First National Bank Ghana Ltd has launched the first-ever cash rewards programme in Ghana that rewards customers for everyday non-cash transactions.

Cardholders who use their Visa debit cards to make purchases will earn back a percentage of the transaction amount. 

Head of Retail Banking at First National Bank Ghana, Hannah Annobil-Acquah, “We fully support government’s agenda to turn the Ghanaian economy into a cash-less economy where people transact easily with electronic cards.”  

She added, “We’ve done this in several other markets in Africa – from South Africa to Zambia and Namiba. The drive to a cash-lite agenda comes more easily than any other bank in the country because it is in our DNA and is at the heart of our strategy to become the most helpful and innovative bank in Ghana.” 

With the new cash rewards offering, First National Bank Ghana will pay back a percentage of whatever amount a customer purchases using their Visa debit card each month. ATM transactions are not eligible for the cash rewards programme. 

“Imagine you go to a home appliances shop to buy a fridge or a TV set and use your First National Bank Visa debit card to pay GH¢5,000 for the entire transaction. We, at First National Bank, will pay back to you a percentage of the transaction value into your Savings Pocket as a reward for using your card and by so doing encourage others to keep using their Visa debit cards,” Mrs Annobil-Acquah said.

She added, “This is not a promotion. It’s a lifestyle we want to seriously encourage as part of our strategy to push the government’s cash-lite agenda. It doesn’t matter where you swipe, the machine you swipe on or where in the world you swipe. As long it’s you have a Gold or Platinum Visa debit card issued by First National Bank Ghana, you will get your cash reward.”

Other transactions that are eligible for the cash reward programme include online purchases, POS payments in restaurants and supermarkets anywhere in the world and transactions on electronic payment platforms like ExpressPay. 

According to the Bank of Ghana (BoG) Payment Systems Oversight Annual Report, about 9.4 million cards were issued by banks in Ghana in 2016 alone. The total volume of card transactions in 2016 was about 54.3 million, amounting  to GH¢14.2 billion in total value. 

The management of First National Bank Ghana are hoping to use the reward programme to increase both the number of electronic payments cards and the volume of card transactions.

Head, Marketing and Corporate Affairs at First National Bank Ghana, Delali Dzidzienyo, “We are of the view that promoting a cashless economy is prerequisite for attaining the objective of increasing financial inclusion.” 

“Using our Gold and Platinum Visa debit cards provides many benefits to our customers – including convenience, security and the ability to track one’s spending. On top of these benefits, we are saying we’d pay you for using our cards. What could be better than that?”