Old Mutual launches a Fintech business, Old Mutual Digital Services (ODMS)
Zimbabwe is on the path of iterating its financial system as Old Mutual launches a Fintech business, Old Mutual Digital Services (OMDS). As one of the financial giants in Africa, Old Mutual decided to claim more territories to expand its scope of operation.
Old Mutual Digital Services promises to provide mobile money services, insurtech, investech, digital lending, e-commerce, and payments. In addition, digital products and services would be made available for the retail mass market. The fact that the Fintech business is a subsidiary of Old Mutual Zimbabwe Limited (OMZIL) gives it a firm foundation.
The best way to conduct business these days is online because you can reach more customers from a single location. The likes of EcoCash, InnBucks, EcoSure, and Ownai have proven the efficiency of mobile transactions in the country. It is not shocking that Old Mutual has adopted the same approach. Given the prevalence of smartphones and the degree of digitization, mobile banking has taken the financial services industry by storm.
The financial giant recognizes the importance of digitization in providing quality customer service. Thus, Old Mutual Digital Services’ mission through mobile penetration is to improve the lives of its customers through Fintech innovation.
OMDS is certain to disrupt the Fintech industry in the nation thanks to the company’s experience and the resources at its disposal. Customers may benefit from this as it offers more options for financial services. The more services there are, the less expensive they are. It goes without saying that the other Fintechs would have to be on edge as Old Mutual’s Fintech business launches.
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 being our customers’ first choice to sustain, grow and protect their prosperity.”
In addition, Matsekete announced the managing director of OMDS as Arthur Matsaudza. Matsaudza was the Executive, of Digital Platforms Old Mutual Africa Regions and Group Executive for Digital and Data in Zimbabwe.
“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 Matsekete.
Another important figure to recognize is Mrs. Gloria Zvaravanhu, the OMDS Board Chairperson. She 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 strives to meet customers on a daily basis by offering products that go beyond traditional banking services. This will promote financial inclusion and strengthen the country’s financial system to keep up with current market trends.
“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,” Matsaudza said.
One interesting fact about Zimbabweans is their erratic ability to find a better service provider. As a result, they are not very loyal. Whoever offers a low-cost product that is accessible through their existing devices and has a good branch network will capture their attention.
As a result, Old Mutual’s OMDS arrival on the platform is timely and may give them an advantage over others. They may be able to compete with the top players if they have a proper business model and well-adjusted pricing. With their resources, and having seen and observed the current cost of digital financial services, one can only hope they do better.