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African Bank says it has launched a new loyalty programme, Audacious Rewards, with the aim to improve the financial well-being of its customers.
The bank claims that the loyalty programme will create incentives for positive financial behaviour, including helping customers to improve their credit score.
The custom-built programme has been created to work for all African Bank customers and will allow members to earn and redeem loyalty points with a network of partners – covering day-to-day purchases like groceries and mobile data/airtime.
African Bank said it has adopted an open architecture approach, partnering with organisations that can enhance its financial offerings to customers.
The group has partnered with Loylogic, a loyalty and engagement solutions specialist, and loyalty marketing business, Pinnacle Rewards. Through its partners, African Bank said it will also be able to accurately measure the impact of Audacious Rewards on the business, bringing loyalty metrics to the boardroom.
“We believe that each and every customer is valuable,” said Darryl Adriaanzen, African Bank’s group executive: operations. “Loylogic and Pinnacle Rewards have succeeded in designing a programme which meets the requirements of accessibility, inclusivity and measurability and we can’t wait for our customers to get access to all the benefits it will bring them.
We see this as an integral part of our recently revealed transformation strategy Excelerate25, through which we aim to leverage our rich heritage, diversify our business and build a customer-centric, data-driven, scalable and digital-first business.”
Audacious Rewards is already available to African Bank customers with a transactional MyWORLD account. The full rollout, which will feature an extensive rewards catalogue and incentives for positive financial behaviour, is scheduled to launch later this year, the bank said.
Loylogic’s e-commerce platform, Pointshub, will be integrated into the system upon full rollout while further plans for the bank to adopt Loylogic’s e-payment platform, Pointspay, are in place for 2023.
“We are proud to partner with African Bank and Pinnacle Rewards to create a first-of-its-kind loyalty programme that has been designed with inclusivity at its heart, whilst at the same time driving financial wellbeing,” says Gabi Kool, chief commercial officer at Loylogic.
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