Old Mutual ignites African expansion with 10x Banking core partnership.

Old Mutual, Africa’s second-largest financial institution, has become the first client in Africa for core banking solution provider 10x Banking. Old Mutual will use 10x Banking’s Software-as-a-Service (SaaS) core banking system to serve underserved customers. The partnership is part of 10x Banking’s expansion beyond the UK market, following its move into Australia and New Zealand. CEO Antony Jenkins said that Africa’s digital drive will provide opportunities for the underbanked and unbanked and encourage economic growth. 10x Banking has also attracted interest from banks in India, Sri Lanka, Vietnam, and the US.