99c for a loaf of bread from Pick n Pay booming

The partnership between FNB eBucks and Pick n Pay, which offers qualifying bank clients a loaf of bread for 99c every week, has proven massively popular, with around 400,000 people using it every month. 

This is feedback from FNB eBucks CEO Pieter Woodhatch, who outlined the strong partnership growth alongside Pick n Pay CEO Sean Summers as part of its expansion to more of the bank’s clients. 

The partnership was first launched in September 2024. FNB Easy PAYU and Easy Bundle clients can purchase up to four loaves of bread a month at 99c per loaf. 

FNB Easy PAYU and Easy Bundle customers must swipe their cards for any amount when purchasing goods at Pick n Pay stores to qualify.

This offering has proven to be wildly popular with FNB clients. Woodhatch revealed that in December 2024 alone, over 400,000 loaves of bread were purchased for 99c. 

Woodhatch also said that this offering resulted in FNB Easy customers doubling their average basket size at Pick n Pay, significantly boosting the retailer’s sales. 

This also shows that the retailer has become the preferred store for grocery shopping among this client base. 

The bank estimated that it will issue between four and six million bread vouchers in the next financial year. 

FNB’s partnership with Pick n Pay is growing, and the bank is gradually expanding its offering to more clients. 

From first starting with the 99c for a loaf of bread initiative, it has expanded to include earning and spending eBucks at Pick n Pay. 

Starting 1 November 2024, FNB Private Clients and eBucks members from RMB Private Bank can earn up to 30% of their spending back in eBucks using Pick n Pay’s asap!

Those who prefer to use brick-and-mortar stores will also benefit. In-store purchases at Pick n Pay will yield up to 20% back in eBucks.

The bank announced that from 1 April, the offering will expand to the FNB Personal segment, which makes up around 20% of its total retail client base. 

Currently, 1.4 million FNB customers benefit from the partnership from the bank’s total eBucks client base of 6.4 million.

The bank said the partnership has exceeded expectations, with FNB seeing behavioural changes despite being available to only 20% of its customer base up until 1 April. 

FNB Private clients who opted in have increased their spending, and 90% of this increase is from customers who previously spent less than 20% with Pick n Pay.

The up-to-30% discount for on-demand delivery through Pick n Pay asap! has driven a 98% increase in online shopping amongst these customers since November 2024. 

Spending on clothing has also risen, showing that the partnership’s appeal extends beyond groceries to other product categories.  

From 1 April, FNB Premier cardholders will now also earn up to 30% back in eBucks on Pick n Pay’s asap! service and up to 20% in-store, including Clothing and Liquor, while Aspire cardholders will receive R150 in monthly eBucks vouchers. 

The partnership will also expand to FNB’s one million small and medium enterprises (SMEs) and larger enterprises banked within its business banking division.

These clients will be able to get up to 30% back in eBucks on their Pick n Pay asap! purchases and up to 20% in-store, including Pick n Pay Hyper.