First National Bank’s (FNB's) rewards programme, eBucks, may be extended onto the continent, where the bank has a presence in eight countries.
eBucks was unveiled in 2000, just before the dot-com bomb led to several ICT companies collapsing. Yesterday, the rewards offering celebrated giving out R2.7 billion worth of payouts to its members since launch, of which R2 billion has been spent.
Chief executive officer, Jolandé Duvenage says almost half of the spending has gone on essentials such as petrol, medicine and groceries. She says this is an indication that FNB customers are using the rewards programme to stretch their wallets.
The virtual money is earned when FNB customers shop using their FNB cards, and can be spent in physical outlets such as Makro and Incredible Connection, as well as online through the eBucks portal and other partners, such as Look & Listen and Kalahari.net.
In the first nine years of eBucks’ existence, members spent around R1 billion, a figure that doubled in the last three years.
FNB CEO Michael Jordaan says the offering expects similar growth going into the future, but did not specify targeted figures.
Last year, FNB paid out R500 million in eBucks, which was more than its total advertising spend, including the ‘Steve’ campaign, says Jordaan.
He adds that, although eBucks is a “powerful idea”, it took the bank 12 years to extend it to business customers.
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