• Mon. Apr 15th, 2024

Old Mutual Zim attacks fintech space

ByEconomic Times

May 10, 2023

By ETimes

Listed financial services firm Old Mutual Zimbabwe has entered the financial technology (Fintech) space with the launch of its own subsidiary. Old Mutual Digital Services (Private) Limited (OMDS), is 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.

According to a statement released by the company OMDS is wholly owned by Old Mutual Zimbabwe Limited 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,” the statement read.

Old Mutual group chief executive 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 they continue their quest to serve 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 OMDS, Mr. Matsaudza was the executive of digital platforms Old Mutual Africa Regions and Group Executive for Digital and Data in Zimbabwe.

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.

Mr. Matsaudza, the OMDS managing director 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.”

The move by Old Mutual is seen as a move to challenge the dominance of EcoCash in the space of fintech – Harare

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