Old Mutual Bank adds senior executives as Africa banking push intensifies

Old Mutual is stepping up its expansion into South Africa’s competitive banking sector, bringing in experienced industry leaders ahead of the public launch of OM Bank later this year. 

The financial services group has appointed Ethel Nyembe as chief product and innovation officer and Ancley Jacobs as chief growth officer, adding two executives with extensive experience at some of the country’s largest banks. 

Their arrival highlights Old Mutual’s plan to build a broader financial services business that combines banking, insurance and investment products under one roof. 

The move comes as competition for retail customers intensifies, with OM Bank preparing to compete with Capitec as well as established lenders including FNB, Standard Bank, Absa and Nedbank. 

Old Mutual is targeting consumers earning between R5,000 and R80,000 a month, a segment that has helped make Capitec one of South Africa’s biggest banking success stories.

Experienced bankers join OM Bank 

Nyembe and Jacobs have been tasked with helping grow OM Bank’s commercial operations and expanding its range of products.

Old Mutual also expects the bank to create opportunities to offer customers additional insurance and investment services across the group. 

Nyembe spent more than 20 years at FNB and Standard Bank, where she held senior roles focused on product development and payments.

Jacobs most recently worked at Standard Bank, leading product strategy in South Africa, after spending 16 years at FNB, including a period as CEO of retail transactional banking.

Customer numbers continue to rise 

Old Mutual has already begun building its banking customer base ahead of the full public launch.

In its first-quarter 2026 update, the group said OM Bank’s client numbers nearly doubled within three months to 473,000, while deposits increased to R541 million. 

The lender is currently focused on migrating Money Account customers and broadening its offerings.

Once the bank opens fully to the public, Old Mutual expects higher levels of customer activity to become a key source of revenue.

Broader leadership changes across the group 

The banking appointments form part of a wider leadership overhaul under CEO Jurie Strydom, who has been leading efforts to strengthen Old Mutual’s operations.

The group has recently launched OM Bank, acquired 10X Investments and continued reviewing its businesses across Africa. 

Old Mutual also announced several appointments in other divisions. Malusi Ndlovu returned from Absa to head the Mass and Foundation Cluster, while former Capitec Life CEO Katherine Barker joined as proposition executive head.

In addition, former Hollard executive Mari Janzen was appointed chief operating officer of the group’s short-term insurance business.