Mobile operator Econet Wireless has appointed South African Kwanele Ngwenya as chief executive of Zimbabwe’s TN Bank.
Econet Wireless, which is Zimbabwe’s largest mobile operator, bought out the shares of minority shareholders in TN Bank last month. The move brought Econet’s stake in TN Bank to almost 100%.
Subsequently, TN Bank delisted from the Zimbabwe Stock Exchange (ZSE) this month, as it has effectively become a subsidiary of Econet Wireless.
Econet says it has the largest number of mobile subscribers in the country at 8 million, while it claims its mobile money offering, EcoCash, is used by 2 million people.
As Econet seeks to strengthen its ties with the financial sector, the mobile operator then has started to implement key personnel changes at the TN Bank, with Ngwenya set to head up its operations.
Ngwenya is a veteran in the banking industry, having headed up First National Bank (FNB) in Botswana.
“Econet has already made sweeping changes at the bank, after taking control a few months ago. Changes have already been made at board level, after the resignation from the bank’s board of founder Tawanda Nyambirai in December last year,” Econet Wireless said in a statement.
“A new team of international bankers has been brought onto the bank’s board,” Econet said.
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