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

Umati Capital secures $10m finance line from ApexPeak

Kenyan financial tech startup Umati Capital has agreed a deal with ApexPeak securing its first line of wholesale capital.  Read More

Kirusa acquires Ghana’s Saya Mobile

Voice messaging and social media apps firm Kirusa has acquired Ghana-based Saya Mobile, which provides instant messaging apps geared specifically for African consumers.  Read More

SAP to invest up to $500m in African innovation and growth

Pfungwa Serima SAP has announced a long-term commitment to regional expansion, sustainable growth and skills development of up to 10,000 IT consultants in Africa. Read More

Microsoft, UNDP partner to support Ethiopian entrepreneurs

First Lady Roman Tesfaye (front) visiting women undergoing entrepreneurship training Microsoft has signed a collaborative agreement with the United Nations Development Programme (UNDP), under which Microsoft will provide training and mentorship services to 200,000 Ethiopian entrepreneurs. Read More

Location based services market to reach $43.3bn by 2019

A new report from Juniper Research forecasts that the Mobile Context and Location Services market will reach $43.3bn in revenue by 2019. Read More

Garmin calls on buyers in Southern Africa

The Africa team for Garmin Sub-Saharan Africa will be hosting meetings in Lusaka, Zambia to meet with buyers, potential resellers and business partners this month. Read More

Nomanini secures further $450k for expansion

Nomanini client StreetCred, Zamiba South African electronic prepaid service distribution platform Nomanini has received US$450,000 in funding from the IDC to expand outside of Africa. Read More

Africa offers US ‘compelling trade and investment opportunity’

Africa offers US multinationals a compelling trade and investment opportunity thanks to the rapid economic growth rates across the continent, says Standard Bank.   Read More

PwC investment to accelerate African growth opportunities

Suresh Kana PwC is increasing its investment in Africa and building closer links between PwC UK and PwC Africa, to meet increased demand for professional services as trade activity between the two regions grows. Read More

Kouros Capital Group announces multi-billion Nigerian investment plan

Arch. Amir H. Amiri, Executive Director, Kouros Capital Group and  Chief Etiebet of Dextel Kouros Capital Group Limited (KCG) has announced that it is making immediate arrangements to bring into Nigeria substantial investment funding, for projects in telecommunications, agriculture, banking, oil and gas and aviation sectors.   Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

Nigeria’s VAS providers ‘on brink of extinction’Nigeria’s VAS providers ‘on brink of extinction’

WASPAN chief Simon Aderinlola says unless the regulator intervenes, WASPAN may not have anything left to regulate. Kokumo Goodie reports.

IN DEPTH

Kenya rolls out e-extension to improve agricultureKenya rolls out e-extension to improve agriculture

In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.

COMPANY NEWS

Schneider Electric trains 50,000 in energy management

Schneider Electric has trained more than 50,000 people in energy management as part of its BipBop energy access programme.