Standard Chartered Bank introduces 360 Degrees Reward

Standard Chartered Bank introduces 360 Degrees Reward
Source: Ghana |
Date: 01-02-2019 Time: 05:02:27:pm
Mansa Nettey is CEO of Standard Chartered Bank, Ghana

The recent banking crises saw many banks tumbling while others folded up. But not Standard Chartered Bank.

With the introduction of its latest product, 360 Degrees Rewards Card, not only is the bank justifying why it is the most credible bank in Ghana but the most customer interest centered as well. 

Mr. Henry Baye, Executive Director and Head of Retail Banking, Standard Chartered Bank, explained what this product is on Thursday on Joy 99.7 FM's Drive Time.

“360 Degree Reward, is a reward programme that we have put on our cards, both debit and credit cards.  We have partnered with Visa to put together this. Everything you can imagine is embedded in that reward. Hence the name 360 degrees, it means it goes all round. That is unparalleled anywhere in Africa.”

Explaining how one accumulates points he added: “Anytime you use your card to make a transaction, either online or any retail transaction you win a point.  For every Ghc1 transaction, a Gold card holder accumulates 1 point, Platinum cardholder gets 3 points and Infinite cardholders get 5 points for the same purchase.”

According to Mr. Baye: “These points can be redeemed for tangible things such as buying air ticket, renting a hotel,  a car, and purchasing many other things including converting one’s points into air miles

To set your card up, he explained that “simply get a standard chartered card, go online and follow the 360 degrees reward prompt.

The programme which started August 2018 will reward clients anytime they register for the rewards within the life of the programme as if they did at the inception of it in August.

Henry Baye Standard Chartered

Head of Retail Banking, Standard Chartered Bank, Henry Baye

Reasons why the card is important

Baye took the opportunity to explain why using the card, especially Standard Chartered Card for transactions is the best way forward for everyone. According to him it reduces the risk of attack from thieves and is convenient.

“The whole world today is moving towards creating a cashless society, where the majority of transactions, in fact, 80% and 90% should happen not by people holding physical cash to do these transactions. This is not just for the individual but the whole country. When an individual holds cash to do business, they run the risk of losing it, even their own life. If someone is coming after you and they know you don’t have the money on you then they will not come after you.

“For the state, it saves the government the cost of printing physical notes. The more financial transaction we do the better it is for us as individuals and as a society. It reduces the cost of doing business and transactions move far much faster. Imagine today you have to make any payment and the person is standing anywhere in the world, instantly on your phone you can make this transaction and pay this person. It totally reduces the transaction time”, he concluded.