SBM Bank of Kenya has launched a three-month cashback rewards campaign for all its debit, credit and prepaid cardholders in a bid to drive card utilization and attract new customers.
The campaign will see customers get a 2% cashback reward on cumulative monthly purchases of at least Kshs 12,500 or equivalent in USD when using their SBM Visa and UnionPay cards for point-of-sale and online transactions.
During the campaign, customers will qualify for the cashback by meeting the minimum monthly spend threshold. The cashback is capped at Kshs 2,500 per card per month.
SBM Bank of Kenya, Director Consumer Banking, Beth Thuo said: “We understand that our customers have a choice when it comes to banking services, and we want to show them our appreciation for choosing SBM Bank of Kenya. Our card cashback campaign is designed to not only reward our existing customers but also to attract new customers by showcasing the value and benefits of our cards.”
“Our market research indicates that many bank customers in Kenya hold accounts with multiple banks. We want to position our cards as the primary payment tool that offers real rewards, convenience, security and prestige. The campaign will highlight the key benefits of our Visa and UnionPay debit and credit cards to drive consideration amongst new customers looking for their primary bank.”
The initiative targets transactions made at a point-of-sale as well as online purchases with Thuo noting that cash and mobile money payments will not qualify. The cashback is calculated at 2% of total qualifying spends and will be paid by the 5th day after the close of the month.
“We are confident that this campaign will encourage SBM Bank card holders to transact as well as attract new customers who are searching for a reliable and customer-centric banking partner.
“SBM Bank of Kenya’s commitment to providing innovative financial solutions, coupled with our focus on customer satisfaction, sets us apart in the market,” said Thuo.
The cashback campaign will run from 1st February till the end of April, 2024.