Mr. Simon Hughes of International Banker interviews Mr. Obeahon Ohiwerei, Managing Director and CEO of Keystone Bank.
Today, International Banker is joined by Mr. Obeahon Ohiwerei, M anaging Director and CEO of Keystone Bank, to discuss the bank’s digital strategy, new product offerings and his own role at the bank. Very good to have you with us.
Listen, let’s start with the bank’s flagship customer loyalty and reward scheme. How does it work?
The bank’s flagship loyalty scheme is called a cash-tokening initiative, that rewards customer loyalty and repeat business by customers. Why did we do that? Because we started from a point of, from a disadvantaged point, as a bank because of what we were before, where we were before as a bank. And we consolidated the position of the bank pretty fast. We had to come up with an initiative that will tie our customers to us and continue to reward them. Now how does this system work? If you activate your account, your dormant account, for instance, and conduct a certain number of transactions, you get a cash token from us. Now this cash token during our weekly draws would enable you, O.K., you could, you could win between $15, O.K., and $270,000 during our weekly draws. All right. Again, it’s not only account activation. If you, for instance, also use our ATMs a certain number of times, it entitles you to a cash token. If you maintain certain balances in your account over a period, it entitles you to a cash token. It’s a life-changing opportunity for our customers. Now, those who bank with us, the SMEs and the corporates that bank with us, also can sign on to this initiative such that they buy the cash tokens and gift them to their customers. I’ll give you an example. Hilton Hotel. Instead of giving discounts, corporate discounts, on accommodation, they just give you that cash token, all right, and that cash token also enables their customers, O.K., to win between $15 a week and $100 and $270,000. So the more people we have in the scheme, the better for everybody. Government, for instance, can use that to encourage taxpayers to pay taxes, because every time you pay your taxes, all right, you’re gifted, you know, with a cash token. And that’s the cost of the pool of the number of businesses […]