Positioning Africa for Global Growth: Insights from Iain Williamson, CEO of Old Mutual
In this interview, Iain Williamson discusses Africa’s potential as a global economic powerhouse. He highlights the continent’s economic potential under the AfCFTA, the transformative opportunities in renewable energy and shares how 11 of the world’s 20 fastest-growing economies in 2024 are expected to be in Africa, pointing to its position as the second-fastest-growing region globally after Asia. Williamson urges a narrative reframe that recognises Africa as a region of this robust growth and investment rather than risk.
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Africa Collective: Can you briefly introduce yourself and your organisation?
I am Iain Williamson, CEO of Old Mutual, a leading African financial services provider with a 179-year legacy deeply rooted in Africa. Operating in 12 countries, Old Mutual serves over 13 million customers with comprehensive solutions spanning insurance, asset management, and banking. Beyond delivering financial services, Old Mutual plays a pivotal role in fostering economic growth and social development, deeply embedded in the communities it serves and contributing meaningfully to broader society across the continent.
Africa Collective: What is your organisation’s primary focus or mission?
We want to be our customers’ first choice to sustain, grow and protect their prosperity, which is anchored in our purpose. With this in mind, we aim to be our customers’ preferred partner for financial wellness and help them achieve their lifetime financial goals while contributing to the economic growth and social development of the communities in which we operate.
Africa Collective : How do you see your organisation as a pan-African champion?
Old Mutual is proud to champion Africa’s potential and prosperity through its robust presence across 11 countries in West, East, and Southern Africa, serving its customers with a diverse offering.
With a workforce of 27,000 dedicated employees, our footprint demonstrates our commitment to empowering local communities and economies. Financially, we have gross flows exceeding R34 billion and oversee over R139 billion in Funds Under Management (FUM), emphasising our strength as a trusted custodian of Africa’s financial resources.
Across the African continent, 20 of our 24 business entities outside South Africa rank among the top three by market share in their respective markets, a testament to Old Mutual’s leadership and impact in the region. In 2023, Old Mutual was recognised as the strongest insurance brand in the world by Brand Finance, highlighting the trust and credibility we have built across these markets. This solid foundation enables us to continue championing inclusive growth, fostering resilience, and creating opportunities for communities across Africa.
Africa Collective: Which topics and themes related to Africa would you like to see more prominently featured on global platforms such as the World Economic Forum?
As a pan-African financial services leader, Old Mutual advocates for a greater global focus on the unique challenges and opportunities shaping Africa’s future. Key themes we believe warrant more attention include facilitating a just energy transition in response to climate change—leveraging Africa’s expansive tropical landmass to harness the solar revolution. Additionally, promoting intra-Africa trade by improving mobility and logistics is vital to unlocking the continent’s economic potential under initiatives like the African Continental Free Trade Area.
Addressing the persistent issue of brain drain is critical to retaining Africa’s intellectual capital for the benefit of its communities. We also champion advancing financial inclusion, given the low penetration of financial services in Africa, with average insurance penetration in our markets at just 2.6% compared to a global average of 6.7%.
Developing mature capital markets is equally important for sustainable economic growth, alongside the imperative to build strong, resilient institutions that foster long-term stability and prosperity.
Finally, Africa must escape the cycle of debt dependency and position itself for sustainable growth through innovative financial solutions, capacity-building, and effective governance. These themes, collectively, hold the key to Africa’s transformation and deserve broader engagement on global platforms like the World Economic Forum.
Africa Collective: Can you share an example of a successful partnership your organisation has been part of in Africa?
At Old Mutual, we prioritise strategic partnerships to extend our reach and improve financial outcomes for customers across Africa. In Kenya, our bancassurance partnership with KCB Group serves approximately 30,000 customers, while a similar partnership with Ecobank in Ghana expands access to financial products beyond traditional distribution channels. These collaborations play a crucial role in driving financial inclusion by delivering tailored solutions to underserved communities.
In addition, we have developed innovative digital financial tools like the Phuka mobile savings wallet in Malawi in collaboration with Airtel. This initiative encourages a culture of saving and has attracted over 300,000 customers within its first year. Similarly, our O’mari mobile wallet in Zimbabwe, which supports practical financial management for essentials such as food, education, and health, reached over 1.2 million customers in its inaugural year. Through these partnerships, Old Mutual reaffirms its commitment to delivering accessible, inclusive, and innovative financial solutions that address the unique needs of African markets.
Africa Collective: What has been your most inspiring experience in your work in Africa?
Old Mutual’s demutualisation stands out as one of the most impactful empowerment initiatives in Southern Africa, significantly broadening ownership among previously disadvantaged groups and fostering economic inclusion on an unprecedented scale.
Africa Collective: What advice would you give to other leaders/organisations/companies looking to make a positive impact in Africa?
To make a positive impact in Africa, leaders and organisations must shift their focus from extractive approaches to meaningful value addition that creates local employment and fosters market development on the continent.
Africa offers vast untapped potential, and renewable energy stands out as a transformative opportunity. By enabling decentralised energy production closer to consumption points, renewable energy can provide clean, accessible power to millions without the need for extensive transmission infrastructure, much like the mobile telephony revolution transformed connectivity.
Access to reliable electricity has a multiplier effect, opening markets for appliances, tools, and innovative technologies that drive economic activity. For instance, air conditioning in hotter regions of Africa could significantly enhance productivity, enabling people to work efficiently even in challenging climates. Leaders should approach Africa with a vision that combines innovation, sustainability, and long-term value creation, ensuring their efforts contribute to the continent’s prosperity while addressing its unique challenges.
Africa Collective: What key message would you like to share about Africa’s potential and opportunities with the global community?
Africa’s immense potential lies in its youthful and rapidly growing population, which stands in stark contrast to ageing demographics in other parts of the world. This population is increasingly connected and aspirational, with exposure to global developments and a strong desire for their own economic and social advancement. The continent’s transformation, much like China’s over the last three decades, could drive the next significant wave of global economic growth by lifting millions out of poverty and into prosperity.
Africa’s economic trajectory is promising, with GDP projected to grow at 3.8% in 2024 and an even faster rate of 4.3% between 2025 and 2027, outpacing the global average of 3%. Remarkably, 11 of the world’s 20 fastest-growing economies in 2024 are expected to be in Africa, underscoring its position as the second-fastest-growing region globally after Asia. Yet, despite this robust growth and opportunity, the risks of investing in Africa are often overstated, overshadowing the continent’s vast untapped potential for innovation, development, and economic integration into the global economy.
About the Road to Davos – Leadership Voices Series
Leading up to Africa Collective’s Davos annual series of events during the period of the World Economic Forum in Switzerland, taking place from 20-24 January 2025, Africa Collective is speaking to a collection of foremost thought and business leaders in both the private and public sectors as part of our ongoing effort to highlight opportunities in Africa. Our objective with the Road to Davos – Leadership Voices Series is to position African topics on the global stage through the lens of leaders from the continent or who lead organisations with interests in the continent.
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