Old Mutual has begun onboarding customers to its newly launched OM Bank, starting with existing Money Account users and individuals who pre-registered when the bank’s mobile app went live earlier this year.
The insurer has been sending out invitations to Money Account holders, encouraging them to download the OM Bank app and take advantage of the early access rollout.
“As a valued customer, you’re among the first to be eligible to sign up to this new banking offering, ahead of everyone else,” read a recent communication sent to clients.
Transition from Money Account to OM Bank
Old Mutual confirmed that Money Account users will still be able to transact as normal until the end of 2026. After this deadline, transactions will be disabled, although customers will retain access to their funds through Old Mutual’s support channels.
“You can move your funds to OM Bank beforehand or explore other options,” the company said.
The gradual migration follows comments made by Old Mutual CEO Clarence Nethengwe, who earlier indicated that a pilot group of customers would be welcomed during the third quarter of 2025.
Since April 2025, OM Bank’s app has been in testing with a group primarily made up of Old Mutual employees. Other users who downloaded the app in recent months were able to pre-register and are now beginning to set up accounts.
OM Bank’s Key Features
The OM Bank platform is designed as a fully digital offering, allowing customers to sign up in minutes with no paperwork required. Among its headline features are:
- My Mobile Banker: A personal finance assistant that helps customers track spending, set budgets and savings goals, and receive real-time alerts and reminders.
- OM Bank Rewards: Customers earn 10% back in points on qualifying credit card purchases and 2.5% on qualifying debit card spend. Points can be redeemed for cash, vouchers, or airtime.
- Savings Options: Interest of up to 7.23% per year on savings accounts.
- Borrowing Benefits: 31 days of interest-free credit on qualifying purchases, with minimum instalment payments.
Roadmap and Future Expansion
Looking ahead, OM Bank’s development roadmap for 2025 includes adding support for voucher and lotto ticket purchases, DebiCheck debit order approvals, and a dedicated app for Huawei devices.
By 2026, the bank aims to broaden its savings and lending portfolio, introducing fixed and notice deposit accounts alongside other digital banking enhancements.