By Moses Nosike
The year started with so much optimism for Nigerians as the World Bank, in its January 2020 Global Economic Prospects Report, predicted that the Nigerian economy was expected to grow by 2.1 percent in 2020. The bank was enthusiastic about a positive outlook for the Nigerian economy.
But in a subsequent report in July, the World Bank revealed that the Nigerian economy was expected to plunge into a severe economic recession, the worst since 1980s, due to the falling oil prices and the COVID-19 pandemic.
Like other Presidents across the globe, President Muhammadu Buhari declared a lockdown across major cities in Nigeria in the wake of COVID-19. The lockdown restrictions consequently affected businesses, giving rise to broken supply chains, decline in demand and ultimately, loss in revenues.
Reacting to the impact on businesses, employers urgently needed to cut down costs. Most reduced staff salaries, some deferred benefits and promotions, while others outrightly declared redundancy and laid off staff. Although businesses are beginning to re-opening with economic activities gradually picking up, hence the apparent suffering of Nigerians occasioned by the pandemic and the consequent lockdown, cannot be overemphasized.
While the governments, corporate institutions and well spirited individuals came together to provide palliatives to indigent citizens across the country, other organisations undertook other initiatives to provide succor as well.
According to Chief Marketing and Communication Officer, Interswitch, Cherry Eromosele, Interswitch Group, through its payment card scheme – Verve undertook a food bank initiative through which it distributed raw foodstuffs to the vulnerable and families of security operatives residing within the company’s business operating environment.
She said that while the aforementioned interventions can be counted as Corporate Social Responsibility (CSR) for the corporate organisations concerned, there are other ways brands can exploit to improve the lives of the citizens, such as rewarding customers’ loyalty.
Cherry further said that, Verve, Africa’s leading card payment scheme is going beyond its CSR obligations to alleviate the suffering of Nigerians. “This time the brand is committing to alleviate the pains of its cardholders by rewarding their loyalty. The payment card scheme is living up to its claim as the rewarding avenue to make payment with the Verve GoodLife Promo”.
She said, “The GoodLife Consumer Promo seeks to enable Verve loyal cardholders live the good life, as well as avail them the opportunity to carry out a secure and seamless transactions across the range of financial services the firm offers.
The promo is a national campaign geared towards eliciting a sense of belonging among Verve cardholders. It seeks to reiterate the brand’s support to its cardholders. The promo will foster a sense of value in every cardholder, showing them that their patronage is appreciated, while providing premium card services. It hopes to trigger a feeling of advocacy from the cardholders so that they do not only make more payments with their Verve cards, but also get others to do the same”.
However, she said that the Verve GoodLife Consumer Promo, which kicked off on September 1, 2020 will run till November 29, 2020. “For the next 12 weeks, over 2,550 Verve cardholders while transacting with their cards, stand the chance to win varying sums from the allotted over N27 million prizes up for grabs.
With the GoodLife Consumer Promo, Verve seeks to give customers a break from the hustle and bustle of their everyday lives, by rewarding and giving them invaluable experiences. Two lucky cardholders will each win the grand prize of N1 million. To qualify for the grand prize, cardholders are expected to transact at least 36 times every month for the next three months with Verve Card.
For the next 12 weeks, 100 cardholders will win N10,000.00 weekly. Similarly, 100 cardholders will win N5,000.00 worth of airtime weekly, for 12 weeks”.
Cherry said, “To qualify for the weekly raffle draws, cardholders are expected to transact at least 3 times weekly with Verve Card. Other prizes include N50,000.00 for 50 cardholders monthly for the next three months. Winners from this category are also expected to transact at least 12 times monthly with Verve Card to qualify for the monthly raffle draw”.
Continuing, Cherry said that Verve has shown a keen understanding on how to reward customer loyalty that other brands can take a leaf from.
“Brands that want to deepen engagement with their customers, as well as increase customer loyalty should exploit reward programs. This is a means to positively impact, appreciate and retain customers.
Verve is not just an advocate of rewarding customer loyalty, the firm has certainly shown exemplary leadership by walking the talk with the launch of the GoodLife Consumer Promo”.