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Banking News

Old Mutual is making big moves to become a full-service financial institution, with its new bank already attracting 1 million customers through its Money Account (which is a transactional banking service already offered by the company).

Clarence Nethengwe, who’s been with Old Mutual for 15 years, has just been appointed as the CEO of the new bank. The bank recently finished its build process (which cost around R1.75 billion) and recently got approval to test its systems with other banks.

While Old Mutual are only set to fully launch by the end of 2024, they are already gearing up to compete with Capitec by targeting South Africans earning between R5,000 and R80,000 per month. The company plans to use its existing customer base of 3.1 million clients from its insurance side to grow its banking services.