Old Mutual Zimbabwe launches a Fintech business, Old Mutual Digital Services

by James · May 3, 2023

Fintech seems to be where it’s at these days. It makes sense, the smartphone really changed the game, so that ~~millions~~ billions to gain access to the internet. Financial institutions had to adapt to deliver financial services via telephones, 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 is entering the space, it was only a matter of time before…

Today we welcome a giant in financial services – Old Mutual. They are launching a fintech business that will compete with the likes of EcoCash, InnBucks, CityHopper, EcoSure, Ownai and many more.

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We’ll see what the actual products Old Mutual launches will look like, but I bet those in the room will at least be on high alert. This could change everything.

Old Mutual Zimbabwe Limited launches a Fintech business, Old Mutual Digital Services

Financial giant Old Mutual Zimbabwe Limited has launched its Fintech business, Old Mutual
Digital Services (Private) Limited (OMDS), a subsidiary that will offer mobile money services,
insurtech, investech, digital lending, e-commerce, payments and digital products and services for
mass market for retail. The company is wholly owned by Old Mutual Zimbabwe Limited (OMZIL) and has
has been founded on one of Old Mutual’s core values of championing the customer by operating positively
impact on the lives of those it serves, sustainably. The fintech business has a vision to ‘create better
everyday life, today and tomorrow’, and this ethos flows through the business, which seeks to
innovate for the benefit of their customers.

OMZIL Group CEO Samuel Matsekete said: “We are excited to launch the fintech business, which we
has designed to expand innovative integrated financial solutions and to promote financial inclusion,
everywhere in Zimbabwe. This initiative also confirms our commitment to being customers first
choice to maintain, grow and protect their prosperity”. Mr. Matsekete added the digital
transformation is a strategic imperative for Old Mutual Zimbabwe as we continue our quest to serve
our customers are getting better every day. “It is my pleasure to announce Arthur Matsaudza as OMDS
CEO. He is supported by a professional and innovative team that is very committed to
make a positive difference to those we serve. OMDS operates as a legal entity, managed under one
properly composed board. Gloria Zvaravanhu chairs the OMDS board”, said Mr. Matsekete.

Prior to his appointment as CEO of Old Mutual Digital Services, Arthur Matsaudza was
Executive, Digital Platforms Old Mutual Africa Regions and Group Executive for Digital and Data
in Zimbabwe.

Mrs. Gloria Zvaravanhu, OMDS Chairman, is an experienced business leader and a
certified public accountant. She is the current managing director of the non-life insurance business Old
Mutual insurance company.

OMDS seeks to expand beyond traditional financial services through a product offering designed
to meet customers’ daily needs. OMDS Managing Director, Arthur Matsaudza said: “Ved
provides innovative, digital-first solutions that reduce barriers to access and adapt to development
market trends, OMDS will transform lives through affordable, flexible and on-demand solutions
delivered via new distribution channels, leverages strategic partnerships and operates economically
inclusion and use.”

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’m 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 attention from Zimbos. So even if Old Mutual is late to the party, they have every chance of taking over the show.

The space is competitive though, it won’t be a cakewalk. This is good for us, the customer. Looks like fun times ahead.