Despite prevailing economic conditions, eBucks - FNB's hugely popular rewards programme - achieved its highest ever festive season with members spending over R75 million worth of eBucks. This resulted in an 8,4% increase for the calendar year which is in stark contrast to the 4.8%¹ decline in general retail sales for 2009.

Says Adrienne Bewsher, Operations Executive at eBucks: "Our results clearly indicate that FNB's customers continue to recognise us as a relevant and tangible rewards currency that can be used to offer a measure of financial relief during the current economic climate."

In sharp contrast to eBucks' record performance; many retailers reported below market expectations. According to an article published by Andile Makholwa in Fin24²: "the performance of major retailers over the past festive season has not only left analysts disappointed, but has also confirmed that the industry is still sailing through troubled waters. While the markets anticipated that consumer restraint would persist throughout the last quarter of 2009, primarily due to job losses and short-shifting of workers, it has since emerged the magnitude was beyond expectations."

"We have noted a definite trend towards value, with vouchers becoming an increasingly popular purchase item for many of our members. Woolworths vouchers, were the most popular choice in the eBucks shop during the festive period; offering the versatility to spend on a wide range of goods - from gifts to festive treats for the Christmas table. Likewise, eBucks Discounts, which enable qualifying FNB and RMB customers to access discounts of up to 50%, remained incredibly popular," adds Bewsher.

eBucks' high spend figures can also be attributed to the ease of spend and the number of trusted and convenient channels through which members can spend their eBucks in both the online and retail environments.

Both the eBucks card and eBucks online partners experienced strong growth, with the eBucks Card experiencing a 20% year-on-year increase in the number of unique shoppers in December 2009. This was in part assisted by FNB's launch of the eBucks and Engen partnership whereby members can spend their eBucks at Engen service stations nationwide using their eBucks card.

Interestingly, eBucks Travel also experienced positive growth, with members making their travel arrangements far in advance unlike the previous festive season.

FNB customers can now also spend their eBucks on airtime and prepaid electricity via the FNB Mobile channel that launched late last year; which also contributed to the impressive festive results.

"As the rewards programme of choice, eBucks offers real value to our members by truly helping them to stretch their wallets; while at the same time providing the widest range of spend choices and channels," concludes Bewsher.

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.