OM Bank is joining other newer banks like Discovery Bank, TymeBank, and Bank Zero in South Africa.
Much like the government’s recent plans for PostBank, OM Bank will focus on regular folks who earn between R1,000 and R30,000 per month, competing hard with banks like Capitec and the fast growing TymeBank.
OM have said that they know that competition in the space is very tough and all the newer digital banks are all trying to get customers from big banks like Standard Bank and FNB. Still, they feel it is worth the effort.
Old Mutual’s CEO, Iain Williamson, says that despite all the competitors out there (digital or traditional) OM Bank has something special to offer.