Old Mutual’s New Powerful Digital Bank is Here: Over 50,000 Downloads and Counting

Old Mutual’s New Digital Bank is Here

South Africa’s banking scene has a exciting new player, Old Mutual’s digital bank and it’s off to a strong start. OM Bank, the new digital-only bank from financial services giant Old Mutual, has already been downloaded more than 50,000 times since its public launch in late August 2025.

This early buzz suggests Old Mutual might be onto something big, tapping into a market of tech-savvy South Africans looking for a fresh banking alternative.

Who is OM Bank For?

OM Bank isn’t trying to be everything to everyone. It has a clear target: the ambitious mass market. If you earn between R5,000 and R80,000 a month, you’re precisely the person they’ve built this app for. This is the same thriving segment that helped propel Capitec to its massive success, showing there’s a real appetite for accessible, straightforward banking.

A Powerful Backing and a Multi-Billion Rand Bet

Old Mutual isn’t dipping a toe in the water—it’s making a serious investment. The company has already poured a staggering R2.8 billion into building the bank and securing its license, with total investment expected to reach R5 billion by 2027.

This isn’t a rookie experiment, either. Old Mutual brings decades of banking wisdom to the table, having been the majority shareholder of Nedbank for nearly 30 years. Plus, OM Bank launches with a huge head start: 400,000 existing Old Mutual Money Account users and a R16-billion lending book.

What Are Early Users Saying?

So, is the app any good? The initial reviews are mostly positive, painting a picture of a promising start with some expected growing pains.

The Good: On the Google Play Store, the app holds a solid 3.8/5 rating, while on the Apple App Store, it scores an even better 4.2/5. Many users are praising its clean, simple design, a welcome change from the clunkier Old Mutual Money Account app.

The Not-So-Good: As with any new launch, there have been hiccups. Some Huawei users are frustrated by a lack of support, and others have reported snags during the sign-up process. In one case, a user temporarily lost access to transferred funds for two weeks—an issue the bank has since resolved.

OM Bank CEO, Clarence Nethengwe, has openly acknowledged these early challenges. “We appreciate the anxiety this may raise in our customers,” he stated, confirming that the team is continuously monitoring and upgrading the system to ensure a smoother experience for everyone.

What’s Next for OM Bank?

This is just the beginning. OM Bank has a exciting roadmap of new features planned to make the app even more powerful:

Coming in 2025:

Bill payments and voucher purchases

The ability to buy Lotto tickets

DebiCheck approvals for debit orders

Rollout on the Huawei AppGallery

Planned for 2026:

More lending and savings products

Higher interest rates on fixed and notice deposits

“Send cash to a phone” functionality

The strategic rollout of OM Bank reflects a modern, “soft launch” approach that has become a hallmark of successful tech companies. By releasing the app quietly to employees and select clients in the months leading up to the public launch, Old Mutual was able to stress-test systems, identify bugs, and gather invaluable user feedback in a controlled environment.

This meticulous, data-driven strategy allowed them to refine the customer experience before the full-scale public debut, turning early adopters into co-creators rather than just customers.

For South African consumers, the arrival of OM Bank signals a welcome shift towards greater choice and competition in the digital banking space. As legacy banks scramble to update their own apps and digital offerings, and with disruptors like TymeBank and Discovery Bank also in the mix, the ultimate winner is the customer.

This heightened competition pushes all players to innovate faster, offer better rates, and prioritize a seamless user experience, raising the bar for what South Africans can and should expect from their financial service providers.

With strong backing, a clear target market, and a commitment to listening to its users, OM Bank is positioning itself as a major new contender in South Africa’s dynamic financial landscape. It’s one to watch.