FNB expands Pick n Pay rewards partnership

South Africa's First National Bank (FNB) has recently expanded its e-bucks rewards partnership with Pick n Pay, marking a significant move after terminating a similar program with Shoprite Checkers, the country's largest retail chain. The eBucks CEO, Pieter Woodhatch, sat down with CNBC Africa's Godfrey Mutizwa to discuss the exciting partnership and the benefits it brings to customers. Woodhatch expressed his enthusiasm about the collaboration, highlighting the substantial value it offers to clients. The partnership with Pick n Pay has allowed FNB and eBucks to provide more than double the value to customers compared to previous initiatives, making it a win-win situation for all parties involved. Woodhatch emphasized the importance of delivering value back to customers, which is at the core of eBucks' mission. The partnership with Pick n Pay has introduced various benefits for different client segments, ranging from discounted bread for entry-level clients to exclusive discounts for private wealth clients. Additionally, the partnership extends across FNB's client base, ensuring that everyone can access exceptional value through the program. FNB's strategic approach to partnerships reflects a commitment to enhancing the customer experience while driving business growth. Woodhatch highlighted the significant growth in client engagement and value extraction through the e-bucks program, underscoring the success of the collaboration with Pick n Pay. The expansion of the partnership will also include physical presence in select Pick n Pay stores, offering customers the convenience of accessing FNB products and services. The decision to shift focus from Shoprite Checkers to Pick n Pay was driven by a desire for deeper integration and value creation for clients. While acknowledging the previous partnership with Shoprite Checkers, Woodhatch emphasized the alignment of goals and vision with Pick n Pay, making it the ideal partner for future innovations. The move signifies FNB's commitment to delivering tangible value and meaningful rewards to customers, paving the way for ongoing advancements in the rewards program. Despite initial skepticism about the 99 cents loaf of bread offer being a gimmick, Woodhatch reassured customers that the value proposition is real and sustainable. With over 200,000 vouchers distributed weekly for bread redemption, clients have ample opportunities to benefit from the program's offerings. E-bucks' dedication to maintaining stable and long-term value propositions demonstrates a commitment to customer satisfaction and loyalty. In conclusion, FNB's expanded partnership with Pick n Pay signals a new chapter in customer rewards and value creation. The innovative approach to partnerships, coupled with a customer-centric focus, sets a strong foundation for future growth and engagement. As the e-bucks program continues to evolve, customers can expect more exciting benefits and rewards in the pipeline.