99 cents for a loaf of bread at Boxer and Pick n Pay

FNB eBucks has announced a new partnership with Boxer, giving its clients the ability to buy a loaf of bread for 99 cents. 

This benefit is an expansion of the existing offering with Boxer’s parent company, Pick n Pay, and will kick in from 1 July. 

eBucks CEO Pieter Woodhatch told Daily Investor that the new partnership will help the bank penetrate new segments of the market. 

“I think this is where the big focus is, to make sure we are able to meet every client in the context they’re in and give them value,” Woodhatch said. 

“One of the things we have been working hard on is how to take what we have got and scale it further. It is about making it as simple as possible for clients.” 

Woodhatch said in this endeavour, the bank was looking for like-minded partners, and Boxer immediately made sense given its market and proposition. 

The bank has also made it simpler for clients to access the rewards. From 1 July, FNB Easy, Aspire, and Prime Life customers can just purchase anything in-store at Boxer. 

This will qualify them for the 99-cent benefit from the following week for up to four loaves of bread per month. 

“If we think about our customer and how we give value back, Boxer makes sense. If you walk into the store, you will see the promise to never pay more than the Boxer price,” Woodhatch said. 

On a financial level, the main benefit for the bank is ensuring it remains front-of-wallet for its clients. 

Woodhatch said this is where eBucks can be a true differentiator to other banking offerings, by providing immediate rewards for client behaviour. 

“We want to be the primary bank for this client segment, and the way to do it is to make it simple and easy for the client to benefit from this relationship,” Woodhatch said. 

“The way to do it is to get customers to feel and taste that value. The client has to experience it, and then they will talk about it.” 

Woodhatch also said a secondary aim of the bread partnership is to humanise FNB as a brand for its customers by giving them something tangible as a reward for banking with the company. 

Shooting the lights out

The expansion of the partnership to Boxer comes after the 99-cent bread offering at Pick n Pay saw strong demand. 

Since launching in September 2024 with Pick n Pay, FNB has issued 6.3 million loaves and delivered R9.6 million in savings to customers. 

Crucially, the bank has also seen rising redemption rates within its client base, indicating that the offering is growing in popularity. 

Woodhatch pointed out that in May 2026, the bank had a 21% redemption rate of the vouchers across its customer base, with it growing very strongly year-on-year. 

In some parts of the country, the redemption rate is as high as 51%, given the access to Pick n Pays and regularity. 

Woodhatch explained that the benefit for some of the clients is enough to effectively offset their banking fees for the month. 

“For every loaf of bread, that is around R11 worth of value back to the customer. So, four loaves of bread are R44 of value a month,” Woodhatch said. 

“For an entry-level client, all they have to do is swipe. There is no complexity. For a client who is paying between R30 and R50 in bank fees, that is a lot of value.” 

Woodhatch explained that FNB has seen strong behavioural changes among its clients following the partnership. 

An increasing share is making the trip in-store to Pick n Pay and using the retailer’s online platforms to shop. 

This demonstrates the power of the rewards programme to shift behaviour and the value partners get from it. 

One edge that Boxer has over Pick n Pay in this regard is its geographical footprint, with it being present in different areas than its parent company. 

This enables FNB to reach a different client segment in new parts of the country that Woodhatch said it has not reached as strongly before.