Old Mutual: South Africa SME lenders increase competition for incumbent banks

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The emergence of fintech providers of financial services mean that South Africa’s established banks face growing challenges to their market leadership, Lebogang Mokgabudi, a non-executive board member at Old Mutual Alternative Risk Transfer (OMART), tells The Africa Report.

Fintechs that cater for the small business lending such as Lulalend, Retail Capital, Merchant Capital and Yoco Capital are “fundamentally changing the lending landscape”, Mokgabudi says. The OMART unit manages Old Mutual’s partnerships with fintech start-ups.

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