Nedbank Namibia says its Avo SuperShop has seen its merchant base grow to 17 since its launch in August 2023.
The merchants include Nictus, MegaTech, Nanodog, Pandora, Zera Leather, Inside Africa, Apple, Leer Meester, Maillot Jaune, Chai Namibia, Lovelle’s Baby Boutique, Makalani Homeware, Double Barrel Arms, JCSports, Canocopy, DF Creations and Cira Tech.
The Avo SuperShop serves as a digital marketplace where customers can access essential goods, fashion items, and appliances while prioritising the security of transactions and offering rewards through AvoPoints for Nedbank Namibia clients.
In addition, Namibians can purchase airtime and data from TN Mobile and MTC and pay utility bills to various municipalities in the country.
“Avo provides consumers with significant advantages, including reduced distribution costs for small and medium enterprises (SMEs) through online sales, increased sales volume, and digital marketing strategies. This offering empowers our clients to easily buy essential products and services online, aligning seamlessly with our strategic vision to establish ourselves as a prominent player in Namibia’s fintech, e-commerce, and digitalisation sectors,” said Victor Ashikoto, Nedbank Namibia’s Chief Operating Officer.
Ashikoto said Avo also offers a wide range of products, including furniture, large appliances, beauty and personal care, fashion, home appliances, Apple products, home and garden items, power solutions, tech products, fashion, pantry and household goods, DIY supplies, bags, deals, beauty products, travel essentials, and sports equipment.
“A key mission of Avo is to empower SMEs by facilitating a seamless digital transition. This opens up opportunities to over 100,000 clients to actively engage in online product purchases, reducing their reliance on traditional sales approaches,” he stated.
Furthermore, Ashikoto said in 2022, the value and volume of e-money transactions by the bank increased to N$34 billion and N$64 million, respectively. The increase was attributed to changing consumer behaviour due to the ease of use and access to wallets in particular.
In addition, he said, the Nedbank Money App (Africa) has garnered high ratings on the App Store and Play Store; total digital transaction volumes saw a 30% increase in 2022, with app users growing by over 37%, and app transaction volumes rising by 35%.
“We continually refine our wallet products. Additionally, we have introduced a lead generation tool and offer insurance products on the Money App (Africa) as part of 30 initiatives targeting revenue uplift and cost reduction in our drive for digital automation. We further rank among Africa’s leading digital financial service providers, boasting a selection of digital products, services, and client value propositions. The bank’s African digital strategy, underpinned by the Managed Evolution technology programme, focuses on delivering innovative solutions for clients such as the PayToday platform and aims to lead the market,” stressed Ashikoto.
In addition, he said Nedbank Namibia, has benefited from closer collaboration with its parent, Nedbank Group, in advancing the automation of processes and digitalising the business.
Therefore, with the launch of Avo, Nedbank envisions the Avo SuperShop as a catalyst for digital financial innovation, bridging the gap between consumers and businesses while ensuring secure transactions.
“We continue to accelerate the digitisation of our business and will bring more projects to fruition this year to improve efficiencies and revenue. Also, our digitalisation plans align with those of the Bank of Namibia, which positions digital transformation as a top strategic priority for modernising the financial sector and enhancing financial inclusion.”
Taking inspiration from the resounding success of Avo SuperShop in South Africa since its 2020 launch, the platform has amassed a staggering 2.3 million customers and registered over 23,000 businesses.
