One of Loylogic’s partners, African Bank, is celebrating the success of its innovative rewards program, Audacious Rewards, which was named Best Short Term Loyalty Campaign at the International Loyalty Awards in Dubai last month.
The awards judges praised the synergy between African Bank – The People’s Bank – and the Soweto Marathon, known as ‘The People’s Race’, noting that both originate in Soweto and share a rich heritage of pioneering inclusivity. African Bank’s sponsorship was an ideal opportunity to connect with its customers, market its Audacious Rewards programme, and add value to its members.
Audacious Rewards, which is delivered in partnership with Loylogic, was also shortlisted for the Loyalty Redefined category, highlighting African Bank's success in creating a distinctive rewards experience for all of its customers. Audacious Rewards extends beyond traditional points based programmes, reflecting the bank's dedication to advancing the lives of its customers and enabling them to succeed financially.
Sbusiso Kumalo, Chief Marketing Officer at African Bank commented: "Audacious Rewards takes a bold approach, rewarding those not traditionally served by the financial mainstream. By simply banking with us, customers earn valuable points ('Rewards You Can Count On') that provide real-world benefits.
"Our customers are at the heart of everything we do. Our founders envisioned a bank that would democratise financial services, and Audacious Rewards embodies that vision by offering meaningful rewards and encouraging positive financial habits."
Whole of bank rewards
African Bank customers have the opportunity to join Audacious Rewards for free and immediately start earning points through their daily banking activities using their African Bank debit or credit card or the African Bank app. Through Audacious Rewards, customers can simply earn points for their everyday banking such as using their card, managing their debit orders or having African Bank financial solutions. Customers can enjoy spending their points on airtime, data, electricity, grocery vouchers or convert them to cash.
Since launch of the progamme in February 2023, Audacious Rewards membership has seen significant growth exceeding business targets with over 57 000 members joining in March 2024. Moreover, members of the rewards program demonstrate a significantly higher propensity to take-up other offerings from African Bank.
Notably, rewards members have generated a remarkable 67% increase in revenue over a 12-month period compared to non-rewards members. The Audacious Rewards program goes even further, incentivizing responsible financial behaviour like credit score monitoring with over 50,000 requested credit reports in March 2024 alone.
As African Bank pushes beyond traditional banking models, Audacious Rewards speaks to the Bank's commitment to progress. It's not just about banking; it's about changing and advancing lives, while creating a more inclusive financial ecosystem for all. Loylogic is delighted to be working alongside African Bank, helping to deliver an award-winning loyalty and rewards programme that is transforming lives.
Source: African Bank
