FNB Connect CEO: Your Phone Is Now a Branch in Your Pocket
Sashin Sookroo grew up in Empangeni, KwaZulu-Natal, planning to become an engineer. A last-minute pivot in matric sent him into commerce, then into FNB's graduate programme. Today he runs FNB Connect, the bank's connectivity business, from the exact intersection of banking and telecommunications. The numbers are striking: R28.6 billion ($1.8 billion) in customer value and sales, up 18%, gross revenue above R3 billion ($184.6 million), roughly 50 petabytes of mobile data consumed, and about 1.02 million active SIMs. But Sookroo's argument is bigger than the balance sheet.
A bank account isn't enough anymore
Sookroo draws a clear line between financial inclusion and digital inclusion. A bank account gives someone a place to store money, receive income, or pay a bill. A connected device gives that same person access to information, education, work, communication, and markets. He describes digital channels as putting a branch, a wallet, or a marketplace in your pocket, and notes that people are now more likely to leave home without their wallet than their cellphone. For FNB, that reframes connectivity as core infrastructure rather than a side service. The zero-rated FNB App lets customers bank, buy voice and data bundles, earn rewards, and spend those rewards across value-added solutions, all in one experience.
Why a bank thinks it can compete on connectivity
FNB Connect operates in a market where established telcos control much of the physical infrastructure, and Sookroo is careful not to dismiss their role. He says telcos are vital for providing infrastructure and network services, and FNB works with multiple partners across the industry. Where he claims the bank excels is customer value: pricing, rewards, convenience, and the broader FNB ecosystem. Money is deeply personal, and customers already trust the bank with information they may not share with family. Sookroo's bet is that this existing trust, plus an app that always works and a support team that always helps, gives FNB Connect a brand advantage as it pushes deeper into connectivity.
The behaviour behind the petabytes
The latest results show data consumption up over 85% year-on-year, device sales volumes up 18.4%, and average revenue per user up 7.6%. Sookroo wants people to look past the data points. Behind nearly 50 petabytes and more than a million active SIMs, he says, is a person staying connected to family, a business, or an opportunity. He points to continued smartphone demand even as device prices rise, because a better camera can become a photography side hustle and a more capable device opens up services that were previously out of reach. His framing is simple: financial inclusion helps people participate in the economy, while digital inclusion helps them participate in life.
Key Takeaways
- FNB Connect reported R28.6 billion ($1.8 billion) in customer value and sales, up 18%, with gross revenue above R3 billion ($184.6 million).
- Mobile data consumption reached roughly 50 petabytes, up over 85% year-on-year, with about 1.02 million active SIMs.
- CEO Sashin Sookroo argues digital inclusion is as important as financial inclusion, framing the phone as a branch, wallet, and marketplace in one.
- FNB leans on existing customer trust and an always-on app rather than owning network infrastructure, which it leaves to telco partners.
- Device sales volumes rose 18.4% and average revenue per user rose 7.6%, signalling customers are finding more reasons to use what they already have.
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