Business
Old Mutual Bank Appoints Clarence Nethengwe as CEO, Set to Roll Out in 2025
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Old Mutual Bank (OM Bank) has received final approval from the South African Reserve Bank’s Prudential Authority to appoint Clarence Nethengwe as Chief Executive Officer, effective immediately. This move marks an important milestone for the digital-first bank, which is set to officially begin operations in 2025.
The new bank, designed to cater to the mass market, plans to onboard a select group of clients in early 2025, with a broader public rollout scheduled later in the year. OM Bank will offer a wide range of personal banking solutions, including transactional accounts, savings, and credit products, specifically targeting South Africans with monthly earnings between R1,000 and R30,000.
Nethengwe’s Appointment and Vision
Iain Williamson, CEO of Old Mutual Group, highlighted that Nethengwe’s leadership is pivotal for OM Bank’s alignment with the group’s broader vision. Nethengwe, who has been with Old Mutual for 15 years, is credited with building one of Old Mutual’s largest and most successful divisions, the Mass and Foundation Cluster (MFC).
Nethengwe shared his vision for OM Bank: “At OM Bank, everyone will be treated equally because what distinguishes customers is what they want from their bank, not their status or financial muscle. Our goal is to provide transparent, personalised financial services that improve access to banking and credit for the betterment of all South Africans.”
A New Era in South African Banking
OM Bank is one of four new banks set to launch in South Africa over the next few years. In addition to OM Bank, Young Women in Business Network (YWBN) received its mutual banking licence in early 2024, with a planned launch in 2025 or later. The Postbank, which has operated under the South African Post Office, is transitioning into a fully-fledged bank following the Postbank Amendment Bill signed into law in September 2024. Lastly, the South Africa Innovative Financial Services Cooperative (SAIFSC), a new cooperative bank, is in the works but has not yet received a banking licence.
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