SBM Bank of Kenya has launched a three-month cash-back reward campaign for all its debit, credit and prepaid cardholders to drive card utilization and attract new customers. Customers get a 2% cash-back reward on cumulative monthly purchases of at least Ksh12,500 or equivalent in US dollars 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 Ksh2,500 per card per month and campaign runs from 1st February till the end of April, 2024.
“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,” Ms Beth Muthui, Director Consumer Banking said. “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.”
Ms Muthui said market research indicates that many bank customers in Kenya hold accounts with multiple banks. and SBM Bank is looking to positioning its 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,” she said.
The initiative targets transactions made at a point-of-sale as well as online purchases with Ms Muthui 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,” added Ms Muthui. “SBM Bank of Kenya’s commitment to providing innovative financial solutions, coupled with our focus on customer satisfaction, sets us apart in the market.”