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    NED   ZAE000004875

NEDBANK GROUP LIMITED

(NED)
  Report
End-of-day quote Johannesburg Stock Exchange  -  2022-11-27
228.24 ZAR   +0.44%
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Nedbank Banks on the African Metaverse

09/21/2022 | 09:20am EST

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 ecommerce. Nedbank, one of the largest financial services groups in Africa, has partnered with Africarare (https://Africarare.io/), Africa's first metaverse, and secured a 12x12 village in Ubuntuland on which to establish its presence as the first African financial services organisation to enter the metaverse.

This forms part of the financial services group's strategy to lead in digital, go beyond banking, discover new marketing platforms and leverage new technology to better serve its customers and stay at the forefront through forward-thinking solutions.

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 joins global players such as DBS Bank, HSBC, Fidelity Investment and JP Morgan who have partnered with metaverses globally. Africarare, Africa's first metaverse is highly sought-after by companies and individuals wishing to capitalize on the multiple opportunities presented by the metaverse. The early settlers in Ubuntuland include MTN, World Data Lab, and M&C Saatchi Abel.

"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," says Khensani Nobanda, Group Executive for Marketing and Corporate Affairs at Nedbank Group.

Fred Swanepoel, Nedbank's Chief Information Officer 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."

"We are thrilled to welcome Nedbank into Ubuntuland and look forward to creating positive change with them" said Mic Mann, Co-founder and CEO of Africarare. "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," he added.

Africarare, Africa's first metaverse was established to unlock African potential and connect Africa to the global digital economy.

Distributed by APO Group on behalf of Africarare.

Note to Editors:

To access Africarare Ubuntuland, go to:https://Africarare.io/

For more information, kindly contact:

Jenny Griesel

Jenny Griesel Communications

Tel+ 27 83406 3444

jenny@jennygriesel.co.za

To follow Africarare on social media, go to:

Discord:https://bit.ly/3xyewWb

Twitter:https://bit.ly/3RXUT2h

Instagram:https://bit.ly/3UnS1xb

For regular updates, follow Africarare on Twitter: @AfricarareNFT

.

(C) 2022 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials
Sales 2022 63 353 M 3 698 M 3 698 M
Net income 2022 13 852 M 809 M 809 M
Net Debt 2022 - - -
P/E ratio 2022 8,19x
Yield 2022 7,29%
Capitalization 111 B 6 493 M 6 493 M
Capi. / Sales 2022 1,76x
Capi. / Sales 2023 1,61x
Nbr of Employees 26 343
Free-Float 89,8%
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Mean consensus BUY
Number of Analysts 9
Last Close Price 228,24 ZAR
Average target price 251,17 ZAR
Spread / Average Target 10,0%
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Managers and Directors
Michael William Thomas Brown Chief Executive Officer & Executive Director
Michael Davis Chief Financial Officer & Executive Director
Paul Mpho Makwana Non-Independent Non-Executive Chairman
Fred Swanepoel Chief Information Officer
Mfundo Clement Nkuhlu Chief Operating Officer & Executive Director
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