Old Mutual announced that, following a stringent regulatory review of its application in terms of Section 16 of the Banks Act 94 of 1990, as amended, the Prudential Authority has granted the Group approval to establish a bank subject to certain licence conditions. This approval, in terms of Section 17 of the Banks Act, allows Old Mutual to proceed to the next critical stage in the process of establishing a bank. The Group will now formally transition from 'bank build mode' and enter into a strict and rigorous industry testing phase with selected bank partners.

Upon a successful error-free testing, the new OM Bank will fully integrate into the National Payments System.