Financial technology firm O’mari has reported strong customer acquisition in its first 18 months of operation and remains on track to reach break-even within its initial three to four year projection, company executives confirmed this week.
The Old Mutual Zimbabwe subsidiary, which launched in early 2023, has expanded its client base steadily, but declined to disclose specific figures.
“Since its launch in 2023, O’mari has made notable progress in establishing itself within the competitive mobile money market,” Old Mutual said in emailed responses.
“The platform has been well-received, with users appreciating its ease of use, reliability, and innovative, customer-focused features.
“O’mari has experienced strong growth in customer numbers. The business has been in the market for 18 months and expects to break even within the projected window between year three and year four.”
According to industry benchmarks such as Groupe Speciale Mobile Association, the path to profitability for a mobile money business is typically five years.
However, Old Mutual said with its current run rate, the business is likely to achieve this milestone well ahead.
It said the primary focus remains on customer acquisition, an area in which “we are performing exceptionally well”.
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“We will continue to grow our customer base to enhance network effects, and profitability is inevitable within the projected time frame. Looking ahead, we aim to position the fintech business as a significant long term contributor to the overall success of the group.”
In August last year, the group launched its new digital first, low-cost home insurance product O’mari HomeCare, underwritten by Old Mutual Zimbabwe Insurance Company.
This innovative offering is designed to provide affordable and accessible insurance for homeowners.
The new product leverages digital technology to streamline the application process and coverage delivery, which can be done on a mobile phone via the O’mari mobile app or WhatsApp, eliminating the need for in-person visits or paperwork.
