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Nedbank enters the metaverse through a partnership with Africarare

Nedbank has announced its partnership with Africarare, Africa’s first metaverse, and secured a 12×12 village in Ubuntuland.

By Staff

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South African bank, Nedbank has announced its entrance into the metaverse by acquiring a 12×12 village in Ubuntuland, Africarare’s metaverse. With this move, the bank establishes its presence as the first African financial services organization to enter the metaverse.

Nedbank has not yet disclosed how much it paid for the land.

According to their press release, the Nedbank village has a focus on customer value and services and aims to contain numerous experiences ranging from virtual gaming to a sports lounge. Additionally,  as the digital economic voyage into the metaverse starts to accelerate, major players in trade and industry are poised to develop custom experiences in this digitally enhanced world, which is being heralded as the future of e-commerce.

Nedbank claims that by partnering with metaverses globally, it joins other major international participants like DBS Bank, HSBC, JP Morgan, and Fidelity Investment.

According to Nedbank, Africarare is highly sought-after by companies and individuals who wish to capitalize on the multiple opportunities presented by the metaverse.

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’s about meeting the needs of our clients on the platforms that resonate with them.” 

Mic Mann, co-founder, and CEO of Africarare, stated that they are pleased 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,” Mann said.

With this development, Nedbank becomes the latest South African company to make a play in Web 3.0 technologies. 

Africarare is Africa’s first metaverse and houses settlers such as MTN, which purchased land in the metaverse in February.


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