New Mutual's leader aims to capture millions in South Africa's mass market
New Leadership at Old Mutual
Old Mutual has appointed Malusi Ndlovu as the managing director of its Mass Foundation Cluster, effective 1 July 2026. This appointment marks a significant step in the company’s strategic direction, with Ndlovu returning to the group after leading Wealth Consolidation and Distribution at Absa. His extensive experience in corporate strategy, product development, distribution, and client engagement positions him well for this pivotal role.
Ndlovu has previously held several senior leadership roles within Old Mutual, giving him a deep understanding of the business and a proven track record of turning strategic priorities into measurable outcomes that enhance customer value and drive sustainable growth. As managing director of the Mass Foundation Cluster, he will lead a business focused on expanding access to financial services while strengthening distribution capability, improving productivity, building high-performing teams, and ensuring that customer needs remain at the centre of every strategic decision.
Purpose Drives Growth
For Ndlovu, the future of financial services will not be determined by the size of an organisation's footprint alone. He believes that the next phase of reinvention in financial services will come from being more relevant to customers' everyday lives. “The organisations that succeed will be those that understand their customers deeply enough to solve real problems with solutions that are simple, accessible, and genuinely valuable,” he says.
He emphasizes that brand connection will become the greatest competitive advantage in the industry. “For too long, success has often been measured by how many products we sell. I believe the better question is whether we are helping customers make meaningful financial progress. Sustainable growth will be achieved through customers’ value, through meaningful experiences,” Ndlovu adds.
Opportunity Through Innovation
Ndlovu highlights that South Africa's lower-income and emerging middle-class market presents one of the greatest opportunities for innovation within the financial-services industry. “This is a market that deserves quality thinking, innovation, and customer experience. Affordability should never mean lowering our ambitions for customers. It should challenge us to design smarter, more intuitive financial solutions that meet people where they are in their financial journeys,” he states.
Delivering on this ambition requires more than strategy documents and good intentions. “Strategy has very little value unless it changes outcomes for customers. My focus has always been on translating strategy into execution, building businesses that perform, developing teams that are empowered to deliver, and creating measurable impact that customers can actually feel,” he adds.
Building Customer Trust
Returning to Old Mutual presents an opportunity for Ndlovu to contribute to the next chapter of the group's evolution. “Old Mutual has always played an important role in helping South Africans build financial security across generations. I'm excited to be part of shaping what comes next by ensuring we continue evolving alongside our customers, their changing expectations, and the realities they face every day,” he says.
Looking ahead, Ndlovu believes the financial-services sector has an opportunity to redefine how it achieves and measures success. “The future belongs to organisations that earn trust every day through relevance, consistency, and timely execution. When we put customers at the centre of every decision, commercial success becomes the outcome,” he notes.
Strengthening Leadership
Ndlovu’s appointment reinforces Old Mutual’s commitment to building a more customer-focused, innovative, and inclusive financial-services business, while strengthening its leadership capability to meet the evolving needs of South Africa's mass market.
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