OM Bank begins inviting customers before public launch

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Mélissa Bac

27.08.2025

OM Bank begins inviting customers before public launch — Old Mutual targets Capitec market with new digital bank

OM Bank, launched by Africa’s largest financial conglomerate Old Mutual, has begun onboarding customers. The first group invited to download and register through the bank’s mobile app were users of Money Account.

According to MyBroadband, Old Mutual has started sending emails to Money Account customers urging them to download the OM Bank app. Customers will continue to have access to their funds via Old Mutual support services until the end of 2026, after which transactions will be disabled.

“You can transfer your funds to OM Bank in advance or consider other options,” the message reads.

Old Mutual staff have been testing the OM Bank mobile app since April 2025. During this period, some users were able to pre-register with the bank and are now permitted to open accounts.

Old Mutual CEO Clarence Nethengwe previously stated that the bank would begin onboarding a select group of invited customers starting in Q3 2025.The OM Bank website highlights several key features:

- Simple, fast registration – No documents required; registration takes only minutes from a mobile device.

- My Mobile Banker – A personal financial assistant offering a clear financial overview, budgeting tools, automated expense tracking, alerts, and reminders.

- OM Bank Rewards – Earn 10% cashback points for credit card spending and 2.5% for debit card spending. Points can be redeemed for cash, vouchers, or airtime.

- Savings – Up to 7.23% annual interest on savings accounts.

- Loans – 31-day interest-free credit for qualifying purchases, with minimal repayments.

However, the bank’s public launch is planned only for Q4 2025, so new users may not yet be able to open accounts.

Competition with Capitec and other retail banks

OM Bank targets customers in the upper mass market and lower-income segments earning between R5,000 and R80,000 per month. This overlaps with the customer base of Capitec, South Africa’s largest bank by client numbers.

Old Mutual spent R2.8 billion building OM Bank between 2022 and 2024. The bank is expected to remain unprofitable until 2028. However, Old Mutual could quickly scale performance by leveraging its 3.1 million low-income customers, 400,000 Money Account users, and a R20 billion loan book.

Planned features for 2025 include the ability to purchase vouchers and lottery tickets, as well as DebiCheck debit order approvals. The bank is also developing a dedicated app for Huawei users.

In 2026, OM Bank aims to expand its offering with new lending and savings products, including fixed-term and deposit accounts.

As we wrote, Old Mutual to launch OM Bank in South Africa

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