Africa next for FNB’s eBucks

BUSINESS

-
Image: Michael Jordaan. By BiztechAfrica
Michael Jordaan

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.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE BUSINESS NEWS

Further African expansion for Phoenix

Phoenix Distribution, a leading broad-based distributor on the African continent, has expanded its office in Nairobi, Kenya, in a move to better serve its partners in East Africa.  Read More

Garmin seeks business partners in West Africa

Garmin is hosting a trade delegation in Accra, Ghana from the 12th to 16th May 2014. Read More

Orange Telkom not closing Kenya business: Ghossein

Speculation that Orange Telkom Kenya would be closing its Kenyan operations has been put to rest. Read More

Dimension Data enters Ghana’s IT market

Dimension Data, a South Africa-based ICT solutions and services provider, has announced its entry into the Ghanaian ICT market. Read More

Glo rewards business partners

Globacom has showered 53 high-end vehicles and other prizes on its trade partners responsible for distributing Globacom’s products and services across Nigeria. Read More

Worldwide PC shipments decline

Worldwide PC shipments totalled 76.6 million units in the first quarter of 2014, a 1.7 per cent decline from the first quarter of 2013, according to preliminary results by Gartner Read More

Axis Solutions becomes first VMware Premier Partner in the WECA Region

Axis Solutions, a Pan-African ICT solutions provider headquartered in Harare Zimbabwe, is the first VMware partner to become a Premier Partner within the WECA region.   Read More

Nigeria to spur Oracle's African drive

Oracle Corporation has assured that Nigeria will be the centerpiece of its developmental drive in Africa. Read More

Pivot East nurtures promising startups

Pivot East, an innovative mobile web competition geared towards nurturing the growing ICT talent in East Africa, is providing an ideal platform to grow mobile web startups. Read More

Phoenix Distribution unveils new, interactive website

Phoenix Distribution, currently the leading value added software and CES distributor across the African continent, has redesigned its website, making it easier to use for clients and partners alike. Read More

PRESS OFFICES

Sage ERP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN Business

FEATURED STORY

Kenyan bloggers get their act togetherKenyan bloggers get their act together

Bloggers seem to be gaining a formidable position in Kenya’s online media fraternity, reports Semaj Itosno.

IN DEPTH

E-waste threatens Ghana’s beachesE-waste threatens Ghana’s beaches

Many beaches in Ghana, already stressed by pollution and poor maintenance, are now facing a new threat: e-waste.

COMPANY NEWS

Further African expansion for Phoenix

Phoenix Distribution, a leading broad-based distributor on the African continent, has expanded its office in Nairobi, Kenya, in a move to better serve its partners in East ...