Nedbank takes banking into the metaverse

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Major bank Nedbank has secured a 12×12 village in Ubuntuland – a village on Africarare – Africa’s first metaverse.

The bank claims to have established its presence as the first African financial services organization to enter the metaverse.

According to a press release, the decision is part of the Nedbank Group’s strategy to be a digital leader and to go beyond banking, to discover new avenues of marketing and to take advantage of new technologies to better serve its customers. .

The announcement comes after First National Bank revealed to ITWeb last week that it was looking to exploit the opportunities presented by emerging technologies, such as the metaverse and blockchain.

The Nedbank Village seeks to focus on customer value, and the services will contain many experiences, ranging from virtual gaming to a sports lounge, the bank explains.

As the digital economic journey into the metaverse begins to gather pace in South Africa, major players across various industries are developing personalized experiences in the immersive world, 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 a Johannesburg-based innovation company man made, Africarare is an immersive 3D virtual reality 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 priority for Nedbank,” says Khensani Nobanda, Group Director for Marketing and Corporate Affairs at Nedbank Group.

“Our entry into the metaverse is not just about having a presence in this space; it’s about meeting the needs of our customers on platforms that resonate with them, while offering a range of touchpoints that continue to demonstrate our commitment to leading in digital.

Africarare was billed as South Africa’s first metaverse, when it debuted in October last year.

The virtual reality market claims to have attracted enormous interest from local businesses and individuals wishing to capitalize on the multiple opportunities presented by the metaverse. Early Ubuntuland settlers include MTN, World Data Lab, and M&C Saatchi Abel.

“We are thrilled to welcome Nedbank to Ubuntuland and look forward to creating positive change with them,” says 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.”

Fred Swanepoel, Nedbank CIO, adds: “As Nedbank, we want to stay at the forefront of technologies that will enable the next wave of digital business models, so we are investing in Web 3.0 and new open source technologies on which the metaverse is built. built.

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