Nedbank, a South African bank has ventured into the metaverse via a partnership with Africarare; the bank acquired a 12×12 village in Africarare’s Ubuntuland. Following the acquisition, Nedbank earned the title of the first African financial services organization to venture into the metaverse. The bank failed to discuss the financial implication of its acquisition.
The Nedbank village will focus hugely on customer value and services, according to a press release from the bank. By entering the metaverse, Nedbank aims to provide customers with a range of experiences such as virtual gaming and a sports lounge.
Commenting on the development, Khensani Nobanda, group executive for marketing and corporate affairs at Nedbank Group said that “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 the platforms that resonate with them.”
Mic Mann, co-founder, and CEO of Africarare was elated to welcome Nedbank into the Ubuntuland metaverse. “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,” he said.
Africarare is the continent’s first metaverse and is the go-to for companies and individuals in Africa who are looking to leverage the endless opportunities that the metaverse brings.
Following the latest development, Nedbank is, therefore, the latest South African company to make a play in web 3.0 technologies. Earlier this year, Africa’s leading telecommunication provider MTN announced its entry into the metaverse after it acquired 144 plots of virtual land with an overall area of 12x12m in Africarare’s Ubuntuland. MTN Group became the first African telecommunications company to enter the metaverse following its purchase.