Nedbank becomes the first South African bank to enter the metaverse. The lender is the fourth largest bank in the country by assets. By collaborating with the continent’s first metaverse, Africarare, to buy 144 plots in Unbutuland which will soon be developed into a virtual financial services village. The purchase was made for an undisclosed amount.
The bank looks to build the virtual village into a complete metaverse experience with plenty of attractions ranging from virtual gaming to a sports lounge.
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.”
Some of the early settlers of Ubuntuland include MTN, M&C Saatchi Abel, and World Data Lab.