Nedbank launches mobile network service for South Africans
One of South Africa’s largest banks, Nedbank, has launched its own mobile operator, Nedbank Connect, joining other financial institutions entering the telecommunications sector.
The Nedbank Connect service is currently available only to the bank’s clients through the Nedbank Money app and online banking, while customers of other major banks can access it by opening a Nedbank account.
Users are offered four pre-set plans: from 3 GB per month for R169 to R499 per month for 20 GB. Those not ready for a plan can purchase prepaid SIM or eSIM cards, with packages priced from R5 to R30.
According to BusinessTech, setting up a new plan requires a one-time activation fee, plus R99 for SIM delivery. Monthly billing starts after SIM delivery and activation.
Customers can also port their existing number into the new network, a process that takes 24–48 hours.
Nedbank Connect provides international roaming, 24/7 call center support, up to 60 minutes of free monthly calls, and in-branch service.A rewards program called Greenbacks offers bonuses of up to R300, convertible into airtime. Each SIM card also comes with R100 of free daily airtime.
Banks enter the telecom business
Nedbank has become South Africa’s fourth bank—after Capitec, FNB, and Standard Bank—to launch a virtual mobile network operator (MVNO). These operators don’t own their wireless infrastructure but partner with local telecom firms such as MTN and Cell C.
Currently, Capitec Connect is South Africa’s most popular MVNO, with 1.5 million subscribers as of late 2024, followed by FNB. This partnership benefits telecom operators by boosting margins through marketing while banks handle customer acquisition costs.
As we wrote, Nedbank strengthens SME support with full iKhokha acquisition
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