SBM Bank of Kenya has launched a three-month cashback rewards initiative for debit, credit, and prepaid cardholders in a bid to solidify its position in the Kenyan financial market.
The campaign which commenced on February 1 and concluding at the end of April 2024, aims to establish SBM’s Visa and UnionPay cards as the preferred payment instruments for consumers in Kenya.
Participants in the campaign are eligible for a substantial 2 percent cashback reward on cumulative monthly transactions surpassing KES 12,500 or its USD equivalent.
This attractive incentive is applicable to both point-of-sale and online transactions, encouraging customers to designate SBM cards as their primary payment method.
Beth Thuo, Director of Consumer Banking at SBM Bank of Kenya, expressed gratitude for customer loyalty and underscored the campaign’s purpose of showcasing the value and benefits of SBM’s cards.
“Our card cashback campaign is designed not only to reward existing customers but also to attract new customers by highlighting the value and benefits of our cards,”Thuo remarked,
The initiative directly addresses findings from SBM’s market research, revealing that many Kenyan bank customers maintain accounts with multiple banks.
Thuo aims to position SBM’s cards as the preferred payment tool, emphasizing rewards, convenience, security, and prestige. This marketing strategy seeks to capture the attention of new customers in search of a primary banking partner.
To qualify for the cashback, customers must meet the minimum monthly spend threshold, with a capped cashback limit of KES 2,500 per card per month. The 2 percent cashback is calculated based on total qualifying spends and will be disbursed by the 5th day following each month’s closure.
Thuo clarified that cash and mobile money payments would not be eligible for cashback rewards, emphasizing the campaign’s focus on digital and card transactions.
Thuo expressed optimism that the campaign would not only encourage existing SBM Bank cardholders to increase transactional activity but also attract new customers seeking a reliable and customer-centric banking partner.
She stated, “We are confident that this campaign will motivate SBM Bank cardholders to transact and attract new customers seeking a reliable and customer-centric banking partner.”
According to Thuo, SBM Bank of Kenya’s commitment to providing innovative financial solutions and a customer-centric approach sets the institution apart in the market. The bank’s confidence in the campaign’s success is rooted in its belief that it aligns with the evolving needs of the modern consumer.
