Old Mutual taps 10x Banking to launch OM Bank

By Vriti Gothi

Old Mutual has launched OM Bank, a fully digital, customer-first banking platform designed to redefine financial services for South Africans, powered by 10x Banking.  The milestone marks the group’s transition from its earlier Money Account offering to a wholly owned, cloud-native banking platform that delivers affordability, simplicity, and scalability.

Following a successful pilot earlier this year, OM Bank is now live nationwide. Existing Money Account holders are being encouraged to migrate to the new platform, which has been purpose-built to be agile, intuitive, and aligned with evolving customer needs.

The launch follows nearly a decade of groundwork. In 2016, Old Mutual partnered with London-based 10x Banking to develop its technology foundation. After securing regulatory approval under section 16 of the Banks Act in 2024, the group invested more than $135 million into developing, testing, and marketing the platform. OM Bank’s soft launch earlier this year provided valuable insights.

Clarence Nethengwe, Chief Executive, said “We’ve had the benefit of watching, learning, and understanding what works and more importantly, what customers truly value in a digital banking experience With OM Bank, we now have full ownership and control of the banking experience designed from the ground up to be more agile, more intuitive, and more aligned with our customers’ evolving needs. This isn’t a sprint. We’ve taken a deliberate, phased approach focused on getting the fundamentals right: security, reliability, and scalability. He added that features such as tap-and-pay and virtual wallet integration are planned as part of the bank’s growth roadmap. “Every step is intentional, because we’re not just building a bank, we’re building a better way to bank.”

The new platform consolidates Old Mutual’s financial services under a unified strategy. With full ownership and control of our banking platform, we now have the agility to design and evolve it around our customers’ needs, offering a modern, digital-first banking experience to partner with our customers through good times and bad, now and in the future.