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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 on www.cashbackAPP.co 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 turn-key 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 [email protected]  or Stanbic Bank on [email protected]