# OM Bank app (Old Mutual)

> Source: https://docs.barcoder.ai/docs/wallets/om-bank
> research date 2026-10-23 · extracted at 2026-10-23
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [OM Bank — Old Mutual, read 23 Oct 2026](https://www.oldmutual.co.za/bank/)
- [OM Bank help and fees, read 23 Oct 2026](https://www.oldmutual.co.za/bank/help)

## Overview

**OM Bank** is the app-only retail bank that the insurer Old Mutual opened in 2025, not a wallet company. Customers bank through the **OM Bank app**. It offers real-time payments, including PayShap, free up to R3,000, EFT, a Mastercard debit or credit card with virtual cards, airtime, electricity and bill payments, and cash withdrawals at Shoprite, Checkers, Boxer and Pick n Pay tills [[4]](https://www.oldmutual.co.za/bank/) [[6]](https://www.oldmutual.co.za/bank/help). It replaced Old Mutual's earlier Money Account app, which has been retired [[1]](https://itunes.apple.com/lookup?id=603019723,1121645011,1444720272,6744597820,1172271401,892816357,6499307232,1451167079,450094779,528239110,1085620596,1260981758,6752971179,1217842108&country=za). The bank had 742,000 customers at 30 June 2026 [[10]](https://www.oldmutual.com/om-docs/blt28ec918d074e226f/SENS_annoucement.pdf).

## History

- **2018: out of banking.** Old Mutual disinvested from Nedbank in 2018 as part of the group's managed separation, and Business Day describes OM Bank as its re-entry into banking [[9]](https://www.businessday.co.za/companies/company-strategy/2025-10-30-om-bank-seeks-to-feast-on-sas-mass-market).
- **April 2021: the company.** OM Bank Limited was incorporated on 23 April 2021 to carry Old Mutual Limited's banking plans [[7]](https://eu-assets.contentstack.com/v3/assets/blt40b62a118f9f6a08/blt1053b4eedc0482b6/6a03005f16cab2727d930756/OM_Bank_Limited_Financial_Statements_for_the_financial_period_ending_31_December_2025.pdf).
- **April 2024: first approval.** The Prudential Authority approved Old Mutual's section 16 application to establish a bank, subject to conditions. By then Old Mutual had spent R1.75 billion on the core banking system, had committed R800 million more, and was planning a public launch before the end of 2024 [[8]](https://www.news24.com/business/companies/om-bank-is-coming-old-mutual-secures-banking-licence-20240419).
- **2025: soft launch.** The OM Bank app was first released on the South African App Store on 3 May 2025 [[1]](https://itunes.apple.com/lookup?id=603019723,1121645011,1444720272,6744597820,1172271401,892816357,6499307232,1451167079,450094779,528239110,1085620596,1260981758,6752971179,1217842108&country=za). The bank soft-launched during 2025 and had onboarded more than 284,263 customers by 31 December 2025 [[7]](https://eu-assets.contentstack.com/v3/assets/blt40b62a118f9f6a08/blt1053b4eedc0482b6/6a03005f16cab2727d930756/OM_Bank_Limited_Financial_Statements_for_the_financial_period_ending_31_December_2025.pdf). In October 2025 Business Day reported that the soft launch was signing about 5,000 clients a day and that the bank would open officially the following month [[9]](https://www.businessday.co.za/companies/company-strategy/2025-10-30-om-bank-seeks-to-feast-on-sas-mass-market). We found no Old Mutual announcement of a public launch date.
- **2026: growth.** Customers reached 742,000 and retail deposits R1.4 billion by 30 June 2026 [[10]](https://www.oldmutual.com/om-docs/blt28ec918d074e226f/SENS_annoucement.pdf). Old Mutual's target is 2.5 to 2.8 million customers and up to R10 billion of deposits by its 2028 financial year [[11]](https://www.businessday.co.za/companies/2026-09-09-old-mutuals-bank-nears-1-million-customer-milestone/).

## Ownership & operator

The app is offered by **OM Bank Limited** (registration number 2021/560761/06). It is wholly owned by OM Bank Holding Company Limited, whose ultimate parent is Old Mutual Limited, listed on the Johannesburg, Malawi, Namibia and Zimbabwe stock exchanges [[7]](https://eu-assets.contentstack.com/v3/assets/blt40b62a118f9f6a08/blt1053b4eedc0482b6/6a03005f16cab2727d930756/OM_Bank_Limited_Financial_Statements_for_the_financial_period_ending_31_December_2025.pdf). OM Bank Limited is on the Prudential Authority's list of locally controlled banks dated 7 July 2026, at Mutual Park, Jan Smuts Drive, Pinelands, with Tsakani Clarence Nethengwe as chief executive [[3]](https://www.resbank.co.za/content/dam/sarb/publications/prudential-authority/sa-registered-financial-banks-and-rep-offices/2026/Locally%20Controlled%20Banks%20as%20at%2007%20July%202026.pdf). It is a member of the Corporation for Deposit Insurance, an authorised financial services provider (FSP 54837) and a registered credit provider (NCR CP17317) [[4]](https://www.oldmutual.co.za/bank/). The bank lost R1.23 billion in 2025, and its accumulated losses stood at R3.71 billion at 31 December 2025 [[7]](https://eu-assets.contentstack.com/v3/assets/blt40b62a118f9f6a08/blt1053b4eedc0482b6/6a03005f16cab2727d930756/OM_Bank_Limited_Financial_Statements_for_the_financial_period_ending_31_December_2025.pdf). Old Mutual expects it to be profitable by FY2028 [[10]](https://www.oldmutual.com/om-docs/blt28ec918d074e226f/SENS_annoucement.pdf).

## Technical integration

- **App only.** OM Bank says it is available only through its mobile app, with no online banking [[6]](https://www.oldmutual.co.za/bank/help). The app is on the App Store, Google Play and Huawei AppGallery [[4]](https://www.oldmutual.co.za/bank/). Sign-up takes a few details and verification steps, and login uses facial or fingerprint recognition, with a one-time PIN only when the customer joins or re-joins [[4]](https://www.oldmutual.co.za/bank/).
- **Real-time payments.** The fee schedule prices "Real Time Payment (RTC & RPP/Payshap)" as free for R3,000 or below, R1 between R3,000 and R50,000, and R6 above R50,000. EFT is free up to R3,000 and R1 above that, and a debit order costs R3 (read 23 October 2026) [[6]](https://www.oldmutual.co.za/bank/help). PayShap's own limit is R3,000 a payment [[12]](https://www.investec.com/en_za/banking/private-bank-account/payshap.html), so the higher bands are other real-time transfers.
- **Not yet available.** OM Bank lists Google Pay, Apple Pay, Request to Pay, Send Cash, card collection at retailers and more lending and savings options as "Coming in 2026" [[6]](https://www.oldmutual.co.za/bank/help). Its pages describe no QR payment [[4]](https://www.oldmutual.co.za/bank/) [[6]](https://www.oldmutual.co.za/bank/help).
- **Cards.** A virtual debit card can be used online as soon as the account opens. Customers collect a physical card at an Old Mutual branch [[4]](https://www.oldmutual.co.za/bank/), and the OM Bank Mastercard works in over 100 countries [[6]](https://www.oldmutual.co.za/bank/help).
- **Cash.** ATM withdrawals cost R10 per R1,000 and till-point withdrawals R2. A cash deposit costs R19.50 and can be made only at Checkers, Shoprite, Pick n Pay and Boxer. Cardless ATM withdrawals are not offered (read 23 October 2026) [[6]](https://www.oldmutual.co.za/bank/help).

## Users & growth

| Figure | Value | Period | Source |
|---|---|---|---|
| Customers | 742,000 | 30 Jun 2026 | [[10]](https://www.oldmutual.com/om-docs/blt28ec918d074e226f/SENS_annoucement.pdf) |
| Retail deposits | R1.4 billion | 30 Jun 2026 | [[10]](https://www.oldmutual.com/om-docs/blt28ec918d074e226f/SENS_annoucement.pdf) |
| Customers onboarded | over 284,263 | 2025 (to 31 Dec) | [[7]](https://eu-assets.contentstack.com/v3/assets/blt40b62a118f9f6a08/blt1053b4eedc0482b6/6a03005f16cab2727d930756/OM_Bank_Limited_Financial_Statements_for_the_financial_period_ending_31_December_2025.pdf) |
| Customer deposits | R272.2 million | 31 Dec 2025 | [[7]](https://eu-assets.contentstack.com/v3/assets/blt40b62a118f9f6a08/blt1053b4eedc0482b6/6a03005f16cab2727d930756/OM_Bank_Limited_Financial_Statements_for_the_financial_period_ending_31_December_2025.pdf) |
| Soft-launch sign-ups | about 5,000 a day | October 2025 | [[9]](https://www.businessday.co.za/companies/company-strategy/2025-10-30-om-bank-seeks-to-feast-on-sas-mass-market) |
| Android installs | 1M+ | 23 Oct 2026 | [[2]](https://play.google.com/store/apps/details?id=za.co.ombank.app.prd) |
| App Store ratings | 220, average 3.5 | 23 Oct 2026 | [[1]](https://itunes.apple.com/lookup?id=603019723,1121645011,1444720272,6744597820,1172271401,892816357,6499307232,1451167079,450094779,528239110,1085620596,1260981758,6752971179,1217842108&country=za) |

Old Mutual chief executive Jurie Strydom said half the customers OM Bank signs up are new to Old Mutual, and that he expected the bank to pass one million customers before the end of 2026 [[11]](https://www.businessday.co.za/companies/2026-09-09-old-mutuals-bank-nears-1-million-customer-milestone/).

## Use cases

- **Everyday transfers:** real-time payments and EFT to any bank [[6]](https://www.oldmutual.co.za/bank/help).
- **Card spending:** free domestic and international card purchases, with a 2.75% currency conversion fee [[6]](https://www.oldmutual.co.za/bank/help).
- **Prepaid and bills:** airtime and data (R0.50), electricity (R1), bill payments (R1), Lotto and vouchers [[5]](https://www.oldmutual.co.za/bank/products).
- **Saving:** "Pay Me First" moves a percentage the customer sets of each payment received into savings. The savings account has no monthly fee and paid up to 7.00% nominal (7.23% effective) on balances above R100,000 (read 23 October 2026) [[1]](https://itunes.apple.com/lookup?id=603019723,1121645011,1444720272,6744597820,1172271401,892816357,6499307232,1451167079,450094779,528239110,1085620596,1260981758,6752971179,1217842108&country=za) [[6]](https://www.oldmutual.co.za/bank/help).
- **Credit:** a credit-card decision in the app. Once a repayment debit order is set up, the virtual credit card can be used straight away [[6]](https://www.oldmutual.co.za/bank/help).

## Implementations & partners

- **Card network:** Mastercard [[6]](https://www.oldmutual.co.za/bank/help).
- **Retail cash network:** Shoprite, Checkers, Boxer and Pick n Pay tills, plus ATMs [[4]](https://www.oldmutual.co.za/bank/) [[6]](https://www.oldmutual.co.za/bank/help).
- **Branches:** physical cards are collected at Old Mutual's branches; the FAQ counts 345 nationwide [[6]](https://www.oldmutual.co.za/bank/help).
- **Old Mutual Rewards:** members earn up to 1% back on qualifying credit-card spend and 0.25% on debit-card spend, and redeem points to cash in the app. Debit-card rewards require a monthly deposit of at least R2,500 and five card swipes [[6]](https://www.oldmutual.co.za/bank/help).

## Fun facts

- OM Bank says it was designed for no more than 550 employees [[9]](https://www.businessday.co.za/companies/company-strategy/2025-10-30-om-bank-seeks-to-feast-on-sas-mass-market).
- The app includes "Themba", an in-app assistant that gives spending insights and plans for money goals [[4]](https://www.oldmutual.co.za/bank/).

## Comparison

OM Bank targets clients earning R8,000 to R80,000 a month, the mass market that Capitec leads with more than 25 million customers [[9]](https://www.businessday.co.za/companies/company-strategy/2025-10-30-om-bank-seeks-to-feast-on-sas-mass-market). Its pitch is low fees, such as a R4.95 monthly Personal Account and free real-time payments up to R3,000 [[4]](https://www.oldmutual.co.za/bank/) [[6]](https://www.oldmutual.co.za/bank/help), and access to Old Mutual's existing customers and branches. Business Day names [Discovery Bank](https://docs.barcoder.ai/docs/wallets/discovery-bank) as the other new bank gaining customers and deposits [[11]](https://www.businessday.co.za/companies/2026-09-09-old-mutuals-bank-nears-1-million-customer-milestone/). South African App Store, 23 October 2026 [[1]](https://itunes.apple.com/lookup?id=603019723,1121645011,1444720272,6744597820,1172271401,892816357,6499307232,1451167079,450094779,528239110,1085620596,1260981758,6752971179,1217842108&country=za):

| App | Operator | Ratings | Average | First released |
|---|---|---|---|---|
| FNB Banking App ([FNB](https://docs.barcoder.ai/docs/wallets/fnb-app)) | FirstRand Bank | 371,933 | 4.8 | 19 Jul 2011 |
| Discovery Bank ([Discovery Bank](https://docs.barcoder.ai/docs/wallets/discovery-bank)) | Discovery Bank | 162,128 | 4.9 | 24 Mar 2019 |
| GoTyme Bank ZA ([TymeBank](https://docs.barcoder.ai/docs/wallets/tymebank)) | Tyme Bank | 22,401 | 4.8 | 21 Jan 2026 |
| OM Bank | OM Bank | 220 | 3.5 | 3 May 2025 |

Rating counts show how many people rated an app, not how many use it.

## Status

Active and growing. The app was last updated on 2 October 2026 [[1]](https://itunes.apple.com/lookup?id=603019723,1121645011,1444720272,6744597820,1172271401,892816357,6499307232,1451167079,450094779,528239110,1085620596,1260981758,6752971179,1217842108&country=za), and Old Mutual reported 742,000 customers on 8 September 2026 [[10]](https://www.oldmutual.com/om-docs/blt28ec918d074e226f/SENS_annoucement.pdf). Pending: Apple Pay, Google Pay and Request to Pay, which OM Bank lists for 2026 [[6]](https://www.oldmutual.co.za/bank/help).

## Sources

[1]: https://itunes.apple.com/lookup?id=603019723,1121645011,1444720272,6744597820,1172271401,892816357,6499307232,1451167079,450094779,528239110,1085620596,1260981758,6752971179,1217842108&country=za "South African banking and payments apps — Apple App Store lookup records (ZA store), read 23 Oct 2026"
[2]: https://play.google.com/store/apps/details?id=za.co.ombank.app.prd "OM Bank — Google Play, read 23 Oct 2026"
[3]: https://www.resbank.co.za/content/dam/sarb/publications/prudential-authority/sa-registered-financial-banks-and-rep-offices/2026/Locally%20Controlled%20Banks%20as%20at%2007%20July%202026.pdf "Locally Controlled Banks as at 07 July 2026 — Prudential Authority, South African Reserve Bank, 7 Jul 2026"
[4]: https://www.oldmutual.co.za/bank/ "OM Bank: the bank you've been asking for — OM Bank, read 23 Oct 2026"
[5]: https://www.oldmutual.co.za/bank/products "OM Bank products, rates and fees — OM Bank, read 23 Oct 2026"
[6]: https://www.oldmutual.co.za/bank/help "OM Bank help, FAQs and fees — OM Bank, read 23 Oct 2026"
[7]: https://eu-assets.contentstack.com/v3/assets/blt40b62a118f9f6a08/blt1053b4eedc0482b6/6a03005f16cab2727d930756/OM_Bank_Limited_Financial_Statements_for_the_financial_period_ending_31_December_2025.pdf "OM Bank Limited annual financial statements for the period ended 31 December 2025 — OM Bank, read 23 Oct 2026"
[8]: https://www.news24.com/business/companies/om-bank-is-coming-old-mutual-secures-banking-licence-20240419 "OM Bank is coming: Old Mutual secures banking licence — News24, 19 Apr 2024"
[9]: https://www.businessday.co.za/companies/company-strategy/2025-10-30-om-bank-seeks-to-feast-on-sas-mass-market "OM Bank seeks to feast on SA's mass market — Business Day, 30 Oct 2025"
[10]: https://www.oldmutual.com/om-docs/blt28ec918d074e226f/SENS_annoucement.pdf "Unaudited interim results and interim dividend declaration for the six months ended 30 June 2026 — Old Mutual Limited, 8 Sep 2026"
[11]: https://www.businessday.co.za/companies/2026-09-09-old-mutuals-bank-nears-1-million-customer-milestone/ "Old Mutual's bank nears 1-million customer milestone — Business Day, 9 Sep 2026"
[12]: https://www.investec.com/en_za/banking/private-bank-account/payshap.html "PayShap: safe, easy, instant payments — Investec, read 23 Oct 2026"

## Source

Biography extracted from [om-bank.md](https://docs.barcoder.ai/source/wallets/om-bank). See `matrix.md` for standards-support matrix if present.