follow Us

FNB’s digital growth amid own mobile network rumours