FNB eBucks deal to expand rewards programme

2013-09-12 08:00
FNB has expanded its reward programme in a partnership with Shoprite Checkers. (FNB)

FNB has expanded its reward programme in a partnership with Shoprite Checkers. (FNB)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Johannesburg - The First National Bank and Shoprite Holdings reward programme partnership is intended to expand loyalty programmes to a wider audience, the bank said.

FNB announced a commercial partnership with retailer Shoprite Checkers on Wednesday that would see eBucks customers being able to earn and spend points in Shoprite Checkers stores.

But the loyalty programme is not only meant for big spenders.

"In the reward space, the perception often exists that rewards programmes are really just there for the elite customers - those high spenders in the market - and I think this is one value proposition that proves the opposite," eBucks CEO Jolandé Duvenage told News24.

FNB said it chose the retailer because of its reach in SA of around 940 stores, across a varied economic demographic.

Digital technology

The model will see Shoprite and Checkers customers earn up to 15% of their spend back in eBucks rewards as well as being able to pay for goods in cash and eBucks.

The deal though, does not negatively affect FNB customers who do not shop at the partner retailer, the bank insisted.

"This is a real sweetener. Nothing changes from normal life - you can shop where you want to go," said Jacques Celliers, head of FNB Business Banking and soon to replace Michael Jordaan as CEO.

Digital technology has been a central feature of Jordaan's tenure as CEO of FNB and he said that e-commerce platforms had the capacity to change consumer behaviour.

"It also entices them to not use manual channels like cash and cheques but to go onto electronic channels internet banking and the app," Jordaan told News24.

Since October 2000, FNB has paid out R3bn in eBucks rewards and the deal with Shoprite Checkers is estimated to be worth millions to customers.


"I think most exciting for customers is the sheer amount of eBucks that we pay out within a year. Last year, it was over R700m, and that in itself was an increase of 30% on the prior year, and that in itself was an increase of 50% on the year before that.

"The quantum that we think this will bring is at least R120m a year to customers," Jordaan said.

FNB said that this deal was tailored for Shoprite Checkers and it is unlikely that further retailer deals would materialise.

"So the way this proposition has been created is that no, we won't be bringing on a Pick n Pay, Spar, Woolies or those guys into this proposition.

"This proposition in terms of our retail grocer is very much a partnership with Shoprite Checkers," said Duvenage.

While e-commerce platforms are on a growth trend the deal was not an easy one to put together and Jordaan credited his team for doing the hard work.

"It took nearly two years. There were times when this deal was dead and then it kind of revived itself, and right at the end, I was called in to go and have one or drinks with the CEO [Whitey Basson]. My only contribution to this deal was putting my liver on the line; it was a really tough evening," he said to laughter from reporters.

- Follow Duncan on Twitter
Read more on:    fnb  |  shoprite holdings  |  e-commerce

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24


5 top leg exercises for men

Here’s our selection of the five best leg exercises that you can do in the comfort of your own home.


You won't want to miss...

WATCH: Pornhub is giving users free access to premium content this holidays
5 top leg exercises for men
10 best dressed men of 2017
How to open a beer bottle without an opener
Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.