irst National Bank (FNB) and RMB Private Bank customers have spent over R450 million using the eBucks rewards programme since the beginning of lockdown in March.
While 2020 has been an economically challenging year, with many consumers reconciling with the financial difficulties caused by the COVID-19 pandemic, FNB says its customers have turned to eBucks rewards to better manage their finances.
During the current lockdown period, more FNB and RMB Private Bank customers have been using eBucks to shop on e-commerce platforms and buy petrol at service stations, and earning rewards when swiping their cards at partner retailers.
Since launch 20 years ago, billions of rands have been spent by eBucks members using the virtual currency, according to the big-four bank.
It says monetary-related benefits remain more appealing to consumers, particularly during SA’s tough economy.
“We’ve seen how eBucks members are using their rewards to buy essentials,” says eBucks CEO Johan Moolman.
“Since the start of the national lockdown towards the end of March, members have spent over R451 million worth of eBucks on things like fuel, groceries, airtime and data and other day-to-day necessities, helping them stretch their monthly budgets even further.”
Members of eBucks Rewards earn reward level points for having an FNB savings or investment account, maintaining a healthy credit status with the Nav Money tool on the mobile app, and for using [email protected] withdrawals, which the bank says is more cost-effective than ATM and branch withdrawals.
In 2018, FNB launched the Nav Money tool on the FNB App to help customers track their spending and view their credit status.
Moolman points out that the value of a good rewards programme goes far beyond the day-to-day rewards that members enjoy. A valuable rewards programme should also be designed to enable members to practise good money management and encourage them to grow their savings to protect their future.
“We want to help our members to earn eBucks so they can use them to supplement their household income, especially during these times of uncertainty. This is why we’ve introduced tools on the FNB App such as ‘Track my rewards’ and ‘Earn more eBucks’, which allow members to track their current banking behaviour daily and easily perform the necessary banking behaviours to move up a reward level and earn more eBucks in the upcoming month,” states Moolman.