Old Mutual is eyeing the potential rollout of its new digital bank dubbed OM Bank to other Southern African Development Community (SADC) markets including Namibia, although no final decision has been made.
The Managing Director of Old Mutual Africa Regions, Clement Chinaka, in an interview with The Brief said the financial services giant recently secured a banking licence in South Africa and will launch OM Bank to the general public in the fourth quarter of 2025.
While the rollout will start in its home market, Chinaka confirmed the group is keeping regional expansion firmly on the table.
“That’s a potential, but we have not made that call yet,” he said.
Chinaka said the bank, which will operate entirely digitally, will first target staff and clients with existing Money Accounts under Old Mutual Finance before opening up to the broader South African public.
OM Bank is designed to offer a full range of financial services, including debit cards, credit cards, overdraft facilities, and digital rewards integration. OM Bank is being positioned as a cornerstone of Old Mutual’s Integrated Financial Services strategy,” he said.
The company plans to leverage its wide distribution network of over 347 branches and 11,000 financial advisors to support its digital banking model.
“We already have over a million customers in the Money Account that we are going to leverage. It is going to be distributed through our 347 branches and leverage the distribution power of 11,000 advisors,” he said.
According to Chinaka, the success of the South African launch will likely influence the decision to expand OM Bank into other SADC countries where Old Mutual already has operations.
“It will be supported by the weight of the Old Mutual group, I don’t see what will stand in its way,” he said.
In terms of technology and customer experience, the bank promises fast, seamless account opening and full integration with local verification systems.
Asked about cybersecurity, a key concern for digital financial platforms, Chinaka emphasised the group’s robust systems and ongoing staff training.
“We’ve got world-class cybersecurity capabilities in the insurance companies, in asset management, as well as in OM Bank itself. We run extensive training programmes for our staff to be aware of the different tricks that are out there,” he said.
Still, Chinaka acknowledged the risk remains ever-present, even with high-end systems in place.
“Can we say it will never happen? I can’t say that. In reality, nobody can say that, but we keep evolving our capabilities and catching up with the latest tricks cybercriminals may have up their sleeves,” he said.
