Stanbic and Cashbackpoint Launch First Bank-loyalty Programme in Zimbabwe

Stanbic Bank has announced that they have entered into a strategic partnership with the globally awarded loyalty business, Cashbackpoint, in a move which will bring a “cashback” rewards program to customers in Zimbabwe.

Palmer Mugavha head of marketing at Stanbic Bank said that “Stanbic Bank is delighted with the partnership with Cashbackpoint which will provide the platform for “Stanbic Cashback Rewards.”  “This relationship enables Stanbic Bank to add considerable value to its merchants and customers alike, creating further service differentiation in the marketplace and rewarding our customers for their loyalty,” he said.

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 incentivizing card utilization 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 program like this and the initial take up by merchants has been remarkable” he said.

Consumers can register for free and add any debit or credit card on cashbackAPP.com or on the free mobile app (cashbackAPP).  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 across over 20 000 merchants around the world. No points, vouchers or discounts, just cash back, payable into the consumer’s account as a reward for shopping.

For the merchant who can customize the reward offered, there is not only the incredible value of being able to get a turn-key loyalty program, 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.

The program is undergoing beta testing with selected Stanbic merchants and the program will go live once this process is complete. Interested merchants can contact support@cashbackpoint.co.zw or queries to masukav@stanbic.com; mazhetesea@stanbic.com; bangap@stanbic.com