It appears fintech is where it’s at these days. It makes sense, the smartphone really changed the game, allowing
millions billions to access the internet. Financial institutions had to adapt to deliver financial services through phones, the Internet etc
We welcomed a fast food chain into the fintech space when Simbisa launched its InnBucks platform. They now have a fully licensed microfinance bank to show they are serious. If fast food outlets are entering the space, it was only a matter of time before…
Today we welcome a giant in the financial services space – Old Mutual. They are launching a fintech business which will compete with the likes of EcoCash, InnBucks, CityHopper, EcoSure, Ownai and many more.
We shall see what the actual products Old Mutual launches will look like but I bet those in the space will at the very least be on high alert. This could change everything.
Old Mutual Zimbabwe Limited Launches a Fintech Business, Old Mutual Digital Services
Financial services giant Old Mutual Zimbabwe Limited has launched its Fintech business, Old Mutual
Digital Services (Private) Limited (OMDS), a subsidiary that will provide mobile money services,
insurtech, investech, digital lending, e-commerce, payments and digital products and services for the
retail mass market. The company is wholly owned by Old Mutual Zimbabwe Limited (OMZIL) and has
been founded upon one of Old Mutual’s core values of championing the customer by driving positive
impacts in the lives of those it serves, sustainably. The Fintech business has a vision to ‘create better
everyday lives, today and tomorrow’, and this ethos flows through the business, which seeks to
innovate for the benefit of its customers.
OMZIL Group CEO Samuel Matsekete said, “we are pleased to launch the fintech business, which we
have designed to extend innovative integrated financial solutions and to promote financial inclusion,
everywhere in Zimbabwe. This initiative also asserts our commitment to be our customers’ first
choice to sustain, grow and protect their prosperity”. Mr. Matsekete added that digital
transformation is a strategic imperative for Old Mutual Zimbabwe as we continue our quest to serve
our customers better each day. “It is my pleasure to announce Arthur Matsaudza as the OMDS
Managing Director. He is supported by a professional and innovative team that is very committed to
making a positive difference to those we serve. OMDS operates as a legal entity, governed under a
duly constituted board. Gloria Zvaravanhu chairs the OMDS Board”, said Mr. Matsekete.
Prior to his appointment as Managing Director of Old Mutual Digital Services, Arthur Matsaudza was
the Executive, Digital Platforms Old Mutual Africa Regions and Group Executive for Digital and Data
Mrs. Gloria Zvaravanhu, the OMDS Board Chairperson, is an experienced business executive and a
chartered accountant. She is the current Managing Director for the general insurance business, Old
Mutual Insurance Company.
OMDS is seeking to expand beyond traditional financial services through a product offering designed
to meet the everyday needs of its customers. OMDS Managing Director, Arthur Matsaudza said, “By
providing innovative, digital-first solutions that reduce barriers to access and align with evolving
market trends, OMDS will transform lives through affordable, flexible, and on-demand solutions
provided via new distribution channels, leveraging strategic partnerships and driving financial
inclusion and usage.”
We don’t have much to go on right now but Old Mutual should have the experience in financial services and the resources to launch products that can disrupt this space. I am excited to see what they come up with.
Zimbabweans are not that loyal to services. Whoever provides a cheap-to-use product, accessible using the devices they have and with a decent branch network, will get Zimbos’ attention. So, although Old Mutual is coming in late to the party, they have every chance to take over the show.
The space is competitive though, it will not be a cakewalk. This is good for us, the customer. It looks like it’s fun times ahead.