NEDBANK, which is today expected to report a 108 percent to 118 percent increase in headline earnings per share for the 12 months to December 31 today, said yesterday that its online Avo solution had grown substantially beyond its expectations.
The bank said yesterday Avo had reached 1 million customers. The customer base had doubled in the past four months, with 50 percent of that being achieved in the last four weeks, the bank said in a statement yesterday.
Avo, a platform for online consumers provides from a selection of restaurants and liquor outlets with free on demand delivery, to everything consumers need from leading grocers.
Avo was launched in June 2020 mid-pandemic, and was serving an ever-expanding customer base, Ciko Thomas, managing executive: Retail and Business Banking at Nedbank Group said.
The app recently launched the Avo Auto marketplace that had seen many South Africans find and purchase their new vehicles, and a first of its kind Business to Business platform.
Avo Business had on-boarded more than 20 000 merchants - here, businesses connect and gain access to a new customer base.
Registered businesses received benefits of growing their e-commerce expansion through Avo, including bank grade security, payment reservation, end-to-end logistics support and access to the growing 1 million customer base, the bank said.
BUSINESS REPORT ONLINE