COVID-19: Old Mutual on creating shared valued in times of crisis

Old Mutual, a prominent financial services provider in Africa, has emphasized the importance of responsible business practices and creating shared value, especially in the face of the ongoing COVID-19 pandemic. Khanyi Chaba, the Head of Responsible Business at Old Mutual, highlighted the company's long-standing commitment to social impact and sustainability. With 175 years of experience, Old Mutual has ingrained the concept of shared value into its business operations from day one. Chaba emphasized that being a responsible business is crucial, not only for making a positive social impact but also for ensuring the long-term sustainability of the business. Old Mutual, as one of the largest investors and financial services providers in the continent, plays a significant role in creating jobs, supporting communities, and fostering economic growth. The company's focus on shared value underscores its dedication to creating value for society, customers, and employees. In response to the challenges posed by the COVID-19 pandemic, Chaba explained that Old Mutual has continued to invest responsibly, particularly in transformational infrastructure and environmental initiatives such as renewable energy. The company has also prioritized supporting small businesses, recognizing their importance in driving many African economies. Through initiatives like the Enterprise Development Fund, Old Mutual is providing essential support to help small businesses survive and thrive during these challenging times. Small and medium-sized enterprises (SMEs) are integral to the African economy, with about 70% of businesses in sub-Saharan Africa depending on them. Old Mutual is actively involved in supporting SMEs through various programs, including partnerships, funding mechanisms, and tailored business models. By sharing expertise, resources, and fostering partnerships, Old Mutual is empowering small businesses to contribute meaningfully to their communities and societies. Looking ahead, Old Mutual is gearing up for the African Shared Value Leadership Summit, where business leaders will convene to discuss the changing landscape of business, especially in light of the pandemic. The summit will provide a platform for sharing insights, best practices, and exploring ways to create positive societal impact. As a responsible business, Old Mutual is deeply engaged in promoting the shared value concept and advocating for businesses to prioritize sustainability and social responsibility. In conclusion, Old Mutual's steadfast commitment to responsible business practices and creating shared value exemplifies its dedication to making a meaningful difference in the communities it serves. By aligning profit-making with social impact, Old Mutual sets a high standard for corporate citizenship in Africa and beyond.