OM Bank's plan to take on Capitec

Daniel Puchert

Journalist
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Joined
Mar 6, 2024
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699
South Africa's new bank — and its fight against Capitec
Old Mutual plans to launch its new bank before the end of 2024. It will target the upper mass market and lower affluent customers who earn between R5,000 and R80,000 per month.

This is the segment where Capitec has seen tremendous success, rapidly growing to serve over 20 million customers since its launch in 2001.
 
South Africa's new bank — and its fight against Capitec
Old Mutual plans to launch its new bank before the end of 2024. It will target the upper mass market and lower affluent customers who earn between R5,000 and R80,000 per month.

This is the segment where Capitec has seen tremendous success, rapidly growing to serve over 20 million customers since its launch in 2001.
Your debit card have been disappointing to us...coz sometimes money will just disappear and later being told that it went to savings account like who did you agree with to do that....I don't think dat you'll survive in this banking what what rather focus on your funeral and investment policies
 
Another WMC bank for the elites. Where is the state owned bank that Jularse promised us that will give loans to the poors?
 
The same Old Mutual that had issues paying out policies to beneficiaries and had to be litigated? I am good!
 
I wonder what they think they will offer that will make people move over to them?

They only way they will get me to open an account with them is to offer better a interest rate than Tyme for shorter term savings.
 
I'm a former customer of OMB long before they got swallowed up by Nedbank in the late 00's. They weren't anything spectacular back then, and I expect the same thing again.
 
There was a time where OM did not even understand how to validate a SA ID number, did not understand the algorithm to verify if an ID number waa valid or not and did not understand that a SA ID number and a Passport number are indeed unique identifiers in a DB unlike their own OM generated account ID's. I really hope that they at least got that sorted before even attempting to establish the issuing of any bank account numbers linked to unique identifiers.
 
South Africa's new bank — and its fight against Capitec
Old Mutual plans to launch its new bank before the end of 2024. It will target the upper mass market and lower affluent customers who earn between R5,000 and R80,000 per month.

This is the segment where Capitec has seen tremendous success, rapidly growing to serve over 20 million customers since its launch in 2001.
Ill never bank with Old Mutual, How many Banks did they have. Perm, Nedbank, ...... If you cant decide if owning a bank or not is a good thing just let the idea go. History shows that this adventure will be short lived.
 
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