Old Mutual says it is taking a long term view of the market and will build a solid business.

Old Mutual has entered the fintech space in Zimbabwe with the O’mari platform, which encompasses mobile money, insurtech and healthtech services.

The unveiling of O’mari platform has heightened fintech competition in Zimbabwe, a market dominated by Econet’s EcoCash, and Innbucks.

For Old Mutual, the plan is to out-pace rivals, saying it is taking a long term view of the market and will build a solid business.

Detailing how the platform works, Old Mutual says, the O’mari’s mobile wallet comes with local currency debit card, as well as an international Visa card and will also enable remittances in local and foreign currency. O’mari platform is accessible through a mobile app and USSD.

“We are launching a fintech business for enhanced transacting convenience. Old mutual digital services will trade as O’mari and will deliver positive impacts in our society,” Old Mutual CEO, Sam Matsekete, said yesterday.

Speaking at the launch, Reserve Bank governor, John Mangudya, said: “The market has seen a sustained increase in payment options. Electronic payment systems have continued to grow such that now over 90% percent of payments are now done on electronic channels.” said Mangudya.