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Nedbank Secures Footing in African Metaverse

One of the most prominent financial services groups in Africa is to become the continent’s first financial services organisations to enter the metaverse. 

Nedbank has secured a 12 by 12 space in Ubuntuland, a space in the metaverse designated to showcase African creativity, which it will utilise to establish its own ‘village’.

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

To make this leap, the group has partnered with Africarare, the continent’s first metaverse, with which it will collaborate to guide its metaverse transition.

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

The Nedbank village will focus on customer value and services and is expected to contain numerous experiences, including virtual gaming and a sports lounge.

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

Confirming the Group’s intention to delve into experiences beyond the scope of traditional banking, its group executive for marketing and corporate affairs, Khensani Nobanda, comments that its entry into the metaverse isn’t just about having its foot in the door, “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.”

Fred Swanepoel, Nedbank’s Chief Information Officer
Fred Swanepoel, chief information officer, Nedbank

Adding to these comments, Fred Swanepoel, the Group’s chief information officer, affirms that the Group wants “to remain at the forefront of the technologies that will enable the next wave of digital business models.”

To achieve this, Swanepoel confirms that the Group is actively investing in web 3.0 and 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,” he continues.

Author

  • Tyler is a fintech journalist with specific interests in online banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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