Old Mutual uses fintech to drive financial inclusion in Zimbabwe
Old Mutual Group invests in mobile financial technology to extend banking services to informal workers who lack traditional accounts. Chief Executive Jurie Strydom said the company developed OMARI, a mobile platform that lets users access financial services through their phones, and supports startup companies building similar tools.
Zimbabwe represents a test market for the pan-African financial firm because much of its economy operates outside formal banking systems. Strydom visited Harare last Tuesday after taking over as chief executive in June, making the country his first stop since his appointment.
Local chief Samuel Matsekete said digital platforms reduce costs and help bring more people into regulated finance. The company operates an innovation center that creates products for internal use and customer applications.
The Next 176 program funds technology ventures across countries where Old Mutual operates branches. Financial technology offers affordable ways to reach populations that banks traditionally ignore, Matsekete added.
