FNB, Pick n Pay unlock R600m in rewards through retail banking push

A year after launch, the partnership between FNB’s eBucks programme and Pick n Pay has generated more than R600 million in customer rewards, while expanding low-cost banking access through retail integration – a model increasingly positioned as a response to mounting household financial pressure.

Since April 2025, the collaboration has introduced 31 in-store banking kiosks and a weekly pop-up presence across more than 200 stores nationwide.

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The initiative targets accessibility by embedding financial services into high-traffic retail environments, effectively extending FNB’s physical footprint without traditional branch infrastructure.

FNB CEO Lytania Johnson says the strategy is designed to align banking with everyday consumer behaviour.

“From the outset, this partnership is about reimagining how banking supports people in their day-to-day lives… By showing up in spaces customers already trust, we remove barriers and unlock practical value,” she says.

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For consumers, the value proposition centres on rewards linked to essential spending categories such as groceries and clothing. Key incentives include up to 30% back in eBucks on Pick n Pay asap purchases and up to 20% in store.

Additional campaigns have scaled significantly, with the Burger Friday promotion reaching 6.2 million redemptions and a subsidised bread initiative delivering R70 million in value to entry level customers.

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Pick n Pay CEO Sean Summers says the partnership enhances existing loyalty infrastructure.

“This partnership with FNB is a game changer for customer rewards. In a tough cost of living environment, that combination of rewards on daily essentials makes a real difference to household budgets,” he says.

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What that means from a commercial perspective is that the partnership also deepens customer retention and spend frequency across both platforms.

eBucks CEO Pieter Woodhatch highlights utilisation metrics as a key indicator of relevance.

“The strength of this partnership lies in its ability to turn daily spend into real financial value,” he says, noting a monthly spend to earn ratio exceeding 91%.

As both companies look to scale, the model underscores how financial services and retail are converging to compete on convenience, access and tangible consumer value.

*Phenyo Selinda is a Moneyweb Intern

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