In an era marked by the relentless march of digital innovation, Nedbank’s Avo Super App stands out as a beacon of financial convenience and accessibility. With each passing day, the app continues to experience remarkable growth, cementing its status as a vital tool in the realm of digital banking.
Its ability to attract a burgeoning number of customers to Nedbank’s digital platform underscores not only the app’s appeal but also the bank’s commitment to meeting the evolving needs of its clientele in the ever-expanding digital landscape.
Let’s delve into the factors driving the Avo Super App’s ongoing ascent and its impact on Nedbank’s digital transformation journey.
“Nedbank’s world-class technology platform, delivered through our Managed Evolution (ME) programme which has reached 95% completion, supported continued double-digit growth in all digital-related metrics; client satisfaction scores remaining at the top-end of the South African banking peer group; higher levels of cross-sell; main-banked client gains across all segments; market share gains in key product categories; and improved efficiencies,”outgoing Nedbank CE Mike Brown, said.
These digital initiatives helped Nedbank increase the number of digitally active retail clients in SA by 11% year-on-year to 2,9 million, representing 69% of retail main-banked clients.
Retail digital transaction volumes in SA increased by 12% and transaction values were up by 10%.
Digitally active clients across the Nedbank Africa Regions (NAR business increased to 64% of its total active client base.
The NAR business has operations in Eswatini, Lesotho, Mozambique, Namibia and Zimbabwe as well as representative offices in Ghana and Kenya. Nedbank Group has a 21,2% shareholding in Ecobank Transnational Incorporated (ETI) and is the custodian of the Ecobank–Nedbank alliance.
The bank added that active Nedbank Money app clients reached 2,3 million in 2023, up by 16% year-on-year.
Transaction volumes on the Money app increased by 18% year-on-year and transaction values increased by 19%.

Since its launch in 2020, the Avo super app (SuperShop) has signed up 2,5 million customers (up by 26% year-on-year), with over 23 000 businesses registered to offer their products and services on this e-commerce platform.
Avo continues to grow exponentially, with a more than 100% year-on-year increase in gross merchandise value as all 3 Avo ecosystems (Avo solar, Avo Auto and Avo B2B) gain momentum.
Avo Solar launched in August 2023, with over 100 residential installations, of which 70% are being financed by Nedbank.
Nedbank also reported a 11% rise in headline earnings (HE) to R15,7 billion for the 12 months to 31 December 2023.
The bank attributed this growth to a strong operational performance as preprovisioning operating profit increased by 15%, underpinned by 12% revenue growth and prudent expense management, partially offset by a 30% increase in the impairment charge, which reduced from the 57% increase in this charge reported in the first half of 2023.
Brown said a highlight of the year was achieving all the group’s post-Covid targets for end 2023 that were announced in March 2021.
“Two of these targets were already achieved in 2022 – being exceeding the 2019 diluted headline earnings per share (DHEPS) of 2 565 cents and ranking #1 on Net Promoter Score (NPS),” he said.
“In 2023 we further increased DHEPS to 3 199 cents, up by 14% year on year (yoy), and we maintained our #1 NPS ranking among South African banks. Pleasingly, at the end of 2023, we also met the remaining 2 targets, by reporting an ROE of 15,1%, ahead of the target level of 15,0% and a cost-to-income ratio of 53,9%, which is lower than our target of 54,0%. These targets were achieved as a result of ongoing progress on the delivery of our strategy, with a focus on growth, productivity, as well as risk and capital management.
“As I reach the final stretch of my 30 years with the Nedbank Group, the last 14 of which I was privileged to be the CE, I look back with pride on our achievements and the challenges we have overcome together. When I retire as planned at the annual general meeting in May 2024 and hand over to Jason Quinn, I know I leave behind a better Nedbank than what I was entrusted with, and that Jason and the Nedbank team will inherit strong foundations from which to build an even better future for all our stakeholders.”