South Africa’s First National Bank (FNB) and prominent retail chain Pick n Pay have launched an extended partnership, aiming to enhance customer rewards through additional eBucks offerings. This alliance, which activates from 1 November 2024, extends various rewards to FNB Private Clients and RMB Private Bank members, rewarding both in-store and on-demand purchases through Pick n Pay’s “asap!” delivery service.
Under this expanded program, qualifying customers will earn up to 30% of their expenditure back in eBucks on groceries ordered through Pick n Pay’s “asap!” service, catering to a growing preference for digital and on-demand retail. In-store purchases will return up to 20% of spend in eBucks for FNB Private Clients and Private Wealth members, as well as customers from RMB Private Bank, while FNB Easy customers will receive vouchers worth up to R100, signalling a clear inclusivity in the rewards structure.
This offering extends to Pick n Pay Clothing, where Aspire plan members can accumulate up to R150 in eBucks on clothing purchases, and other high-tier customers, including Premier, Private Clients, Private Wealth, and RMB Private Bank members, will gain up to 20% back on similar spends. In a bid to increase the utility of rewards, all FNB cardholders enrolled in eBucks will also gain the ability to spend their eBucks at Pick n Pay outlets nationwide, a first in the program’s history.
Both firms have expressed their strategic optimism regarding the collaboration, with FNB Private Segment CEO Sizwe Nxedlana framing the partnership as part of a broader commitment to customer value. “This partnership represents the next step in our ongoing journey to help South Africans get more value from their everyday spending,” Nxedlana stated, positioning the expanded program as a pragmatic response to South Africa’s challenging economic landscape. Pick n Pay CEO Sean Summers mirrored this sentiment, articulating the importance of tangible, practical rewards at a time when household budgets are under significant pressure.
Summers elaborated on the popularity of an initial 99c bread promotion, introduced to drive early engagement among entry-level FNB clients. Through this offer, FNB Easy Bundle and PAYU account holders can purchase up to four loaves of bread each month at this markedly reduced price, provided they use their FNB Easy Debit Card. Notably, the promotion has achieved high redemption rates, indicating the potential of such targeted offerings to resonate with cost-conscious consumers.
Beyond this collaboration, Pick n Pay has underscored its commitment to its established Smart Shopper program, which continues to deliver direct cash savings and points on every purchase. Through its recent “Live Well Club” initiative, Pick n Pay has even extended additional incentives for healthier food selections, further diversifying the ways customers can save across its product range.
The partnership aligns with insights into spending behaviour among higher-income FNB clients, who reportedly spend as much as 40% more on online grocery delivery services than in traditional brick-and-mortar stores. “We cover the full basket, and this is a significant step for a rewards program – our rewards initiative has been intentionally crafted to meet real consumer needs, extending beyond restricted categories and making a noticeable impact on our customers’ monthly expenses,” explained Nxedlana.
The eBucks program, initially established by FNB in 2000, has become one of South Africa’s most recognised loyalty schemes, noted for providing substantial discounts on a wide range of products and services. With six million active users, the program now further integrates into South Africans’ daily lives by offering greater flexibility in using rewards on essential purchases. This extended partnership with Pick n Pay is poised to support the financial well-being of customers during an economic period marked by volatility, rising costs, and increased demand for household essentials.
