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As part of its strategy to leverage new technology and go beyond conventional banking, Nedbank has partnered with Africarare, Africa’s first metaverse, and secured a digital village in Ubuntuland.

The bank not only wants to establish its presence as the first African financial services organisation 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 Group Executive for Marketing and Corporate Affairs at Nedbank Group Khensani Nobanda.

Nedbank joins other players in the industry such as DBS Bank, HSBC, JP Morgan, and Fidelity Investments, who have entered the metaverse globally.

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

“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 market places, where we believe, we will need to meet and serve our clients,” said Nedbank’s Chief Information Officer Fred Swanepoel.

Local early settlers in Africarare’s Ubuntuland metaverse 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 co-founder and CEO of Africarare Mic Mann. “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.”