Econet Wireless, the Zimbabwean mobile operator, has appointed South African Kwanele Ngwenya as its new chief executive officer for TN Bank, Econet’s banking subsidiary.
After acquiring 98 percent of TN Bank, Econet now plans to make it one of Zimbabwe’s leading banks.
Ngwenya was previously employed by First National Bank (FNB) as head of operations for the bank’s Botswana branch and was headhunted by an international agency.
As part of working towards making TN a leading bank in the country, Econet is planning to introduce a new model of banking. This new model will utilise the operator’s mobile money transfer service, Ecocash, together with the synergies of its telecoms business.
Since the resignation of former executives and former chief executive George Nyashanu (now reassigned with the Econet group), the mobile operator has begun appointing a new team of foreign nationals for TN Bank’s board.