Old Mutual’s OM Bank is set to launch in Q1 2025, pending the remaining Section 17 regulatory conditions, according to the Old Mutual Group’s interim results for the six months ended June 30, 2024
Iain Williamson, Chief Executive Officer, Old Mutual said: “Our South African bank initiative, OM Bank, remains a key priority of our strategy to build an integrated financial services business.”
Williamson said that technical and operation progress of the OM Bank is ahead of schedule due to the completion of successful industry testing and integration into the National Payments System already completed.
This is in line with the Prudential Authority’s Section 17 conditions. The Prudential Authority (PA) is responsible for regulating banks within the South African Reserve Bank (Sarb).
According to Williamson, the anticipate the public launch of OM Bank to take place in 2025, pending the remaining Section 17 regulatory conditions which is not related to technical readiness, we anticipate the public launch in Q1 2025.
“For the rest of the year, we are focused on meeting the remaining Section 17 conditions and continue refining systems and capabilities to ensure a seamless launch,” Williamson said.
Green light
According to an Old Mutual statement from April 2024, Prudential Authority gave Old Mutual the green light to create OM Bank, subject to certain conditions.
The Prudential Authority (PA) is responsible for regulating banks within the South African Reserve Bank (Sarb).
PA approved the bank after a Section 16 application for the establishment as well as the completion of the OM Bank’s infrastructure and platform at the end of last year.
At the time, Williamson said: “We are extremely pleased to have received the regulator's go-ahead and look forward to shaking up the financial services space with new innovations and solutions.”
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