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

Nedbank did not disclose 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.

Africarare is Africa’s first metaverse and houses settlers such as MTN, which purchased land in the metaverse in February. According to Nedbank, Africarare is highly sought-after by companies and individuals who wish to capitalise on the multiple opportunities presented by the metaverse.

“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,” says Khensani Nobanda, group executive for marketing and corporate affairs at Nedbank Group.

For Africarare, Mic Mann, co-founder and CEO, stated that they are pleased to welcome Nedbank into the Ubuntuland metaverse.

“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,” Mann added.

Nedbank becomes the latest South African company to make a play in web 3.0 technologies. This week, retailer Mr Price also ran a competition giving away nine non-fungible tokens (NFTs) to its Instagram followers.