Old Mutual Group Empowerment and Transformation
As a responsible business, we are acutely aware that there is a direct link between the prosperity of our country and the prosperity of our customers.
As an enabler of economic activity, a custodian of people’s savings and a large employer, we have a role to play in addressing inequality within our society.
Our robust transformation strategy aims to:
- Develop and support diversified and transformed talent, within Old Mutual and externally
- Grow Black ownership of our business
- Support previously disadvantaged communities.
Broad-based sustainability is central to our identity and an integral part of our core business strategy. We recognise that contributing to economic growth can only be achieved through effective and meaningful transformation and empowerment.
Old Mutual’s empowerment and transformation mandate is to uplift, transform, inspire, upskill and drive economic growth. We do not strive to just meet governance and compliance requirements, but to exceed them. We are committed to empowering communities and individuals previously excluded from the mainstream economy and to identifying and implementing game-changing transformation and socio-economically beneficial programmes.
Let's take a look at how we support SMME development through strategic sourcing and organic growth initiatives.
The Old Mutual Black Distributors Trust (OMBDT) seeks to:
- Help previously disadvantaged individuals (PDI) within the insurance and investment sector of the financial services industry to grow their current businesses
- Provide skills development, mentoring, and business incubation
- Help PDIs enter the industry.
It does this through:
- Development programmes which encompass the creation of a talent pipeline and transformation of the distribution channels.
- Enterprise development funding in the form of a loan or grant. Funding is approved in principle on business plans submitted. The disbursement of funds is carefully monitored and released based on milestones achieved over the time frame identified.
This was established to serve as the vehicle for the disbursement of R500 million in line with the framework agreement between Old Mutual and the Department of Trade, Industry, and Competition. The primary purpose of the fund is to assist SMEs with funding and creating employment, as well as providing business support that allows SMEs to develop and expand. Since inception of the fund, we have approved R386 million that spans 11 deals, enabling 299 job creation opportunities and sustaining 200 existing jobs.
We also provide non-financial support that spans non-executive positions on SME Boards, providing access to market, strategic stewardship, distribution, and solidifying the partnership between Old Mutual Limited and the SME. During the past three years with the effects of the pandemic, SMEs were reluctant to expand and increase headcount; thus the ESD funding contributed to sustaining the business operations and the livelihood of employees and broader stakeholders.
All ESD Fund beneficiaries are required to have a minimum of 51% BEE ownership.
Old Mutual Insure's objective is to create jobs through the support of small businesses. The support is directed towards the inclusion of black-owned small businesses into the mainstream economy by providing adequate training, investment, and support.
Focus Areas:
- Support and fund Black Female-owned businesses
- Ensuring adequate representation and inclusion to support SMMEs.
The Masisizane Fund provides Enterprise Development to small, medium enterprises in South Africa. We accomplish this through Development and Commercial Financing as well as Business Support, targeting our funding towards Black-owned businesses, women, youth, and people with disabilities. This non-profit organization funds SMMEs to establish and grow their businesses, thereby reducing poverty, inequality, and unemployment.
We pride ourselves in walking the journey of success with our clients and partnerships for a better tomorrow. By doing this, we contribute meaningfully towards employment creation, poverty eradication and reduction of inequality, economic growth, and the attraction of investment.
