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THE METAVERSE

Africa’s first Metaverse welcomes a pioneer banking investment

By our News Team | 2022

Financial services group Nedbank stakes its claim to a ‘village’ in the new digitally enhanced world of Ubuntuland.

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 ecommerce. 

Nedbank, one of the largest financial services groups in Africa, has partnered with Africarare, the continent’s first Metaverse, and secured a 12×12 village in Ubuntuland on which to establish its presence as the first African financial services organisation to enter the new digital realm.

The Metaverse

Photo courtesy of Nedbank

According to a press release, this “forms part of the financial services group’s strategy to lead in digital, go beyond banking, discover new marketing platforms and leverage new technology to better serve its customers and stay at the forefront through forward-thinking solutions”.

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

Many global financial players are already involved

Nedbank joins global players such as DBS Bank, HSBC, Fidelity Investment and JP Morgan, all of which have partnered with Metaverses globally. 

The press release claims Africa’s first Metaverse is highly sought-after by companies and individuals wishing to capitalise on the multiple opportunities being presented. The early settlers in Ubuntuland include mobile communications company MTN, data enterprise organisation World Data Lab and communications agency M&C Saatchi Abel.

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

Fred Swanepoel, Nedbank’s Chief Information Officer adds: “As Nedbank, we want to remain at the forefront of the technologies that will enable the next wave of digital business models, so we’re 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 marketplaces, where we believe we will need to meet and serve our clients.”

Noted Mic Mann, Co-founder and CEO of Africarare: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.”

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.