OMAR plans to boost growth and help more people access financial services across Zimbabwe and other African countries. They promise to follow rules and practice good management. They currently operate in 10 different countries, including Zimbabwe, and want to take advantage of the growing need for financial services in these areas.
Clement Chinaka is the managing director of OMAR. He says the company keeps changing to meet new market needs. It stays focused on helping local economies and communities and making financial services available to everyone. Its Zimbabwe branch is a key player in the country's financial sector.
OMAR believes what helps their communities also helps their business. This idea guides how they work in each market. In Zimbabwe, even though rules change often, OMAR always tries to follow them. The company has taken care of customers for many years and plans to keep doing this far into the future.
For the year ending December 31, 2024, OMAR grew its customer base by 56 percent and increased net client cash flows by 17 percent. Despite working in different countries with different laws, OMAR showed it could adapt and stay strong. It focuses on growing, creating new products, and using digital technology.
Chinaka explained that OMAR will target new markets in East Africa and grow in places where they already work. Africa's economy keeps growing fast, especially in East Africa. Many people there haven't used financial services yet, which creates big chances for growth for OMAR.
The company sees room to grow outside South Africa and Namibia, where not many people use its services yet. It also wants to increase its market share in East and West Africa. In 2024, its East African business grew by 100 percent and can start contributing to group earnings.
Africa has more middle-class people moving to cities, which increases the demand for retirement planning and health insurance. Experts predict the African middle class will reach over 1 billion people by 2050, which creates huge opportunities for companies like OMAR to offer financial services.
OMAR wants to grow in life insurance, property insurance, casualty insurance, and asset management. It plans to invest in better ways to sell its products, create new products, and improve service. The company runs the biggest financial services business in several markets, including Malawi, Namibia, and Zimbabwe.
Their main goal focuses on profitable growth. They will spend money to improve how they sell insurance since people don't usually seek it out on their own. Building strong sales ability helps them compete and keep their edge in the market. OMAR stays committed to following rules and practicing good management.
They have a strong system to make sure they follow local regulations. Their management structure includes local boards that watch over different branches. This commitment helps OMAR work with honesty and openness. It also positions them to handle complex rules in different countries.
Chinaka mentioned that more Africans live abroad now, creating opportunities to provide services for family members back home. During the year reviewed, OMAR increased net client cash flows by 17 percent, showing that it can attract and keep clients.
The company saw 61 percent growth in its normalized portfolio forecast, driven by strong results in general insurance and asset management. It also achieved 9 percent growth in net interest income, showing strong banking and lending operations.
Clement Chinaka is the managing director of OMAR. He says the company keeps changing to meet new market needs. It stays focused on helping local economies and communities and making financial services available to everyone. Its Zimbabwe branch is a key player in the country's financial sector.
OMAR believes what helps their communities also helps their business. This idea guides how they work in each market. In Zimbabwe, even though rules change often, OMAR always tries to follow them. The company has taken care of customers for many years and plans to keep doing this far into the future.
For the year ending December 31, 2024, OMAR grew its customer base by 56 percent and increased net client cash flows by 17 percent. Despite working in different countries with different laws, OMAR showed it could adapt and stay strong. It focuses on growing, creating new products, and using digital technology.
Chinaka explained that OMAR will target new markets in East Africa and grow in places where they already work. Africa's economy keeps growing fast, especially in East Africa. Many people there haven't used financial services yet, which creates big chances for growth for OMAR.
The company sees room to grow outside South Africa and Namibia, where not many people use its services yet. It also wants to increase its market share in East and West Africa. In 2024, its East African business grew by 100 percent and can start contributing to group earnings.
Africa has more middle-class people moving to cities, which increases the demand for retirement planning and health insurance. Experts predict the African middle class will reach over 1 billion people by 2050, which creates huge opportunities for companies like OMAR to offer financial services.
OMAR wants to grow in life insurance, property insurance, casualty insurance, and asset management. It plans to invest in better ways to sell its products, create new products, and improve service. The company runs the biggest financial services business in several markets, including Malawi, Namibia, and Zimbabwe.
Their main goal focuses on profitable growth. They will spend money to improve how they sell insurance since people don't usually seek it out on their own. Building strong sales ability helps them compete and keep their edge in the market. OMAR stays committed to following rules and practicing good management.
They have a strong system to make sure they follow local regulations. Their management structure includes local boards that watch over different branches. This commitment helps OMAR work with honesty and openness. It also positions them to handle complex rules in different countries.
Chinaka mentioned that more Africans live abroad now, creating opportunities to provide services for family members back home. During the year reviewed, OMAR increased net client cash flows by 17 percent, showing that it can attract and keep clients.
The company saw 61 percent growth in its normalized portfolio forecast, driven by strong results in general insurance and asset management. It also achieved 9 percent growth in net interest income, showing strong banking and lending operations.
