Old Mutual on Financial Inclusion: Why it Matters
Why it matters
Education is only part of the solution. People also need access to suitable products.
New ways to meet financial needs
The South African Government has been encouraging new approaches that bring financial services to underserved communities. In response we have launched Imbizos which are community-based providers of financial services offering Nedbank, Mutual & Federal and Old Mutual products in mostly rural and financially excluded areas. They have helped us develop new products to meet the needs of rural communities, such as affordable livestock insurance. Acquisitions such as Faulu in Kenya have strengthened our ability to offer innovative micro-finance solutions.
Partnering to drive change
In Africa, we are seeking partnerships with non-governmental organisations (NGOs) who have existing inclusion solutions that we can help to scale-up. In the UK, we are working with partners to better understand our customers’ financial needs and earn their trust. Technology offers exciting new opportunities. Through partnerships with mobile operators and technology companies we aim to improve access to both products and financial education.
Image: Kitale, Kenya
Protecting vulnerable societies
For many of the people who most need insurance protection, it is simply unavailable. As one of eight founding partners of Blue Marble Microinsurance, we want to change that by collaborating with others to give vulnerable societies access to insurance. In Kenya we protect farmers from the impact of adverse weather conditions such as drought and excess rainfall. Through our Blue Marble partnership we will extend our reach to other parts of Africa.