OM Bank has received approval from the South African Reserve Bank’s Prudential Authority to appoint Clarence Nethengwe as Chief Executive Officer (CEO) of the country’s newest bank, effective immediately.

OM Bank will launch with a select group of clients in early 2025, ahead of a broader public rollout later in the year. The bank will offer a comprehensive range of personal banking solutions, including transactional accounts, savings, and credit products.

Old Mutual Group CEO, Iain Williamson notes the importance of Nethengwe’s role for Old Mutual and consumers, given the board’s vision for the bank.

“OM Bank is a crucial component of the Group’s Integrated Financial Services (IFS) strategy to empower all South Africans to move towards financial wellness. By approaching financial services to improve the lives of our customers and communities, Clarence’s leadership experience serves as a powerful foundation for OM Bank to flourish by prioritising ethical practices, empowering customers and communities, fostering inclusivity and accessibility, and building trust and transparency”.

Nethengwe, has significant work ahead of him to launch the digital-first bank to consumers in 2025. Since 2009, Nethengwe has built one of Old Mutual’s largest and most successful businesses, the Mass and Foundation Cluster (MFC). His leadership has been instrumental in driving customer-focused solutions that deliver genuine, meaningful value.

"Through this transformative, digital-first banking experience, we want to empower ordinary South Africans with transparent, accessible, and fairly priced solutions contributing to their financial wellbeing. I see a unique opportunity to bring a fresh perspective to an industry ripe for change. Our vision for OM Bank is to ensure that customers are not only able to access transparent and personalised financial services and tools but, more importantly, to partner with them so that these tools improve access to banking and credit for the betterment of all South Africans,” Nethengwe explains.

“At OM Bank, everyone will be treated equally because what distinguishes customers is what they want from their bank, not their status or financial muscle,” he concludes.