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.
MORE BUSINESS NEWS
VMware reports third quarter 2014 resultsVMware, the global leader in virtualization and cloud infrastructure, today announced Year-over-Year Revenue Growth of 18% to $1.52 Billion in its financial results for the third quarter of 2014. Read More
CA Technologies study reveals application divideA global study commissioned by CA Technologies reveals that that “Leaders” who are investing in new innovation and development capabilities are growing revenue at more than twice the rate of “Laggards,” creating an Application Divide in the marketplace. Read More
RubiBlu eyes African growthSA-based software firm RubiBlu plans to expand in Africa on the back of significant growth. Read More
MTN Business partners Ghana SME 100 RankingMTN Business has been announced as the headline sponsor of the first annual Ghana SME 100 ranking, an initiative put in place to identify and honour the country's top 100 local Small Medium Enterprises. Read More
Banks deny charging customers for BVNMoney deposit banks (MDBs) have denied allegation that they were milking their customers through ongoing Bank Verification Number (BVN) project of the Central Bank of Nigeria (CBN). Read More
Schneider Electric to acquire InStep SoftwareSchneider Electric, the global specialist in energy management, has entered into an agreement to acquire InStep Software, a leading provider of real-time performance management and predictive asset analytics software and solutions. Read More
AfricaOnline managed service solution launched in GhanaPan African telecoms operator, Gondwana International Networks (GIN) has announced that its AfricaOnline business has launched a managed infrastructure and services solution in Ghana. Read More
4th Annual CIO100 awards open for applicationIn conjunction with PwC, the CIO 100 awards, now in its fourth year, is now open for applications. Read More
Kenya’s Wananchi Group raises $130m for African expansionKenya’s Wananchi Group, which owns the Zuku pay-TV and fibre brands, has raised US$130 million in funding to expand in East and Southern Africa. Read More
Investor networks to work towards pan-African Business Angel NetworkInvestor networks from across Africa attending last week’s DEMO Africa event in Lagos, Nigeria agreed to investigate how to form a pan-African Business Angel Network focused on early stage SME investing on the continent. Read More
FEATURED STORYGrowing African focus on data security
Beachhead Solutions’ new SA and Mauritius country manager explains the challenges and solutions around securing customer data and compliance with new personal information legislation.
BEST READ NEWS
IN DEPTHAfrica lags on digital migration
Only three African countries have so far completed the digital migration process, and serious issues are hampering the migration in other nations.