Old Mutual Zim Sees Surge in USD Transactions

Oscar J Jeke- Zim Now Reporter

Financial services giant Old Mutual Zimbabwe has reported a sharp increase in United States dollar transactions, with USD now dominating its financial books.

CEO Sam Matsekete revealed that 87% of the company’s total deposits in 2024 were in USD, up from 75% in 2023, reflecting the continued dollarisation of Zimbabwe’s economy.

The firm also reported that 94% of its loans were disbursed in USD, an increase from 91% in the previous year.

Loan issuance grew by 14% year-on-year, with a significant portion allocated to farmers as Old Mutual continues to support the agricultural sector. To reinforce its lending capacity, the company secured US$60 million in credit lines, ensuring liquidity for businesses and individuals alike.

Beyond its financial operations, Old Mutual has deepened its investment in renewable energy. In 2024, the company expanded its stake in two major projects: the 25MW Centragrid solar expansion and the 5MW Great Zimbabwe Hydro project at Lake Mutirikwi. With a 31% ownership in Great Zim Hydro and a 26% stake in Centragrid, Old Mutual is diversifying its portfolio while contributing to the country’s energy security.

The shift towards USD transactions underscores the evolving financial landscape in Zimbabwe, as businesses and consumers increasingly prefer the stability of the US dollar.

Meanwhile, Old Mutual’s renewable energy investments signal a strategic move towards sustainable development amid ongoing economic shifts.