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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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