OM Bank

Author: Sarah Mitchell, Financial Analyst, Creditdeals.io Published: 2026-05-20 | Last updated: 2026-05-20

Regulatory Disclaimer: OM Bank is a registered bank regulated by the Prudential Authority (a division of the South African Reserve Bank) under the Banks Act 94 of 1990, as amended. It is also regulated by the Financial Sector Conduct Authority (FSCA). Banking and financial products carry risk — always read the terms and conditions and verify the institution's licence before opening an account or depositing funds.

OM Bank is South Africa's newest registered commercial bank, launched to the public in September 2025 as a wholly owned subsidiary of Old Mutual Limited — one of Africa's most established and longest-standing financial services groups. Whereas many digital banking challengers in South Africa have emerged from fintech start-ups, OM Bank draws on more than 178 years of Old Mutual's financial heritage, a customer base of millions across the continent, and the institutional depth of a JSE-listed multinational. Yet in its banking proposition, OM Bank is built entirely for the digital age: no traditional branches, no physical tellers, no paper-based onboarding — just a smartphone app and a streamlined account opening process that takes minutes from anywhere in South Africa.

Old Mutual's journey into banking was a deliberate strategic decision rather than an opportunistic pivot. The group already offered a precursor product — the Old Mutual Money Account — which gave customers a transactional bank account, debit card, and savings features through a banking partnership. When the banking licence from the Prudential Authority was granted in April 2024, Old Mutual moved to consolidate its banking ambitions into a standalone, fully licensed bank under the OM Bank brand. The public launch in late 2025 marked the formal beginning of that bank's independent existence. Existing Money Account holders were invited to migrate to OM Bank, with all Money Account services set to be discontinued by 30 June 2026.

The bank targets South Africans earning between R8,000 and R80,000 per month — a broad middle-market segment that includes young professionals, salaried employees, and families looking for low-cost, technology-driven everyday banking. At launch, OM Bank was onboarding 4,000 to 5,000 new customers per day, reflecting strong pent-up demand from an existing Old Mutual client base and broader market interest in competitive new banking entrants.

Banking Licence and Regulatory Status

OM Bank holds a banking licence granted by the Prudential Authority, a division of the South African Reserve Bank (SARB), under Section 16 of the Banks Act 94 of 1990. The licence was approved in April 2024 following a rigorous regulatory review. OM Bank is registered as OM Bank Limited and is therefore subject to the full capital, liquidity, and governance requirements applicable to all licensed commercial banks in South Africa.

OM Bank is also regulated by the Financial Sector Conduct Authority (FSCA) as a financial services provider under the Financial Advisory and Intermediary Services Act (FAIS Act).

How to Verify OM Bank's Banking Licence (Step-by-Step)

1. Open your browser and go to https://www.prudentialauthority.co.za.
2. In the navigation menu, click "Regulated Entities".
3. Select "Banks" and then "Registered Banks" from the available list.
4. The Prudential Authority publishes a current register of all licensed South African banks. Search for "OM Bank" or "OM Bank Limited".
5. Confirm the entity name, licence approval date (April 2024), and current status (Active).

How to Verify OM Bank's FSP Licence on the FSCA Website (Step-by-Step)

1. Navigate to https://www.fsca.co.za.
2. Click "Financial Institutions" in the top navigation.
3. Select "FSP Search" from the sub-menu.
4. In the search field, type "OM Bank" or "Old Mutual Bank".
5. Review the result to confirm the FSP number, the category of authorisation, and whether the licence is in good standing.

Old Mutual Limited — The Parent Group

OM Bank is a subsidiary of Old Mutual Limited, one of Africa's largest financial services groups. Old Mutual was founded in Cape Town in 1845, making it one of the oldest financial institutions on the African continent. Over nearly two centuries, it has grown into a diversified group spanning life insurance, asset management, short-term insurance, property, lending, and now full-service banking. Old Mutual Limited is listed on the Johannesburg Stock Exchange (JSE) under the ticker OMU and on stock exchanges in London, Malawi, Namibia, and Zimbabwe.

Key figures and milestones:

• 1845 — Old Mutual founded as a mutual life assurance society in Cape Town.
• 1999 — Old Mutual demutualised and listed on the JSE and London Stock Exchange.
• 2017 — Old Mutual plc undertook a managed separation of its business units.
• 2018 — Old Mutual Limited listed on the JSE as the South Africa-focused entity.
• 2018–2023 — Old Mutual operated the Money Account as a transactional banking product via a banking partnership.
• April 2024 — Prudential Authority grants OM Bank a full banking licence under the Banks Act.
• Early 2025 — OM Bank begins soft launch and initial customer onboarding.
• September 2025 — OM Bank opens publicly to all South Africans.
• 30 June 2026 — Old Mutual Money Account services to be discontinued; customers migrated to OM Bank.

Old Mutual's group headquarters are located in Pinelands, Cape Town, South Africa. OM Bank's operations are run from the same group infrastructure, with physical card collection points at Old Mutual's network of approximately 346 branches across South Africa, giving the digital bank a meaningful physical touchpoint nationwide.

Contacts and Customer Support

OM Bank is a digital-first bank. Customer support is primarily delivered through the OM Bank app, WhatsApp, and telephone. As of mid-2026, the following contact channels are available:

Support hours are Monday to Friday, 08:00–17:00. The in-app chat and WhatsApp channels offer the fastest response times for routine queries such as card activation, account balance enquiries, or transaction disputes.

Industry Context

OM Bank enters a South African retail banking market that is already served by the "Big Five" — Absa, FNB (FirstRand), Nedbank, Standard Bank, and Capitec — as well as newer digital challengers such as TymeBank (now operating as GoTyme Bank), Discovery Bank, and Bank Zero. What distinguishes OM Bank is the combination of an institutional heritage spanning more than 178 years with a technology-first banking architecture built from the ground up in the 2020s. The bank does not attempt to retrofit digital services onto legacy branch infrastructure; instead, it has designed its products, app, and customer journey as a mobile-native bank, with Old Mutual's branch network serving as an optional support layer rather than the primary service channel.

According to the editorial team at Creditdeals.io, OM Bank's positioning at the intersection of trusted brand heritage and genuine digital-first design is one of the more credible attempts by a major South African financial group to build a competitive mass-market bank for the next decade.