Old Mutual’s recent acquisition of a majority stake in 10X Investments, valued at R2.2 billion, marks more than just a consolidation move in South Africa’s asset management sector, it represents a strategic turning point for financial inclusion and sustainable investment across the continent. Expected to be completed by the second quarter of 2026, the transaction positions Old Mutual as a leader in technology-enabled, low-cost investment solutions, reaffirming the growing link between financial access and sustainability in emerging African economies.
For a continent where less than 17% of adults contribute to formal retirement or pension schemes, according to the World Bank’s Global Findex data, this acquisition carries broader implications. It underscores how institutional capital and innovation can merge to build resilient financial ecosystems that empower ordinary citizens to participate in wealth creation. In practical terms, the partnership promises to lower barriers to entry, simplify savings products, and expand access to investment instruments once reserved for the affluent.
10X Investments, founded as a challenger in South Africa’s notoriously high-cost retirement savings market, has grown from R3 billion in assets under management in 2014 to more than R68 billion today, serving over 60,000 clients. Its growth trajectory, supported by Old Mutual Private Equity (OMPE) and DiGAME Investments, demonstrates that technology-led solutions can democratize finance while maintaining profitability.
As Africa faces a youth-driven demographic surge, with over 60% of its population under 25, scalable, transparent, and affordable investment vehicles are no longer optional; they are an economic necessity.
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Old Mutual’s move is therefore not only a business acquisition but a sustainability intervention. Financial exclusion remains one of the continent’s most persistent social challenges, curbing economic mobility and deepening inequality.
The African Development Bank estimates that more than 350 million adults across sub-Saharan Africa remain unbanked, while fewer than 10% have access to long-term savings products such as pensions or mutual funds. In this context, 10X’s low-fee, passive investment model offers a tangible pathway toward inclusive capital accumulation.
The company’s technology-driven approach, particularly its digital onboarding and self-directed investment tools, aligns with the emerging model of sustainable finance, where efficiency, transparency, and accessibility converge. Passive investment products, such as exchange-traded funds (ETFs), carry lower environmental and operational footprints compared to traditional fund management models.
By minimizing transaction intensity and administrative costs, they indirectly support resource-efficient financial systems. In a world where sustainability is increasingly defined by systemic resilience, this efficiency is not trivial; it forms part of a broader sustainability calculus that includes financial integrity and social equity.
From a policy perspective, the acquisition comes at a critical moment for Africa’s capital markets. Across Kenya, Nigeria, Ghana, and South Africa, regulators are revisiting the structure of pension and savings schemes to encourage domestic investment and financial literacy. South Africa’s National Treasury has set a goal to double voluntary retirement savings by 2030, while Kenya’s Capital Markets Authority has introduced initiatives to expand collective investment schemes to informal sector workers.
These ambitions face a structural challenge: the cost and complexity of investment products. 10X’s model, simple, transparent, and affordable, is the kind of innovation policymakers are seeking to replicate.
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Jurie Strydom, Old Mutual’s Chief Executive, described the acquisition as a way to “expand access to quality investment solutions for a wider base of investors.” This language resonates deeply with the sustainability agenda. The notion of “quality access” is no longer confined to infrastructure or energy; it extends to finance, the foundation upon which equitable development rests. By leveraging Old Mutual’s institutional strength and 10X’s agility, the partnership could scale solutions that bridge the gap between informal savers and formal financial systems.
The success of this partnership will still depend on how effectively it translates strategic intent into impact. The South African savings gap remains stark: nearly 70% of working-age adults have no formal retirement savings, and those who do often face high administrative fees eroding long-term returns.
If Old Mutual and 10X can maintain low costs while expanding reach beyond urban centers, the model could set a precedent for the rest of Africa, from fintech-driven savings cooperatives in Ghana to pension digitalization pilots in Rwanda.
Beyond access, the deal also raises the question of sustainability in governance and ownership. 10X’s management team will retain a meaningful stake in the company, preserving continuity and accountability, an increasingly important factor as African investors call for locally owned financial institutions with long-term stewardship values. DiGAME’s exit note emphasized that the transfer of ownership to a South African custodian “with the calibre and longstanding track record of Old Mutual” ensures local control and sustainable business continuity.
The transaction also symbolizes a broader shift in how sustainability is interpreted in African finance. For years, sustainability was equated narrowly with environmental stewardship. Today, it encompasses social capital, governance integrity, and inclusive access to financial opportunity. By fostering savings and investment participation among lower- and middle-income earners, firms like 10X and Old Mutual are building the very financial infrastructure required for sustainable development, one that supports long-term capital formation, stabilizes households, and underpins green economic transitions.
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Ultimately, the acquisition is not merely a headline in South Africa’s financial pages; it is a bellwether for Africa’s sustainable finance trajectory. If replicated across markets, the model could unlock billions in domestic savings currently lying dormant in informal systems.
