Following the rapid movement of digital economy into the metaverse, major players in trade & industry are looking to develop custom experiences in this digitally enhanced world which is being envisioned as the future of E-commerce.
Earlier, global players such as DBS bank, HSC, Fidelity investment and JP Morgan partnered with global metaverses, following this trend, Nedbank, one of the largest financial institutions in Africa has partnered with Africarare, securing a 12*12 villages in Ubuntuland, making it the first financial service organization in Africa to enter the metaverse.
Nedbank joined the likes of MTN, World Data Lab and M&C Saatchi Abel who were early settlers in Ubuntuland. This move is in line with Nedbank’s strategy to lead in digital technology, discover new marketing platforms and leverage new technology in other to better serve its customers and maintain a competitive edge through innovative solutions.
Goals of Nedbank
Speaking on the goals of Nedbank, Khensani Nobanda, Group Executive for Marketing and Corporate Affairs at Nedbank Group says “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.”
The Nedbank village with a focus on customer value and services, will contain numerous experiences ranging from virtual gaming, a sports lounge and more.
Nedbank’s Chief Information Officer, Fred Swanepoel, says: “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.”
CEO of Africarare Speaks
Commenting on the new partnership Mic Mann, Co-founder and CEO of Africarare said, “We are thrilled to welcome Nedbank into Ubuntuland and look forward to creating positive change with them. 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.”
Africarare, Africa’s first metaverse was established in October 2021 with the aim of building and uplifting Africa, connecting her to the global digital economy, to stimulate growth, create jobs and unlock African potential. It is an Afro-themed metaverse developed by Africarare and Mann Made Media and features a digital land called Ubuntuland. Its own currency is called the $UBUNTU Token and it can be purchased, exchanged, held, and used for a variety of activities in Ubuntuland, including games, social interactions, and art exhibitions.