OM Bank is a digital-only bank in South Africa. Founded in 2025 and headquartered in Cape Town, the company is a subsidiary of financial services corporation Old Mutual.[5]
Focused on the retail mass market (specifically the upper income mass market and lower income affluent market segments), the bank competes with the likes of fellow digital-only institutions TymeBank and Bank Zero.
While the bank launched significantly later than competing digital-only institutions like TymeBank, Bank Zero, and Discovery Bank, Old Mutual stated that this was not an issue, but rather a strategic advantage and a win for its future customers. Old Mutual said that it had watched the market and learned what worked before launching OM Bank.[6]
History
In 2016, major South African financial services corporation Old Mutual