Nedbank launches Avo as a digital marketplace for businesses and customers

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Ever heard of a super app? Well Nedbank customers are about to get one in the form of Avo, a new digital marketplace that will feature a number of different app integrations, services and solutions for businesses and customers of the financial institution.

With Nedbank calling it a first for the African continent, Avo will look to serve people digitally, while also being a portal for partners to interact with customers.

“Today’s banks have an opportunity and a responsibility, to do far more for their customers than merely provide financial services. Platform ecosystems are the perfect way for them to deliver these comprehensive value propositions that their customers deserve,” says Ciko Thomas, managing executive for retail and business banking at Nedbank.

“The term ‘Super App’ refers to a multitude of apps aggregated into one. This means that customers and businesses can manage their daily lives through one app, breaking through the digital clutter on mobile.  As Nedbank continues to test the market, they have filed eight provisional patents relating to the Avo platform – a great feat for platform innovation in Africa,” adds the institution in a press release sent to Hypertext.

Nedbank also explains that the Avo super app is in beta, with its 30 000 staff members serving as testers for its functionality, and providing insights to help improve the marketplace before it makes its wider release to the general public.

“The beta version of Avo has been delivering essential goods, providing home entertainment and connecting home service providers across provinces. These are just a few of Avo’s proudest feats as we move into the next stage of the launch plan,” says Nedbank.

“To date, Avo has reached the milestone of over 5 000 customers registered and 170 registered Home Repair and Services merchants. With requests flying in daily, Avo may just be the platform small businesses need to survive during the National Lockdown period,” it adds.

No precise launch window has been mentioned, but as customers across the country look for digital solutions during lockdown, Avo could prove a fruitful venture.

For now, a beta release is rolling out to Nedbank Money app users, which will then be followed by availability for other Nedbank clients.

Robin-Leigh Chetty

Robin-Leigh Chetty

Editor of Hypertext. Covers smartphones, IoT, 5G, cloud computing and a few things in between. Also a keen photographer and dabbles in console games when not taking the hatchet to stories.