Nedbank To Pay For Mortgages Under Revamped Rewards Scheme

Reuters

Nedbank could pay off mortgages or fund holidays for a small number of customers that exhibit good financial behaviour under its revamped rewards programme, its head of loyalty and rewards Dharmesh Bhana told Reuters.

Its Greenbacks programme was overhauled this year as the country’s biggest lenders step up efforts to win and retain customers following the launch of a number of upstart banks.

Around 600,000 people are using Greenbacks and the numbers are growing rapidly, Nedbank said.

The kinds of behaviour it will reward include the use of cards rather than cash, responsible borrowing and saving.

“It’s in our interest to make sure customers manage their money well,” Bhana said, adding the bank wanted to differentiate its programme from the standard, points-based models already widely available.

As well as standard offerings such as deals and vouchers, a small number of customers will receive rewards linked to the specific behaviour