eBucks, FNB's rewards programme, announced that its members have spent a substantial R1.5-billion worth of eBucks of the total R2-billion allocated since the programme's launch in October 2000.

In the past year, eBucks members have spent 24% more of their eBucks, and earned 26% more than in they did compared to the previous year.

According to Jolande Duvenage, eBucks' CEO, this growth is an encouraging sign that eBucks' over 2.3 million members are finding their rewards programme increasingly relevant and simple to use.  

"We measure the success of our programme by the 'spend to earn' ratio. This compares the rate members earn eBucks to the rate at which members spend their eBucks. Currently, eBucks members' average spend to earn ratio exceeds 80%, which is much higher than that compared to the international rewards benchmark, which is between 60 and 70%," she says.

One of the trends eBucks have noted is that their members are becoming increasingly more "savvy" in how they earn eBucks, and that they have begun to change their banking and shopping behaviour to maximise their rewards.  In addition, members also started to use their eBucks rewards to extend their purchasing power.

"We noticed that our members were increasingly using their eBucks to stretch their wallets.  As members began to feel the effects of the recession, they became skilled at maximising the amount of eBucks they earned by swiping their FNB cheque and credit cards to pay for their purchases."

"They also opted to use their eBucks to purchase everyday essentials such as fuel, medicine, groceries and airtime, with nearly half of the total eBucks spent each month redeemed on these 'bare' necessities," Duvenage explains.

Another contributing factor to the growth in spend, says Duvenage, was the addition of relevant spend partners over the years including Makro, Engen, Incredible Connection, Cape Union Martand more recently Dis-Chem.  Fuel purchases at participating Engen garages have become a firm favourite, with eBucks' members spending a substantial amount of eBucks at participating Engen service stations since December 2009.

Michael Jordaan, eBucks' first CEO and now CEO of FNB, says that FNB firmly believes in offering its loyal customers tangible rewards for choosing FNB as their bank of choice.

"FNB is delighted to have contributed to the eBucks R2 billion value milestone; what better way to say 'thank you' to our loyal customers. Whether our eBucks members use their eBucks to purchase household necessities, flights, or vouchers, we are delighted to be making a tangible difference in their everyday lives," concludes Jordaan.

About eBucks:

eBucks, the rewards programme offered by First National Bank (FNB) and RMB Private Bank, is acknowledged as one of South Africa's leading rewards programmes with highly active members spending in excess of 80% of the eBucks earned in any given month.