Old Mutual Bank, backed by Old Mutual's 179-year experience, is preparing to launch its digital-first banking platform in South Africa. The bank has received approval from the South African Reserve Bank to appoint Clarence Nethengwe as CEO. The soft launch is scheduled for the second quarter of 2025, followed by a public rollout in the fourth quarter. The bank promises a secure digital platform offering cost-effective personal banking solutions.
Old Mutual (OM) Bank is gearing up for a soft launch of its digital-first banking platform, targeting a select group of customers in the second quarter of 2025. This initial phase will be followed by a broader public rollout in the fourth quarter of the same year. In a significant development, OM Bank has received the green light from the South African Reserve Bank's Prudential Authority to appoint Clarence Nethengwe as the CEO of the country's newest bank.
His appointment becomes effective immediately. Over the past few months, Old Mutual has been generating buzz and speculation about its entry into South Africa's burgeoning digital banking landscape. The bank promises a cutting-edge technological infrastructure powered by a secure digital banking platform. This platform will offer a range of cost-effective personal banking solutions, encompassing transactional accounts, savings, and credit products. While the bank's core strategy revolves around a digital-first approach, where services are primarily delivered through the banking app, OM Bank will also have physical branches available for customers who prefer in-person interactions. 'Through this transformative, digital-first banking experience, we aim to empower ordinary South Africans with transparent, accessible, and fairly-priced solutions, contributing to their overall financial well-being,' says Nethengwe. 'I perceive a unique opportunity to bring a fresh perspective to an industry ripe for change. Our vision for OM Bank is to ensure that customers not only have access to transparent and personalized financial services and tools but, more importantly, to partner with them in a way that these tools enhance access to banking and credit for the betterment of all South Africans.' Nethengwe's previous role was as the Head of Mass and Foundation Cluster at Old Mutual. His leadership has been instrumental in driving customer-centric solutions that deliver genuine and meaningful value, according to the statement. Backed by Old Mutual's extensive 179-year legacy in the financial services industry, OM Bank presents a comprehensive suite of personal banking services. The bank has ambitious plans to expand into new markets and services in the future. Old Mutual previously held a majority stake (52%) in Nedbank, from 1986 until 2018. In October 2018, the insurance giant unbundled its majority shareholding in Nedbank, resulting in a distribution worth approximately R43.2 billion to Old Mutual shareholders. This marked the culmination of Old Mutual Group's managed separation. OM Bank's interim board chairperson Nomkhita Nqweni is a former chief executive of wealth, investment management and insurance (Africa) at Absa Group. Its CFO is Amal Desa, who previously held CFO positions at TymeBank and Standard Chartered Bank South Africa. Old Mutual Group CEO Iain Williamson emphasizes that Nethengwe has a substantial task ahead of him to launch the digital-first bank to consumers this year, given the board's clear vision for the bank. 'OM Bank is a crucial component of the group’s integrated financial services strategy to empower all South Africans to progress towards financial wellness,' Williamson states. 'By approaching financial services with the aim of improving the lives of our customers and communities, Clarence’s leadership experience provides a strong foundation for OM Bank to thrive by prioritizing ethical practices, empowering customers and communities, fostering inclusivity and accessibility, and building trust and transparency.
FINTECH DIGITAL BANKING SOUTH AFRICA OLD MUTUAL CLARENCE NETHENGWE OM BANK FINANCIAL SERVICES TECHNOLOGY
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