MVNO Nation Africa: Standard Bank Connect Pioneering Financial Inclusion Through Banking and Connectivity in Africa 

Africa is a continent brimming with potential, particularly in growing digital transformation and financial inclusion. At the MVNO Nation Africa 2024, TechAfrica News’ Founder & Chief Editor, Akim Benamara, spoke with Kartik Mistry, Head of Standard Bank Connect, to discuss the recent rebranding, the integration of telco services with banking, and the future MVNOs in Africa.  

Mistry explained the rationale behind rebranding from Standard Bank Mobile to Standard Bank Connect. “Standard Bank Mobile, founded in 2018, was the telco arm of Standard Bank and as the MVNO market evolved, it became clear that the brand needed to align more closely with customer perceptions and market trends. The integration with MTN and the re-platforming efforts made it the perfect time to reposition as Standard Bank Connect. 

Standard Bank’s approach of bringing telco services from a bank perspective is unique. He emphasized that it was a journey of combining strengths and experiences, leveraging the bank’s established brand, extensive product range, and robust IT development resources. 

The learning from our side is to understand the core capabilities that the bank has and what a typical telco or MVNO has, and where the gaps between those capabilities are. We found that there are specific niche capabilities within the organization that can blend the two quite easily. It was a journey we enjoyed, combining banking and telco capabilities, but it involved a process of adapting ways of working and building relevant value propositions and capabilities.

– Kartik Mistry, Head of Standard Bank Connect 

In the competitive MVNO market, partnerships play a crucial role. He highlighted the importance of finding agile partners who share Standard Bank’s vision of growth and development for Africa. Such partnerships are instrumental in adapting to changing strategies and enhancing the overall value proposition. 

Banking the unbanked is a significant focus for Standard Bank Connect. Mistry pointed out, that access to mobile technology is the bridge to increasing banking inclusion across Africa. By providing connectivity solutions, Standard Bank Connect aims to close the digital divide, which in turn can close the banking divide. This approach not only boosts the economy but also offers additional services to customers, thereby driving financial inclusion and digital transformation. 

Partnerships are absolutely important. They can help bridge gaps, especially initially while trying to build, operate, and transfer capabilities. Partnerships are also important for sharing a vision. If we, as a bank, believe that Africa is our home and we want to see her grow, we want partners who share that vision. Agile partners who can adapt to changing directions or strategies add significant value.

– Kartik Mistry, Head of Standard Bank Connect 

As Africa continues its journey towards digital transformation, Standard Bank Connect’s unique blend of banking and mobile services positions it as a key player in shaping the future of connectivity and financial access on the continent.