South African banking institution, Nedbank, has teamed up with Africarare, the continent’s first metaverse, to purchase a 12×12 hamlet in Ubuntuland for an undisclosed sum of money. As the first financial service organisation in Africa to enter the metaverse, this is added to enhance and solidify its presence.
This new acquisition is part of the financial services group’s strategy to adopt digital technology to uplift its banking system, to better serve its customers, and maintain a competitive edge through innovative technological solutions.
Commenting on the financial services goals, Khensani Nobanda, Group Executive for Marketing and Corporate Affairs at Nedbank Group said,
“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 is 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 the digital space.”Khensani Nobanda, Group Executive for Marketing and Corporate Affairs at Nedbank Group
The new Nedbank acquisition aims to focus on customer value and services, as well as provide a variety of experiences such as virtual gaming, a sports lounge, and more.
Financial institutions making inroads into the metaverse
As the digital economic voyage into the metaverse starts to accelerate, major global players in trade and industry are poised to develop custom experiences in this digitally enhanced world, which is being heralded as the future of eCommerce.
This abrupt transformation may have occurred since more digital technologies are being adopted and formats are changing from analogue to digital in the current financial environment.
Earlier this year, JP Morgan became the first bank to enter the metaverse.
The US financial giant purchased a sizable portion of Decentraland. Other financial institutions have followed suit, including DBS Bank, HSBC, Fidelity Investments, and Kookmin, a South Korean bank that offers one-on-one consultations in the metaverse as a customer care alternative.
Other global companies such as Meta, Microsoft, Nvidia and Square have also made significant moves toward establishing a presence in the metaverse.
MTN is the first African company to enter the metaverse by purchasing digital real estate in Africarare.
According to Bernice Samuels, Group Executive for Marketing, through its presence in the metaverse, MTN intends to increase its customer attractiveness through a series of experiences merges with consumer passion points like gaming and music
The first metaverse in Africa, called Africarare, was established in October 2021 with the goal of connecting Africa to the global digital economy, bringing African creativity to the metaverse, and releasing African potential.
The African Virtual Reality metaverse features a digital land called Ubuntuland. It is an Afro-themed metaverse developed by Africarare and Mann Made Media. It is set to showcase some of the nest of African art, fashion, entertainment, sports, tech and creativity.
Commenting on the positive outcome of this huge investment, 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.Mic Mann, Co-founder and CEO of Africarare
Africarare additionally offers a marketplace for 3D virtual reality experiences called Ubuntuland. Ubuntuland is an Afro-themed metaverse developed by Africarare and Mann Made Media. It is set to showcase some of the nest of African art, fashion, entertainment, sports, tech and creativity.
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.
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!