- Created by Ahmed-Tijani Umar (Unlicensed) , last modified on Sept 24, 2024
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Rewards Summary
The Rewards program was created in June 2024 and rolled out to 80% of newly signed-up personal banking customers. It offers cashback on specific types of transactions. The current categories for cashback rewards include:
Types of rewards
Reward | Description | Amount | Frequency |
|---|---|---|---|
Bill Payments | Cashback for payments of bills (e.g., utilities, subscriptions) | 10% | Weekly |
Airtime | Cashback for purchasing airtime or mobile credit | 10% | Weekly |
Transfers | Cashback on transfers made to other banks | N10 flat | Thrice daily |
Why are we reviewing rewards?
As we launch the new pricing for bank transfers, we will also review the Rewards program to soften the impact of these new pricing changes, especially for business banking users. There are two major areas we want to address before the launch:
New reward (cashback) amounts
User experience
Speed of rewards
Rewards user experience
New rewards (cashback) amounts
The new rewards update from the Payments team will give the following cashback amount for bank transfers for the following account types:
| 0-5000 | 5001-50,000 | 50,000 above | Cashback |
|---|---|---|---|---|
Personal | N10 | N10 | N10 | N10 |
Business without POS KYC level 3 and below | N10 | N10 | N10 | N10 |
Business without POS KYC level 4 and above | N10 | N20 | N40 | N/A |
Business with POS | N10 | N20 | N40 | Star Level Super: N3 |
User experience
We also conducted a discovery exercise on the current user experience with a focus on the following key areas for potential improvement:
Discoverability: How easy is locating the Rewards section on the dashboard?
Speed of Cashback: How quickly do users receive feedback on a collected reward?
Ease of Use: How easily do users monitor and cash out rewards?
General experience: How seamless is the entire process of navigating and using rewards?
The results of the discovery can be seen below:
Rewards UX discovery Plan
Rewards user experience
Experience | Problems | Solution |
|---|---|---|
Discoverability | “In-app Reward discovery overall is not great.” “As a whole, CRM communication was very effective in bringing awareness to the customers.” “Some users transact via USSD” “Some users had forgotten about their account or aren’t aware of Rewards” | Onboarding
Positioning
Entry point
Reminders
Visual cues
Support for edge cases
|
Speed of Cashback | “Cashback speed is not excellent.”
| Engineering optimization
Visual cues
|
Ease of use + General experience | “Responses here indicate cashout visibility and simplification is needed.” “Cashback amount is a major reason for Positive satisfaction with competitors” | Incomplete transaction
More reward options
Show users how much they save through cashback.
Gamification of rewards
|
User personas
Personal Banking users:
Rewards will now be available to ALL users who have personal accounts.
Business banking users [NEW]
With this update, we will be introducing Rewards to the following types of business account owners:
Business without POS KYC level 3 and below
Business with POS
* Businesses > L3 but without POS (corporate accounts), aren’t getting cashback rewards. They will be incentivised to get POS so they can enjoy rewards.
Business Case & Justification
Current performance of rewards
The Rewards Program has been highly effective in driving key growth metrics, and there is strong evidence to suggest that launching it to all customers would significantly benefit us.
| Sign-Up to Account Creation | Sign-Up to First Transaction | Sign-Up to First Transaction (non-referrals) |
|---|---|---|---|
Assigned | 77.7% | 51.82% | 43.21% |
Unassigned | 62.23% | 39.89% | 26.36% |
CVR change | 15% points Positive uplift in conversion rate is observed | 12% points Positive uplift in conversion rate is observed | 17% points Positive uplift in conversion rate is observed |
* 80th percentile ‘Assigned Non-Referrals’ time to First Transaction improves by 14 hrs (20%) when compared to ‘Unassigned Non-Referrals’.
** Data accurate as of September 2024
Rewards Metrics
We are already tracking key account data on Rewards performance. You can access the live dashboard here, where we monitor general activity and trends:
.https://hera.teamapt.com/dashboard/rewards-hm-?p_Account Opened Period=["Post-Rewards Accounts"]
To summarise, our current Rewards program has led to:
Improved Conversion: Rewards significantly increased user engagement, particularly for Non-Referral customers who are harder to convert.
Higher Revenue: The uplift in revenue and transaction volume shows that rewards effectively drive business value.
Long-Term Engagement: Users who engage with Rewards are more likely to transact repeatedly, creating sustainable growth.
Epic | User Story | Acceptance Criteria |
|---|---|---|
Onboarding | As a Personal banking user, I want to be aware of the Rewards program from the moment I sign up. |
|
Discoverability | As a Personal banking user, I want to see the Rewards program clearly and easily interact with my rewards. | Positioning
Entry point
Notification
|
Speed of Cashback | As a personal banking user, I want to be instantly rewarded after my transaction |
|
General experience of rewards | As a personal banking user, interacting with Rewards is simpler and clearer |
|
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