Nedbank Namibia is set to introduce credit options on its e-commerce platform, Avo Supershop , as part of its ongoing digital expansion strategy.
Nedbank’s Managing Director, Martha Murorua, confirmed that the bank is actively working on enhancing its offerings for Avo Supershop and Pay Today customers in the second quarter of 2025.
“We are revamping the Pay Today platform, but we are also enhancing Avo Supershop, where we will be able to actually, on the spot, be granted credit to shop for your appliances and goods at Avo Supershop,” Murorua said on Tuesday.
Nedbank Group Managing Executive for Nedbank Africa Regions, Terence Sibiya, highlighted the platform’s success since its launch in Namibia in 2023.
“We have seen good performance from the Avo Supershop since we launched it in Namibia, but the specifics will come through later on. But since inception, Avo Supershop has done really well, gaining about 2,250 clients with over 3,000 products,” he said.
Murorua also provided insights into Nedbank Namibia’s financial performance for the year ended 31 December 2024, noting significant growth in non-interest revenue, driven by the bank’s strategic focus on digital transformation.
She reported that the bank’s penetration rate had increased to 72%, up from 64% the previous year, with client growth across all segments rising by 8%.
Additionally, the bank recorded an increase in cash-out transaction volumes and values, which grew by 64.5% and 64.2%, respectively.
While the bank faced challenges due to impairments on home loans, Murorua said these were offset by a 5% increase in loans and advances, surpassing the private credit extension rate of 4%.
“While we were impacted by impairments on the home loans book, these were offset by the growth in loans and advances. We saw growth in our business banking segment with loans and advances increasing by 21%, and the performance of our business banking unit has helped offset the impairments,” Murorua said.
As part of its digital transformation, Nedbank continues to expand its robotic process automation program. Murorua revealed that four processes had already been enhanced, with two additional processes still being rolled out. She highlighted the successful automation of overdraft processes and the implementation of a credit decision engine, both of which have improved operational efficiency.
Beyond digital initiatives, the bank is also seeing positive growth in its insurance division, with gross written premiums rising by approximately 20%, driven by increasing interest in funeral plans and credit lines.
“We are transforming our systems to provide better services to our customers. This includes improving our insurance business, where we’ve seen a 20% increase in gross written premiums, driven by our funeral plans and credit lines,” Murorua said.
Nedbank Group’s overall financial performance for the year ended 31 December 2024 was strong, with headline earnings rising by 8% to R16.9 billion, diluted headline earnings per share increasing by 11%, and return on equity improving to 15.8%.
