Africa next for FNB’s eBucks
BUSINESS| 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.
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As confidence in mainstream banks remains low due to prohibitive interest rates, customers are embracing Savings and Credit Cooperatives (SACCO) as an alternative.
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