Big-four bank Nedbank has secured a 12x12 village in Ubuntuland – a village on Africarare – Africa’s first metaverse.
The bank says it has established its presence as the first African financial services organisation to enter the metaverse.
According to a statement, the move forms part of Nedbank Group’s strategy to lead in digital, and go beyond banking, discover new marketing avenues and leverage new technologies to better serve its customers.
The announcement comes after First National Bank last week revealed to ITWeb it is looking to tap into the opportunities presented by emerging technologies, such as the metaverse and blockchain.
The Nedbank village looks to focus on customer value, and services will contain numerous experiences, ranging from virtual gaming, to a sports lounge, says the bank.
As the digital economic voyage into the metaverse starts to accelerate in SA, major players across various sectors are developing custom experiences in the immersive world, which is seen as the future of e-commerce.
Nedbank joins global financial services players such as DBS Bank, HSBC, JP Morgan and Fidelity Investment, which have partnered with metaverses globally.
Developed by Johannesburg-based innovation company Mann Made, Africarare is a 3D virtual reality immersive hub. It houses a metaverse marketplace that showcases African art, and provides a platform for businesses and artists to display their offerings.
“Creating experiences that go beyond banking has always been a focus for Nedbank,” says 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 touch-points that continue to demonstrate our commitment to lead in digital.”
Africarare was billed as the first South African metaverse, when it made its debut in October last year.
The virtual reality marketplace says it has seen huge interest from local companies and individuals wishing to capitalise on the multiple opportunities presented by the metaverse. The early settlers in 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,” states 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.”
Fred Swanepoel, Nedbank CIO, 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.”
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