Stan­bic Bank, Cash­back­point part­ner­ship to beneft card hold­ers

Chronicle (Zimbabwe) - - Business - Busi­ness Reporter

STAN­BIC Bank has en­tered into a strate­gic part­ner­ship with glob­ally fo­cused Cash­back­point in a move meant to re­ward card hold­ers for use of Stan­bic Point of Sale (POS) pur­chases at par­tic­i­pat­ing mer­chants in Zim­babwe. The card loy­alty pro­gramme is dubbed Stan­bic Re­ward­s4U. Stan­bic head of mar­ket­ing, Palmer Mu­gavha said: “This re­la­tion­ship en­ables Stan­bic Bank to add con­sid­er­able value to its mer­chants and card hold­ers alike, cre­at­ing fur­ther ser­vice dif­fer­en­ti­a­tion in the mar­ket­place and re­ward­ing card hold­ers for their loy­alty”.

Cash­back­point, which is rapidly ex­pand­ing glob­ally, iden­ti­fied the mar­ket in Zim­babwe as a pri­mary tar­get in their African growth strat­egy.

CEO Kim Hodg­son ex­plained that by in­cen­tivis­ing card util­i­sa­tion to get re­wards, con­sumers would be drawn into the for­mal bank­ing en­vi­ron­ment and mer­chants would also see in­creased trans­ac­tions through their pay points.

“The Zim­bab­wean mar­ket has been cry­ing out for a pro­gramme like this and the ini­tial take up by mer­chants has been re­mark­able,” said Hodg­son.

Con­sumers can reg­is­ter for free and add any debit or credit card on­back­ or on the free mo­bile app cash­back­APP from An­droid Play­store or Apple App­store. This card then be­comes the loy­alty card which can be used to ac­cu­mu­late cash back re­wards at par­tic­i­pat­ing Cash­back­point mer­chants.

For the con­sumer, there is one cur­rency of re­ward through­out Zim­babwe. No points, vouch­ers or dis­counts, just cash back ac­crued in cus­tomers Cash­back Ac­count, which will in turn be trans­fer­able into the con­sumers’ bank ac­counts sub­ject to meet­ing the min­i­mum re­ward ac­crual, the bank said. For the mer­chant who can cus­tomise the re­ward of­fered, there is not only the in­cred­i­ble value of be­ing able to get a turnkey loy­alty pro­gramme, they also are able to ac­cess trans­ac­tional and de­mo­graphic sta­tis­tics of their cus­tomer base and are able to com­mu­ni­cate with their cus­tomers through the plat­form.

In­ter­ested mer­chants can con­tact Cash­back­point on sup­port@ cash­back­ or Stan­bic Bank on Mer­chan­tSup­port­Zim@stan­bic. com

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