Old Mutual launches OM bank, targeting South Africa’s mass market
One of South Africa’s largest financial institutions, Old Mutual, has officially launched OM Bank
Image: File
One of South Africa’s largest financial institutions, Old Mutual, has officially launched OM Bank, a digital-first offering designed to serve the mass market following a soft launch earlier this year.
IOL had previously reported that the bank was expected to launch in Q1 2025, pending the fulfilment of Section 17 regulatory conditions. At the time, Old Mutual CEO Iain Williamson said, “Our South African bank initiative, OM Bank, remains a key priority of our strategy to build an integrated financial services business.”
Williamson added that technical development was already well underway, with the bank forming a critical part of Old Mutual’s broader digitisation and growth strategy.
Now officially open to the public, OM Bank is said to be transitioning existing Money Account clients to its new digital platform. Customers are also said to have received communication encouraging them to download the OM Bank app and follow the steps to transfer their funds from the legacy Money Account system.
According to Old Mutual, "the bank will offer a comprehensive range of personal banking solutions, including transactional accounts, savings, and credit products"
Reports further indicate that Money Market accounts will remain active until the end of 2026, after which all transactions will be disabled.
Earlier this year, Old Mutual also confirmed the appointment of Clarence Nethengwe as Chief Executive Officer (CEO).
“OM Bank is a crucial component of the Group’s Integrated Financial Services (IFS) strategy to empower all South Africans to move towards financial wellness," Williamson said earlier this year.
"By approaching financial services to improve the lives of our customers and communities, Clarence’s leadership experience serves as a powerful foundation for OM Bank to flourish by prioritising ethical practices, empowering customers and communities, fostering inclusivity and accessibility, and building trust and transparency.”
OM Bank is expected to pose a strong challenge to Capitec Bank’s dominance in the mass market segment.
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mthobisi.nozulela@iol.co.za