DURBAN - The initial concept behind eBucks was to launch a new currency however the powers that be at FNB were stopped by the South African Reserve Bank.
Paul Harris, the former CEO of FirstRand Limited, was the person that came up with the idea, according to My Broadband.
According to former FNB CEO Michael Jordaan, the idea was that people could earn eBucks by being customers of FNB and also be bought as a way of getting access to deals.
They also planned on allowing people to sell eBucks for cash. The first eBucks advertisement was about eBucks being an electronic currency that a bank would issue.
South African Reserve Bank
Their plans to turn eBucks into its own currency were however stopped by the SARB.
According to Jordaan, the then Deputy Governor of the Reserve bank, Gill Marcus, had called him and said that "she was the only issuer of currency in South Africa" and told him to stop.
Then FNB decided to turn eBucks into a rewards programme after their initial plans were stopped.
Will eBucks become its own currency?
With the popularity of cryptocurrency in the world today, BR reached out to both FNB and Michael Jordaan to pose questions to them about the possibility of eBucks becoming its own currency now.
In response, both FNB and Jordaan refused to talk about the topic for different reasons.
Jordaan wrote in an email that because he is no longer employed by FNB he cannot comment on the questions.
On the other hand, Martha Nkhwashu, the eBucks Strategic Marketing and Communications Manager, replied back via email saying that eBucks Rewards and FNB will not be engaging in this topic.
eBucks right now
Now there are so many ways the FNB customers can benefit from of eBucks.
Some of the different variations of eBucks include eBucks Lifestyle, eBucks discounts, Spend eBucks and eBucks Rewards.
With eBucks discounts, eBucks members can get discounts on selected items at the eBucks store and with eBucks rewards, customers are rewarded on the different ways that they bank.
The newest feature on the eBucks platform is eBucks travel which allows customers book flights as well as hire cars online.