Question 1

What is OM Bank?

Accepted Answer

OM Bank is a digital-first retail bank operating in South Africa as a subsidiary of Old Mutual Limited, one of the country's largest financial services groups. Launched to the public in September 2025 after a soft launch earlier that year, the bank targets the mass and lower-affluent market segments.

The bank was established under Section 16 of the Banks Act and is built on a cloud-native platform developed in partnership with London-based fintech company 10x Banking. OM Bank represents Old Mutual's strategic entry into retail banking following the group's earlier divestment of its majority stake in Nedbank.

Question 2

When was OM Bank founded?

Accepted Answer

OM Bank was founded following a multi-year development process that began in 2016 when Old Mutual partnered with 10x Banking to build its banking platform. The group applied for a banking license in 2022, completing the bank's core systems by the end of 2023 at a cost of R1.75 billion.

In April 2024, South Africa's Prudential Authority granted Old Mutual approval to establish the bank, subject to specific licensing conditions. Following successful industry testing and integration into the National Payments System, OM Bank soft-launched to a limited group of clients in the second quarter of 2025. The bank officially opened to the public in September 2025, reaching 150,000 customers by November of the same year.

Question 3

Where is OM Bank headquartered?

Accepted Answer

OM Bank is headquartered in Sandton, South Africa, operating from Old Mutual's head office at No. 1 Mutual Place. As a subsidiary of Old Mutual Limited, the bank benefits from its parent company's infrastructure, which includes over 346 branches across South Africa that serve more than 3 million customers annually.

While OM Bank operates as a digital-first institution, customers can access onboarding support and services through Old Mutual's extensive national branch network.

Question 4

Where does OM Bank operate?

Accepted Answer

OM Bank operates throughout South Africa, serving customers nationwide through its digital platform. The bank leverages Old Mutual's established footprint across the country, with support available through the group's network of over 346 branches located in urban and regional centers.

As a digital-first bank, OM Bank's services are accessible anywhere in South Africa through its mobile app and online banking platforms, with physical support available at Old Mutual branch locations nationwide.

Question 5

What services does OM Bank offer?

Accepted Answer

OM Bank offers a comprehensive range of personal banking solutions designed for the mass market, including transactional accounts, savings products, and credit facilities. The bank's core offerings include a fully functional day-to-day transactional account with tap-and-pay capabilities, virtual wallet integration, and standard banking services such as cash deposits, withdrawals, and payments.

Digital services are delivered through the OM Bank mobile app, available on all major platforms with near-instant verification. Customers can deposit cash at retail partners including Shoprite, Checkers, Usave, Pick n Pay, and Boxer stores. The app enables customers to buy airtime, data, and electricity, pay and manage beneficiaries, and perform quick payments to other account holders.

The bank also offers personal loans, savings products, and access to funeral cover through integration with Old Mutual's broader financial services ecosystem. OM Bank emphasizes affordability with transparent, fairly priced solutions designed to contribute to customer financial wellbeing.

Question 6

What makes OM Bank unique?

Accepted Answer

OM Bank distinguishes itself through several key features. Built on a cloud-native, modern banking platform developed with 10x Banking, the bank has been designed from the ground up to be agile, cost-efficient, and scalable. This late-mover advantage allowed Old Mutual to learn from competitors and create a banking experience focused on what customers truly value.

The bank benefits from Old Mutual's 180-year legacy in financial services and its 7.5 million-strong customer base, providing an established foundation rarely available to new digital banks. OM Bank's integration with Old Mutual's broader financial services ecosystem, including insurance, investment, and wealth management products, enables a comprehensive approach to customer financial wellness.

Targeting South Africans earning between R1,000 and R30,000 per month, the bank prioritizes accessibility and affordability through intentionally designed solutions that deliver value from both utility and cost perspectives. The phased, deliberate approach to launching features demonstrates a focus on security, reliability, and scalability rather than rushing to market.

Question 7

What type of financial institution is OM Bank?

Accepted Answer

OM Bank is a retail bank licensed under the South African Banks Act. It operates as a digital-first commercial bank focused on the mass-market and lower-affluent segments, competing directly with other retail banks such as Capitec Bank, TymeBank, Discovery Bank, and the traditional big five South African lenders.

As a wholly owned subsidiary of Old Mutual Limited, OM Bank functions as an independent banking entity while benefiting from its parent company's extensive financial services infrastructure. The bank is registered with South Africa's Prudential Authority and integrated into the country's National Payments System, providing full-service banking capabilities within the regulatory framework governing South African financial institutions.

Question 8

What are OM Bank's growth targets?

Accepted Answer

OM Bank has set ambitious but measured growth objectives as part of Old Mutual's integrated financial services strategy. The bank announced a goal in January 2026 to reach break-even by the company's 2028 financial year, reflecting a long-term approach to sustainable growth.

Following its September 2025 public launch, the bank reached 150,000 customers by November 2025. Old Mutual's board approved R800 million in funding for testing and marketing in 2024, in addition to the R1.75 billion spent on developing the bank's core systems. The phased roll-out strategy focuses on building a sustainable customer base while gradually introducing additional capabilities such as enhanced tap-and-pay features and virtual wallet integration.

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About OM Bank in South Africa