Banking rewards battle heats up

The competition in South Africa's banking rewards space is intensifying, with FNB and Standard Bank unveiling expanded partnerships with major retailers to offer customers more value on everyday purchases.

- Terri-Ann Brouwers

The moves signal a growing fight among banks to secure a larger share of consumer spending, particularly in the grocery sector, as rising living costs push households to seek greater savings.

FNB has expanded its partnership with Pick n Pay, allowing customers to earn up to 30% back in eBucks on purchases made at Pick n Pay stores and via the retailer's asap! on-demand delivery service.

The partnership, which takes effect on 1 April, builds on FNB's initial rollout to its Private Segment customers in late 2024 and aims to further entrench its rewards programme in the retail space.