Africa next for FNB’s eBucks
BUSINESSBy BiztechAfrica - Oct. 18, 2012, 1:13 p.m.
RMB Private Bank and First National Bank (FNB) aim to roll out the eBucks rewards programme to all eight African countries where FNB operates.
FNB CEO Michael Jordaan said in marking R2 billion in eBucks rewards spent today that the programme had seen phenomenal growth within South Africa, and that it would be extended to the bank’s other markets over time. “We see eBucks growing beyond the borders of South Africa, and ultimately see eBucks in all the African countries where FNB operates,” he said.
FNB said earlier this year that it is pursuing aggressive expansion into Africa. The bank says eBucks is “an integral part of its strategy to grow and retain core transactional accounts by offering a compelling value proposition.”
Its eBucks rewards programme encourages personal and business banking customers to make use of electronic transactions, and rewards them with discounts and eBucks loyalty points, which they can use for making purchases from eBucks partners.
Jordaan says this presents a ‘win-win’ situation, whereby the bank saves on cash processing costs and attracts more customers, retail partners benefit, and customers get discounts and rewards.
Noting that in most developed countries, only around 60 – 70% of loyalty rewards are typically spent, eBucks CEO Yolende Duvenhage said around 80% of eBucks earned were spent by customers.
The programme was launched in 2000 and now extends to 2.7 million members, who have earned a total of R2.7 billion in eBucks rewards. Duvenhage says the popularity of the programme is growing: “While it took 9 years to reach the first R1 billion spend milestone, it has taken only three years to achieve the second billion,” she said.
MORE BUSINESS NEWS
Voice under pressure, data growing in latest MTN resultsAggressive price competition and lower mobile termination rates caused a decrease in voice revenue's contribution to overall revenue, while data services were a key driver of revenue growth, says MTN. Read More
Mustek, Huawei International Pte. Ltd. in $51 million project for Zambia Railway LimitedMustek Limited has announced its contract to supply and deliver over $12 million worth of Huawei’s ‘Signalling and Telecommunications’ equipment to a consortium upgrading Zambia Railway Limited. Read More
Senanu named AccessKenya deputy CEOAccessKenya Group has appointed Kris Senanu as its new Deputy Chief Executive Officer. Read More
Twinpine showcased at MWC14Nigeria’s Twinpine Mobile Advertising Network showcased its technological capacity at the MWC14. Read More
Strong growth for mobile printer marketThe global mobile/portable printer market will reach USD11.87 billion by 2018, says TechSci Research. Read More
Worldwide tablet sales up 68%Worldwide sales of tablets to end users reached 195.4 million units in 2013, a 68 per cent increase on 2012, according to Gartner. Read More
IHS secures US$490m to fund African expansionIHS Holding Ltd. has secured US$490 million of equity and debt in its latest financing round. Read More
PIVOT East partners with Tech Hubs for 2014 startup competitionThe organisers of PIVOT East, one of the most prestigious mobile startup competitions and conferences in East Africa, have announced a partnership with Tech Hubs across the region for 2014. Read More
Top ten named in Google Africa Connected contestThe ten finalists have been named in Google’s Africa Connected competition. Read More
FEATURED STORYMACRA demystifies spectrum management
Malawi's regulator explains the issues around spectrum allocation. Gregory Gondwe reports.
BEST READ NEWS
IN DEPTHYouthConnekt launches Mobile Apps for Human Development Challenge in Rwanda
Rwanda’s Ministry of Youth and ICT and the UNDP, in close collaboration with Motorola Solutions, will power a Mobile App Challenge that will be implemented by YouthConnekt.