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Nedbank makes history with metaverse entry

JOHANNESBURG – NEDBANK is the first African financial services organisation to enter the metaverse.

It has collaborated with Africarare, the continent’s first metaverse, and secured a 12×12 village in Ubuntuland on which to establish its presence.

This forms part of the financial services group’s strategy to lead in digital.

As the digital economic voyage into the metaverse starts to accelerate, major players in trade and industry are poised to develop custom experiences in this digitally enhanced world, which is being heralded as the future of e-commerce.

“Creating experiences that go beyond banking has always been a focus for Nedbank,” said Khensani Nobanda, Group Executive for Marketing and Corporate Affairs at Nedbank Group.

“Our entry into the metaverse is not merely about having a presence in this space, it’s about meeting the needs of our clients on platforms that resonate with them, while offering an array of touchpoints that continue to demonstrate our commitment to lead in digital.”

Nedbank joins global players such as DBS Bank, HSBC, JP Morgan, and Fidelity Investment who have partnered with metaverses globally.

The early settlers in Ubuntuland include MTN, World Data Lab, and M&C Saatchi Abel.

Fred Swanepoel, Nedbank’s Chief Information Officer, said the bank wants to remain at the forefront of the technologies that will enable the next wave of digital business models, so they are investing in web 3.0 and the newer open source technologies on which the Metaverse is built.

“It’s important for us as Nedbank to continue leading and advancing our digitisation journeys which have already yielded excellent results for the Group, and enable Nedbank to engage in the future digital market places, where we believe we will need to meet and serve our clients” Swanepoel stated.

The Nedbank village with a focus on customer value and services, will contain numerous experiences ranging from virtual gaming, a sports lounge and more.

Mic Mann, Co-founder and CEO of Africarare, welcomed Nedbank.

“By entering the metaverse, this organisation will pave the way for new solutions for Africa and play a role in the future of banking in this exciting world,” Mann added.

The metaverse is a hypothetical iteration of the Internet as a single, universal and immersive virtual world.

– CAJ News

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