Interswitch Transnational, a pan-African integrated payments firm in West and East Africa has launched an enterprise-wide loyalty solution for Nigeria’s First Bank in a move that will see the bank reward its customers.
The new loyalty point scheme dubbed FirstClub enables account holders and non-account holders who use First Bank channels to earn reward points (or First Points per every transaction such as monthly account balances (on both savings and current accounts), card payment via POS and web for purchases, bill payments on First Bank channels, acquisition and activation of debit MasterCard.
According to Mrs. Ezinne Obikile, Group Head, Products and Marketing Solutions Support, First Bank of Nigeria Plc.,“We wanted to reward our customers by providing them with the opportunity to earn loyalty points when making transactions across our banking products.
“In addition, First Bank also derives many benefits from the scheme – namely growth in revenue from increased transaction volumes, the incentive for customers to increase their minimum balance deposit, rises in volumes of bill-payment transactions, not to mention the attraction of new customers. We are thrilled that Interswitch offers the loyalty platform to facilitate this service for us and our customers.”
Customers also get extra points for joining the program and an exclusive membership card for top end customers. Exclusive members are entitled to huge discount at various merchant locations for achieving a set milestone of points balance. Customers can redeem their First Points on the First Bank portal in exchange for various gift items, pay with their First Point for goods on PoS terminals at merchant locations or buy airtime top-up at the bank’s ATMs.
The First Point loyalty solution deployed by Interswitch for First Bank is the first of its kind in the financial landscape in Nigeria. Interswitch is able to provide the same loyalty solution to other banks and merchants or customise the solution to suit their requirements.
The Interswitch loyalty platform is a robust platform that manages the program / scheme for merchants, banks and other institutions. The platform can instantly identify and link the customer’s transactions to the correct scheme calculate and award the correct points to the customer.
Mr. Akeem Lawal, Managing Director, Interswitch Switching and Processing, said, “We are delighted that Interswitch is providing the loyalty solution for First Bank on its First Point scheme. The scheme hugely benefits First Bank customers who can now earn multiple reward points whenever they use First Bank customer touch-points and their cards.
We have the capability to offer this smooth-running service to any number of banks and merchants who wish to run loyalty schemes for their customers. The benefits that loyalty schemes offer to both the customer and the institution make it an incredibly worthwhile arrangement for all those involved.”