The Old Mutual Group has launched the Old Mutual Business Roundtable, a new platform aimed at fostering collaboration and growth among small and medium-sized enterprises (SMEs) across East Africa.
The strategic network will bring together SME owners, investors, financial institutions, professional associations, and industry experts to create opportunities for mutual advancement.
The Old Mutual Business Roundtable addresses a critical need identified in the region’s SME sector: the lack of accessible financial solutions and networking platforms tailored to SMEs’ specific requirements.
(TOP: L-R Arthur Oginga, Group CEO, Old Mutual Group and Loreen Makwanya, MD, Old Mutual Life Assurance Kenya, during the launch of the Old Mutual Business Roundtable, a new platform aimed at fostering collaboration and growth among SMEs in East Africa. The strategic network will bring together SME owners, investors, financial institutions, professional associations, and industry experts to create opportunities for mutual advancement).
It is especially timely in Kenya, where 54% of Kenyans own a business, although a majority lack access to the networks and information needed to advance their enterprises, according to the Old Mutual Financial Services Monitor (OMFSM), an annual report that seeks to understand the financial behavior and attitudes of Kenya’s working population.
Indeed, despite the presence of various financial service providers in the country, including banks, insurance companies, and mobile services, SMEs often face challenges in navigating and utilizing available resources effectively. The OMFSM reports that just 13% of business owners have a financial advisor, with 43% being unsure of who to turn to for financial support. As a result, 2 in 10 business owners are struggling with debt while 46% are dealing with considerable financial stress.
The Old Mutual Business Roundtable aims to bridge the gap by simplifying the connections between entrepreneurs and solution providers to their common challenges.
“At Old Mutual, we recognize the vital role SMEs play in driving economic growth and the considerable challenges they face on a daily basis,” said Old Mutual’s Group CEO Arthur Oginga. Through the Business Roundtable, we aim to provide them with a dynamic platform where they can connect, learn, and access the support necessary for their success.”
The initiative will offer SMEs a structured environment to engage in knowledge-sharing sessions, gain insights into market trends, and explore innovative financial solutions within Old Mutual’s portfolio and its vast networks.
The Old Mutual Group in East Africa comprises Old Mutual Holdings PLC and its subsidiaries & Old Mutual East Africa Holdings Group Limited and its subsidiaries, which include Old Mutual Life Assurance Company (closed fund), Old Mutual Investment Group, and Faulu Microfinance Bank. The Group, which operates an integrated financial services business model, is one of the largest in East Africa and offers customers insurance, investment, banking, and savings solutions.
The Old Mutual Group is part of Old Mutual (OML). As part of OML, the Group can leverage technology and technical expertise to serve customers better and offer broad career growth prospects for employees. The Group operates in Kenya, Uganda, South Sudan, Rwanda, and Tanzania.
In Kenya, where it has served customers for over 100 years, the Old Mutual Group has the leading short-term insurance business, an investment business with over Kshs 252B in Funds Under Management, and a fast-growing Life Assurance business. It has established diverse distribution networks via brokers, an agency force, direct sales, bancassurance, and digital channels.
In South Sudan, the Group has the most prominent short-term insurance business. In Uganda, the Group has the largest Life Assurance Business, the largest Asset Management Business with over 67% Market share, and the second-largest short-term business in the country. UAP Old Mutual also has short-term insurance businesses in Rwanda and Tanzania.
Regionally, the Group has a Kshs 20 billion property portfolio with iconic buildings; Equatoria Tower in South Sudan, Nakawa Business Park in Uganda, and Old Mutual Tower in Nairobi, among others.
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