New FNB's eBucks partnership offers greater savings at Pick n Pay

Sean Summers, the CEO of Pick n Pay, is swiftly advancing the retailer's turnaround strategy, as he unveiled enhanced benefits for customers through an expanded partnership with FNB's eBucks programme.

Pick n Pay’s partnership with eBucks, launched only three months ago, is set to roll out even greater benefits. As of April 1, this expansion will significantly increase the number of eligible FNB customers who benefit from the partnership from 1.4 million currently spending at Pick n Pay to the full FNB base of 6.4 million active eBucks members.

"The partnership will now extend to FNB’s Personal Segment, which spent R57 billion on groceries last year. From April 1, Premier FNB cardholders will now also earn up to 30% back in eBucks on Pick n Pay’s asap! service and up to 20% in-store (including Clothing and Liquor), while Aspire cardholders will receive R150 in eBucks vouchers every month," Pick n Pay said.

From April 1 one million small and medium enterprises and larger enterprises banked with FNB Business will also get up to 30% back in eBucks on their Pick n Pay asap! purchases and up to 20% in store, including Pick n Pay Hyper. Businesses can earn eBucks on all purchases at Pick n Pay – including office essentials and sundries such as business stationery, office kitchen & cafeteria items, cleaning & hygiene items and more. "This is expected to deliver huge savings, helping businesses to grow," the retailer said.

Summers said it was a huge priority to improve the retailer’s offering to customers, and this partnership will play a key role in adding even more value for both Pick n Pay and FNB customers. 

Pick n Pay said since November 2024, the eBucks partnership has exceeded expectations, with FNB seeing behavioural changes despite being available to only 20% of its customer base up until now. FNB Private clients who opted in have increased their spend, and 90% of this increase is from customers who previously spent less than 20% with Pick n Pay but have now shifted to the retailer as their primary grocer, shopping full grocery baskets.

The up-to-30% discount for on-demand delivery through Pick n Pay asap! has driven a 98% increase in online shopping amongst these customers since November 2024. Spending on clothing has also risen, showing that the partnership’s appeal extends beyond groceries to other product categories, it said.

The eBucks programme gave back R1.2bn to customers over the past six months, Summers said.

"It’s fairly common cause that Pick n Pay has been on the back foot for quite a while and it’s extraordinary that in our journey of re-establishing Pick n Pay and restoring it to its rightful place, FNB reached out to us and entrusted us with what is ultimately the premier customer loyalty programme among all the banks in South Africa. For us as the Pick n Pay when we put this together, it was a giant leap of faith, but FNB eBucks were supportive, and we will absolutely go about repaying that leap of faith."

Pick n Pay is on the road to health. In November, Pick n Pay raised R8.5bn after selling a 34.4% stake in Boxer as part of Summers’ recapitalisation plan after it raised R4bn through a rights issue.

Last month Pick n Pay said in a  trading performance for the 45-week period to January 5 group sales increased 3.6% (3.3% like-for-like) and grew 3.5% (3.8% like-for-like) in the latter 19 weeks of the period.

Summer said "There’s so much extraordinary good news happening within Pick n Pay. For me, I tend to focus on what is good and great, and this is one of the good and great things happening inside the company at the moment. It is truly extraordinary, and it is going to be evolutionary."

Moreover, Pick n Pay said the early success of this partnership signals strong potential for further expansion, including the rolling out of 33 new FNB banking kiosks in Pick n Pay stores countrywide by June, with plans to grow this to 100 stores by June 2026.

eBucks CEO Pieter Woodhatch said,“With the cost of living constantly rising, we believe this partnership has the potential to help FNB and Pick n Pay customers to experience meaningful savings that will boost their household budgets, which speaks to our aspiration of solving our customer needs. The fact that we are seeing behavioral change is testament to the strength and credibility of the eBucks programme."

BUSINESS REPORT