Two of South Africaâ€™s oldest and largest institutions, Telkom and ABSA, have joined forces on Telkomâ€™s ADSL and prepaid packages.
According to Telkom, ABSA customers will now receive cash rewards when they purchase airtime for the newly launched Telkom Mobile or when subscribing to Telkom ADSL contracts.
In a statement released on Monday, the South African communications giant said that they believe ABSA customers are a source of â€œquality customersâ€ and that their loyalty will give Telkom a â€œlong tenureâ€.
The cash rewards tie in with the ABSA Rewards Programme. This is a bank rewards initiative that, unlike other South African banks, offers itâ€™s customers real cash back for swiping their ABSA card.
ABSA will now offer itâ€™s customers 7% cash rewards when purchasing Telkom Mobile airtime at ABSA ATMâ€™s, on ABSA Mobile Banking or online.
ABSA customers who subscribe to Telkomâ€™s ADSL packages, will also receive a monthly 7% cash reward. The Telkom ADSL packages include the R399 Telkom Simple package, as well as the R514 Telkom Simple Uncapped package.
Arrie Rautenbach, head of ABSA Retail Bank, said in a statement:
â€œThis exclusive offer provides added incentive to approximately 1.35 million of our Absa Rewards members through a guaranteed monthly saving in cash rewards when subscribing to selected ADSL Telkom contracts, and even greater savings when purchasing Telkom mobile prepaid airtime through any one of Absaâ€™s digital banking channels.â€
Telkom also believes that partnering with ABSA will help them grow their â€œchannel footprint and market reachâ€.
This is a smart move by two of South Africaâ€™s biggest institutions. Letâ€™s see of the competition will come up with a counter offer.