OM Bank, the banking arm launched by Old Mutual, grew its customer base from 284,000 in the fourth quarter of 2025 to 473,000 in the first quarter of 2026, BusinessTech reported on 5 June. The increase of about 189,000 customers, or about 67%, works out at roughly 2,100 new customers a day.
Retail deposits nearly doubled to R541 million from R272 million, helped by growth in savings deposits and the migration of money accounts.
LENDING AND INTEGRATION
OM Bank launched to the public in September 2025 after Old Mutual Money Account customers moved to the new platform, and it plans to start lending in the second half of 2026. Old Mutual expects the integration of Old Mutual Finance into OM Bank to be completed by year-end, subject to governance and regulatory processes.
Sources: Old Mutual operating update, 4 June 2026; BusinessTech, 5 June 2026.