Ricochet News

As fuel prices increase, eBucks helping South Africans - FNB

Oct 17, 2019
As fuel prices increase, eBucks helping South Africans - FNB

East London - The fuel price increase at the beginning of October saw motorists and commuters having to dig even deeper to fill their cars and fund their transport costs.

Unfortunately, it's not just the cost of running a vehicle that increases when fuel prices go up. The rising cost of transporting goods across the country also means that South African consumers are finding themselves faced with rising bills for everything else, from food and toiletries to furniture and appliances.

The good news for many South Africans is that the rewards they get from their banks may be helpful in softening the financial blow of increasing petrol costs. In the case of the popular FNB eBucks programme, the rewards can be used for all necessities from groceries and toiletries to transport and fuel.

According to Johan Moolman, CEO of eBucks Rewards, data gathered by the programme points to the fact that eBucks members are harnessing their eBucks Rewards to save themselves a lot of money by offsetting the rising costs of fuel.

"Our data indicates that eBucks Rewards is becoming much more than just another rewards programme. More than 90% of eBucks rewards are spent within the first 30 days of receiving them. We are playing an increasingly valuable role in helping our members manage their finances, especially as their budgets take more strain due to the rising cost of living, " Moolman explains.

Moolman outlines that the steady increase in the amount of eBucks spent at petrol pumps across the country is evidence that SA drivers are benefitting from being able to pay for some, if not all of their fuel with their eBucks.

Between September 2018 and September 2019, eBucks Rewards members have spent their eBucks more than their Rands to fund petrol purchases at Engen service stations, the programme's official fuel partner. eBucks members have an opportunity to earn double their fuel rewards with up to R8* back in eBucks per litre at Engen fuel stations. This reward applies once a quarter, in addition to a customer’s normal earn of up to R4* per litre every month.

Moolman is confident that these figures will keep on rising, especially given that eBucks is continually finding ways to make it easier for its members to earn and spend their rewards.

"Our members can earn eBucks via an extensive variety of money management activities which aim to drive good banking behaviour. We have also equipped our members with several tools available on the FNB App to help them earn more eBucks and easily move up reward levels, ultimately maximising the value they get from eBucks Rewards, "Moolman explains.

Moolman adds that, while earning eBucks is based on respective customer segments, eBucks members across all programme tiers are taking advantage of the valuable fuel benefit, proving that the programme is relevant for members from all walks of life. 

"Most economists agree that the rand is set to remain weak and volatile for some time to come, which means that South Africans need to buckle up for a continued bumpy fuel price ride," says Moolman.

"However, for eBucks Rewards members, the fact that they will be able to use their eBucks to lessen the impact of rising petrol prices and the increasing costs of living, is the one certainty that they know they will always be able to depend on," concludes Moolman.

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