Know your executive: Samuel Matsekete of Old Mutual Zimbabwe

Zimpapers Business Hub

MR SAMUEL MATSEKETE is the chief executive officer of Old Mutual Zimbabwe Ltd, a diversified financial services group with operations in life and general insurance, in addition to its businesses in banking, fintech, property and investment management.

Under his stewardship, Old Mutual Zimbabwe has continued to play a significant role in supporting the growth of businesses in Zimbabwe, helping drive economic growth and ensuring that both present and future generations in various communities benefit.

Mr Matsekete, as an experienced practitioner in financial services, was, prior to his appointment at Old Mutual Zimbabwe, the managing director of First Capital Bank (previously Barclays Bank of Zimbabwe Ltd) and was at the helm of the institution for 14 years.

He previously worked for Old Mutual Asset Managers as operations executive and head of portfolio management, and he is also the head of the banking portfolio for Old Mutual Rest of Africa.

Apart from supporting the broader economy, Mr Matsekete is also passionate about aiding start-ups and small businesses.

He believes it is one way to inspire growth and opportunity that any society desires to have and when nurtured well, in the right ecosystems, they anchor sustainable economic growth.

Mr Matsekete highlighted the importance of fostering technological advancement and supporting small and medium enterprises (SMEs) through initiatives like the Eight2Five Innovation Hub to drive overall economic development.

During presentation of the group’s half-year financials for the period to June 30, 2025, he said Old Mutual Zimbabwe will continue to look at sectors that support sustainability in broader terms, such as renewable energy, under its responsible investments strategy.

In addition, the group will also drive deposit mobilisation and access credit lines to support loan book growth targeting key ecoomic sectors.

Mr Matsekete noted that the group will continue deployments in the US$100 million Renewable Energy Fund and explore new public-private partnerships in areas of mutual interest.

“We believe sustainability must be a way of doing business and we wish, in all our interactions with customer stakeholders, we would see things similarly and look at sustainability through a number of lenses,” he said.

Mr Matsekete said, in addition to other interventions, the group invested in green energy for its own consumption within its premises.

He said the group will also continue to adopt the product suite and enhance the value proposition for underserved segments, women, the youth, and small and medium enterprises (SMEs).

He added that the company will launch new thematic funds to address evolving customer needs.

Mr Matsekete holds a Bachelor of Accountancy Honours degree from the University of Zimbabwe and a Master of Business Leadership from the University of South Africa.

He is a chartered accountant and a member of the Institute of Bankers.

In an interview with the Zimpapers Business Hub recently, Mr Matsekete said having worked for a number of organisations and different industries makes him unique in his own career path.

He said he benefitted extensively from interacting with different environments, cultures, organisations and various industries that presented different challenges.

“I went to Old Mutual when it demutualised. I was part of the team setting it up, putting up the structures, and I remember celebrating getting my first licence from the Reserve Bank of Zimbabwe,” he said.

“The most fulfilling phase above all was the transition at Barclays, where you would have seen an organisation as part of the global group that has its brand known globally being bought and transforming, becoming part of a regional entity, bringing a new name to the market and being at the helm of that organisation with the sensitivities and all the changes that had to happen around it.

“Leading through that phase was satisfying.”

Mr Matsekete holds a positive long-term view of Zimbabwe’s economy, seeing opportunities and potential.

He identifies green shoots and sector-specific growth, emphasising the role of policy stability, increased investment in infrastructure and the growth of horticulture, tourism and mining sectors.