AS Zimbabwe’s financial services sector navigates shifting capital market dynamics and growing demand for digital solutions, diversified financial services group Old Mutual Zimbabwe (OMZ) says it remains focused on sustainable growth, long-term value preservation and supporting productive sectors. The group is scaling up newer business lines such as fintech, microfinance and funeral services, while deepening its presence in insurance, asset management and infrastructure investment. It has also intensified its push into renewable energy, housing development and alternative investments as part of a broader strategy aimed at strengthening economic resilience and expanding financial inclusion. But in this interview with our assistant editor Mthandazo Nyoni (MN), OMZ chief executive officer Samuel Matsekete (SM) says the group is also concerned about the shrinking pool of listed assets on Zimbabwe’s capital markets following a wave of delistings and migrations from the Zimbabwe Stock Exchange (ZSE). Below are excerpts from the interview:
MN: How would you assess the overall performance of OMZ’s operations over the past year?
SM: Our overall year-on-year performance has remained strong, with key metrics tracking ahead of prior-year levels and each business line delivering in line with expectations. We will continue to scale our fintech, microfinance and funeral services businesses to increase their contribution to group performance, while maintaining focused growth in our core operations, which provide the foundation that enables these newer businesses to expand sustainably.
MN: How is the company positioning its insurance, asset management and investment businesses to protect value?
SM: In the insurance businesses, we continue to refine our underwriting, pricing and risk-selection frameworks to ensure that our insurance products remain sustainable in a dynamic macro-environment. This includes aligning product design to real economic conditions and maintaining strong capital buffers to withstand market shocks. Through our diversified investment portfolios, we prioritise capital preservation while seeking opportunities in productive sectors that generate stable, long-term real returns. Our investment approach emphasises prudent asset allocation and increased exposure to inflation-resilient assets.
MN: What is the company’s outlook for 2026?
SM: There are compelling investment opportunities across all sectors in Zimbabwe due to base effects — mainly reindustrialisation, value-addition, green technology, and re-engagement or expansion possibilities with global markets.
MN: Which sectors or asset classes do you believe will present the best investment opportunities?
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SM: We see opportunities in the listed equities space, unlisted equities and the debt space. These are mainly embedded within value chains across different sectors. Infrastructure — including renewable power generation, industrial retooling, import substitution and export growth capacitation, to name a few — presents a positive outlook. There is also a need to find ways to tap into the less formalised sector, with greater focus on offering investment, banking, insurance and digital solutions to informal players. We are encouraged by the new measures implemented by authorities to support informal businesses to formalise. For example, the requirement that banks and payment system providers ensure every business account — new and existing — is issued with a point-of-sale machine or any other approved digital mechanism capable of facilitating transactions in both ZiG and US dollars. Implementation of ease-of-doing-business reforms in key productive sectors is also a positive development. These measures will support strategic efforts to grow financial inclusion and encourage the use of formal banking channels in domestic transactions.
MN: What role is Old Mutual playing in funding infrastructure, housing and other productive sectors?
SM: Our infrastructure investments include renewable energy plants, factory and warehouse infrastructure, student accommodation and investments in the tourism sector, such as the Zimcampus student accommodation facility in Bulawayo and tourism-supporting infrastructure through the Palm River Hotel in Victoria Falls. As Old Mutual, we have continued to invest in infrastructure supporting productive sector value chains, as well as housing developments. In the housing sector, we have commenced the Prospect One housing development project, which comprises high-rise residential apartments and cluster units. Construction of the cluster units is set to begin in the third quarter of 2026. We have also commenced The Grange Development, a mixed-use project comprising retail and office space, villas, semi-detached units and high-rise residential apartments. Through our Alternative Investment Boutique, we continue to deploy capital into productive sectors, supporting investee companies driving economic growth and employment. In addition, our lending activities continue to support productive sectors of the economy such as agriculture, mining and mortgages.
MN: What investments or initiatives in renewable or green energy projects has OMZ undertaken?
SM: Green energy investments are part of a bigger picture in which we are focusing on responsible investments, with an emphasis on sustainable risk-adjusted returns. Old Mutual-owned or managed projects that have already been commissioned are currently generating 48 megawatts, with additional projects under construction nationwide. These developments reflect our strong commitment to sustainable energy growth and innovation. In addition, in 2025 we deployed US$4,24 million from the Renewable Energy Fund towards projects supporting a local hospital, Mater Dei, and a local community in Guruve. The Mater Dei solar project was commissioned in March 2026. We continue to prioritise securing new commitments for the US$100 million Renewable Energy Fund, launched in September 2024, as part of our sustainability strategy to invest in green initiatives and contribute to national development goals aimed at reducing the energy gap.
MN: What are OMZ’s strategic priorities over the next few years?
SM: Our strategic priorities over the coming years remain firmly anchored in sustainable growth, market leadership and operational excellence. Long-term savings continue to be a key priority for the business, and we will maintain active engagement with authorities on the importance of promoting long-term savings and implementing interventions that safeguard investments. We will also continue to uphold a well-diversified investment portfolio, with new capital allocations directed towards key productive sectors of the economy, thereby ensuring sustained value-creation for our customers and stakeholders. Significant progress has been made in the digitisation of our operations, including the upgrade of core systems and the modernisation of customer-facing platforms. These enhancements have already contributed to improved customer experience, strengthened risk management and greater operational efficiency. Building on this momentum, we will continue to advance our technology capabilities, guided by a clearly defined digital roadmap that ensures agility, competitiveness and alignment with evolving customer expectations. On the regional front, we will continue to collaborate closely with our counterparts across the broader Old Mutual Limited Group and the partnerships that we continue to establish.
