Old Mutual Partners Paystack to Boost Digital Payments in East Africa
Old Mutual Group has announced a strategic partnership with leading payment technology company Paystack, marking a significant step in its ongoing digital transformation journey across East Africa. The collaboration is aimed at simplifying digital payments across Old Mutual’s insurance and investment platforms, reducing transaction friction while delivering faster, more reliable, and customer-friendly digital experiences.
As financial services across Africa continue to shift rapidly toward digital-first models, seamless payments have become a critical part of customer satisfaction. Old Mutual’s decision to integrate Paystack’s payment infrastructure reflects a growing recognition that payment friction remains one of the biggest barriers to adoption, conversion, and long-term customer loyalty in digital financial services.
Through this partnership, Old Mutual customers will now be able to complete insurance and investment transactions more efficiently across multiple online and mobile payment channels, ensuring a smoother end-to-end journey from product selection to payment confirmation.
Why Digital Payments Matter in Modern Financial Services
Across East Africa, the rise of mobile banking, fintech platforms, and digital insurance products has reshaped how consumers interact with financial institutions. Customers increasingly expect services that are fast, intuitive, and available anytime, anywhere. However, even the most innovative digital products can fail if payment processes are slow, unreliable, or confusing.
Industry data shows that payment friction—such as failed transactions, limited payment options, or complex checkout processes—is one of the leading causes of customer drop-off in digital financial services. For insurance and investment platforms in particular, where trust and reliability are essential, payment challenges can directly affect revenue growth and customer confidence.
By partnering with Paystack, Old Mutual aims to address these challenges head-on, ensuring that customers can move seamlessly from decision-making to payment without unnecessary interruptions.
How the Paystack Integration Improves Customer Experience
The Paystack integration enables Old Mutual customers to make payments quickly and securely using multiple digital channels, including web and mobile platforms. This flexibility is especially important in East Africa, where customers use a mix of smartphones, mobile money solutions, cards, and online banking tools.
With Paystack’s robust and scalable payment technology embedded into Old Mutual’s platforms, customers benefit from:
Faster transaction processing, reducing wait times and failed payments
Improved payment reliability, especially during peak usage periods
Multiple payment options, catering to diverse customer preferences
Enhanced security, ensuring customer data and transactions are protected
These improvements not only enhance customer satisfaction but also help Old Mutual reduce payment-related drop-offs, improve conversion rates, and streamline internal operations.
Old Mutual’s Commitment to Digital Innovation
Old Mutual has consistently positioned itself as a forward-thinking financial services group, investing heavily in technology to improve access to insurance, investment, and savings products across Africa. The Paystack partnership aligns closely with the Group’s broader digital transformation strategy, which focuses on building a strong digital ecosystem that supports customers throughout their financial journeys.
Speaking on the partnership, Dr. Isaac Nzyoka, Group Chief Operations Officer at Old Mutual East Africa, emphasised the importance of seamless payments in delivering exceptional customer experiences.
“At Old Mutual, we are committed to delivering exceptional digital experiences for our customers. Partnering with Paystack allows us to provide a seamless payment journey, reinforcing our focus on customer convenience and innovation in financial services,” Nzyoka said.
According to Nzyoka, the integration is not just about payments but about removing friction at critical touchpoints where customers interact with Old Mutual’s digital platforms.
Supporting Growth Across Insurance and Investment Platforms
The partnership is expected to have a positive impact across Old Mutual’s digital insurance and investment offerings. By simplifying payments, the company can support higher customer engagement, faster onboarding, and increased adoption of digital financial products.
For insurance customers, seamless payments make it easier to purchase policies, renew coverage, and manage premiums without delays. For investment customers, improved payment flows support smoother fund contributions, portfolio adjustments, and long-term financial planning.
This enhanced experience is particularly important as Old Mutual continues to expand its digital funds and investment journeys across East Africa, targeting a growing population of tech-savvy, mobile-first customers.
Paystack’s Role in Africa’s Fintech Ecosystem
Paystack is widely recognised as one of Africa’s leading payment aggregators, powering digital payments for thousands of businesses across the continent. Its platform enables companies to accept payments securely and efficiently through online and mobile channels, making it easier to scale digital operations while maintaining reliability and trust.
Paystack’s technology is designed to handle high transaction volumes, integrate seamlessly with existing platforms, and support businesses operating across multiple markets. This makes it a strong fit for large financial institutions like Old Mutual, which require both scale and stability in their payment infrastructure.
Commenting on the collaboration, Paystack Chief Technology Officer Vikaran Ubhi said the company is excited to support Old Mutual’s digital ambitions.
“We are pleased to partner with Old Mutual to enhance its digital payment capabilities. Our platform is designed to simplify payments, and we look forward to supporting Old Mutual in delivering a modern and efficient digital experience for its customers,” Ubhi said.
Enhancing Operational Efficiency Through Technology
Beyond customer experience, the partnership is also expected to deliver significant operational benefits for Old Mutual. Automated, reliable payment processing reduces manual intervention, minimises reconciliation challenges, and improves visibility across transactions.
This increased efficiency allows Old Mutual’s teams to focus more on product innovation, customer engagement, and advisory services, rather than managing payment-related issues. Over time, this can translate into cost savings, faster product launches, and improved service delivery across the organisation.
Aligning With Digital-First Customer Lifestyles
Today’s customers increasingly expect financial services to fit seamlessly into their digital lifestyles. Whether purchasing insurance, investing in funds, or managing portfolios, users want experiences that mirror the simplicity of e-commerce and digital banking platforms.
By enabling frictionless payments, Old Mutual is aligning its offerings with these evolving expectations, making investment and protection solutions more accessible to a wider audience. The partnership also reinforces transparency, as customers can clearly see payment confirmations, transaction histories, and account updates in real time.
Building on Anchor 360 and Previous Digital Initiatives
The Paystack partnership builds on Old Mutual’s earlier digital transformation efforts, including the rollout of Anchor 360, a platform launched last year to digitise financial services across the Group.
Anchor 360 was designed to simplify portfolio management, improve access to financial advice, and enhance efficiency for both customers and advisors. By integrating improved payment capabilities through Paystack, Old Mutual is strengthening the overall value proposition of its digital ecosystem.
Together, these initiatives demonstrate a long-term commitment to using technology as a strategic enabler, rather than a standalone feature.
Impact on East Africa’s Financial Services Landscape
The collaboration between Old Mutual and Paystack also highlights a broader trend in East Africa’s financial services sector, where traditional institutions are increasingly partnering with fintech companies to accelerate innovation.
Rather than building everything in-house, established financial groups are leveraging fintech expertise to improve speed to market, reduce costs, and deliver better customer experiences. This approach not only benefits businesses but also helps raise industry standards across the region.
As more customers embrace digital insurance and investment products, partnerships like this are likely to play a key role in shaping the future of financial services in East Africa.
Driving Sustainable Growth Through Digital Transformation
At its core, the Old Mutual–Paystack partnership is about sustainable growth. By improving payments, enhancing customer journeys, and strengthening digital infrastructure, Old Mutual is positioning itself to scale its operations while maintaining high service standards.
Digital transformation is no longer optional in financial services—it is essential for relevance, competitiveness, and long-term success. Old Mutual’s continued investment in technology underscores its understanding of this reality and its willingness to adapt to changing market dynamics.
What This Means for Customers
For customers, the partnership translates into tangible benefits: Faster and more reliable payments, Reduced transaction failures, Greater convenience across digital platforms, Improved access to insurance and investment solutions
These improvements help build trust and confidence, encouraging customers to engage more actively with Old Mutual’s digital offerings.
The strategic partnership between Old Mutual Group and Paystack represents a major milestone in Old Mutual’s digital transformation journey across East Africa. By tackling payment friction and enhancing digital customer experiences, the collaboration supports higher conversion rates, improved operational efficiency, and greater customer satisfaction.
As Old Mutual continues to expand its digital insurance and investment platforms, the Paystack integration reinforces the Group’s commitment to innovation, customer convenience, and sustainable growth. In an increasingly competitive and digital-first financial landscape, this partnership positions Old Mutual to remain at the forefront of financial services innovation in East Africa.