Old Mutual Zimbabwe sees fintech as key to financial inclusion growth
Old Mutual Zimbabwe has expanded its digital payment platform, O’mari, to 1.4 million users since launching the service in May 2023. Chief Executive Sam Matsekete said the company views financial technology as a pathway to reach more customers in an economy where informal activity generates over $14 billion annually.
The South African-owned insurer operates O’mari Wallet alongside targeted programs for food, housing, and education expenses. Matsekete said technology helps connect unbanked citizens in markets where 76.1 percent of economic activity occurs outside formal channels. Approximately $2.5 billion circulates through informal networks across the country.
The executive praised government measures to streamline business licensing and reduce regulatory barriers. The parent company, Old Mutual Limited, reported strong revenue growth from the Zimbabwean subsidiary’s technology operations in results covering the six months through June 30.
Matsekete said sustainable expansion requires predictable policies that encourage informal businesses to join mainstream financial systems. The group invested in multiple technology ventures through its Next 176 program based in South Africa.
