Stanbic Bank has announced that they have entered into a strategic partnership with the globally awarded loyalty business, Cashbackpoint, in a move which will reward card holders for use of Stanbic POS purchases at participating merchants in Zimbabwe. The card loyalty program is dubbed Stanbic Rewards4U.
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 Rewards. 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,” 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 www.cashbackAPP.com 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.
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.
“We are confident that this initiative will show our appreciation to merchants and consumers besides making transactability quicker, easier and more enjoyable’’ said Mr Mugavha.
What You Need To Know
How does it work?
Any card holder can sign up for the card loyalty program on www.cashbackapp.co.zw or download the CashbackApp on Android Playstore or Apple Appstore, create an account and register your debit / credit card. When transacting at participating merchants, ask for a Stanbic POS terminal and the transaction will automatically be identified and the respective discount being offered by the participating merchant will be credited into your Rewards4U account the next business day. The Stanbic participating merchants will have integrated Stanbic POS terminals and the allocation of the discounts is automated, however there will be other merchants that will also offer discounts through other means. Details can be found on www.cashbackapp.co.zw or through the app.
How do I register?
Simple! Sign up for the card loyalty program on www.cashbackapp.co.zw or download the CashbackApp on Android Playstore or Apple Appstore, create an account and register your debit / credit card and you can start transacting at participating merchants.
How do I redeem the money?
Once you have reached the minimum cash out amount of USD 50 from the discounts earned, choose the ‘withdraw’ option which will facilitate the transfer of the earned funds to the bank account linked to your debit / credit card. A once off annual admin charge of $20 is charged and any subsequent withdrawals in the same year are free of charge. You will ONLY be charged once in a year for a withdrawal, meaning you can accrue discounts for years and then withdraw at once.
What happens once I have successfully registered as a Rewards4U member?
You get confirmation on email and you can start transacting at participating merchants to earn your rewards.
Is there a limit to the amount I can redeem?
You can accrue as many discounts as you want and redeem at any point. The minimum you need to accrue is $50 before you are able to redeem
What do I do if I would like to dispute Rewards4U transaction?
You can contact the Stanbic Customer Care Centre on zimccc@stanbic.com or call on +263 4 7992 0051 , who will be able to refer your query to a team that will analyse your request and make any adjustments if necessary.
How do I cancel my Rewards4U membership?
You can terminate your Rewards4U membership or resign for Rewards4U at any point. There are options to opt out of the program from the link www.cashbackapp.co.zw or from the cashbackApp
Can I re-join the program after I have cancelled my membership? Yes
Do my rewards expire?
The rewards are in cash value and do not expire.
