Posted in News on Jul 27, 2001.
Standard Bank will provide a full range of cost effective banking products and services, including a co-branded Kaizer Chiefs E Plan account and Kaizer Chiefs Credit Card.
The joint business venture is one of the largest deals between a financial institution and a football club in SA.
Under the five-year agreement, Standard Bank will become the sole provider of financial services to Kaizer Chiefs and will become the official bankers to the Amakhosi.
In return for the marketing of financial services to its supporters Standard Bank will pay Kaizer Chiefs an annual fee, a percentage of all transactions made on the card using the Maestro functionality as well as an annual fee per active card that is signed up onto the program.
The first phase of the venture will see the launch of the Kaizer Chiefs E Plan Account and the Kaizer Chiefs Credit Card in the first quarter of 2002.
The Kaizer Chiefs E Plan card will operate just like an ATM card with cardholders been able to use the card at any ATM machine to withdraw cash and deposit funds as well as enquire on statements and balances on the account.
In addition to the above the card can also be used to make purchases at stores that display the Maestro logo.
Payment of certain accounts may also be maid using the card at the Pick n Pay stores. The cardholder will be able to top up his or her pre-paid cellphone service using the account. The Kaizer Chiefs E Plan account will be targeted to the estimated 12 million Amakhosi supporters.
It is the aim of Standard Bank and Kaizer Chiefs to sign over 1 million Amakhosi supporters tom the program within the first year of the launch.
"We are very excited about this partnership with Kaizer Chiefs, one of Africa’s most successful soccer teams,” said Jacko Maree, Standard Bank chief executive. “Both Chiefs and Standard Bank are significant institutions in SA and throughout the continent.
"This business venture will benefit all the parties involved. Standard Bank will acquire new business and provide accessible banking to Chiefs supporters. The supporters will gain access to an affordable banking product and it will provide a further opportunity for Kaizer Chiefs to promote it’s brand and get closer to its supporters. The cardholding Chiefs supporters will have access to our E Plan centers and our extensive network of ATM machines.”
"We hope that the partnership with Kaizer Chiefs and its loyal supporters will provide an ideal opportunity for us to provide a full range of financial products to Amakhosi supporters.”
Additional benefits of preferential seating at games, discounts and access to cash draws and competitions is also envisaged through the use of the card.
"Merging with a brand like Standard Bank gives us the impetus to strengthen our own, not only from a qualitative point of view, but also from a more tangible one,” said Kaizer Chiefs managing director Kaizer Motaung.
"Our supporters will be able to show their loyalty to our club by owning a branded banking card and thereby receive exclusive offers. This type of affinity marketing is tried and tested and has proved to be very successful in Europe and the States with other sporting brands.
"We are happy to have found a bank that is as progressive in their banking as we are. The ultimate offering to us is, at this point, the imminent ability to sell match tickets through ATM machines. This will go down a long way in achieving and implementing solutions to one of the problems that has come to the fore in the Ellis Park Commission of Inquiry,” said Motaung.
