Nedbank becomes first African bank to stake a claim in the Metaverse

Nedbank partners with Africarare, Africa’s first Metaverse, to secure a 12×12 digital village in Ubuntuland.

Nedbank, the fifth largest bank in Africa, has announced it has partnered with Africarare, Africa’s first Metaverse, and has secured a 12×12 digital village in Africarare’s Ubuntuland. This makes it the first financial institution in Africa to join the Metaverse.

Nedbank joins other global players in the Metaverse

The financial services provider joins other prominent global players in the industry that have entered the Metaverse, including DBS Bank, HSBC, JP Morgan and Fidelity Investments.

The bank not only wants to establish its presence as the first African financial services organization to enter the Metaverse, but also wants to meet clients’ needs while leading in the digital space.

“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,” said Khensani Nobanda, Group Executive for Marketing and Corporate Affairs at Nedbank Group.

Advancing digitization

According to the bank, the virtual village will contain experiences ranging from virtual gaming to a sports lounge.

Nedbank aims to remain at the forefront of technologies that will enable the next wave of digital business models, spurring its investment in 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 digitization 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,” said Nedbank Chief Information Officer Fred Swanepoel.

Other local players who are already part of Africarare’s Ubuntuland include MTN, World Data Lab, and M&C Saatchi Abel.

“We are thrilled to welcome Nedbank into Ubuntuland and look forward to creating positive change with them,” said Mic Mann, Co-Founder and CEO of Africarare. “By entering the Metaverse, this organization will pave the way for new solutions for Africa and play a role in the future of banking in this exciting world.”

Be Mobile Africa, a Canadian neobank, has recently launched an app to offer financial services to Africa’s unbanked.