Standard Bank and Kaizer Chiefs sign a multi-million rand partnership

Standard Bank and Soweto soccer pacesetters Kaizer Chiefs today announced a partnership which will see Amakhosi supporters being offered a range of co-branded payment, savings and investment products.

Standard Bank will provide a full range of cost effective banking products and services, including a co-branded Kaizer Chiefs E-Plan account and a Kaizer Chiefs credit card.

The joint business venture is one of the largest deals between a financial institution and a South African football club.

Under the five-year agreement, Standard Bank will become the sole provider of financial services to Kaizer Chiefs and will become official banker to Amakhosi.

In return for the marketing of financial services to its supporters, Standard Bank will pay Kaizer Chiefs an annual marketing 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 programme.

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 being able to use the card at any ATM 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 paid using the card at Pick ‘n Pay stores. Cardholders will also be able to top-up their pre-paid cellphone service using the account. The Kaizer Chiefs E-Plan account will be targeted at the estimated 12 million Amakhosi supporters.

It is the aim of Standard Bank and Kaizer Chiefs to sign over 1 million Amakhosi supporters the the programme within the first year of the launch.

Says Jacko Maree, Standard Bank Chief Executive: "We are very excited about this partnership with Kaizer Chiefs, one of Africa’s most successful soccer teams. Both Chiefs and Standard Bank are significant institutions inSouth Africa 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, Amakhosi supporters will gain access to an affordable banking product and it will provide a further opportunity for Kaizer Chiefs to promote its brand and get closer to its supporters. Chiefs supporters who  become cardholders will have access to our E-Plan centres and our extensive network of ATMS.

"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 all Amakhosi supporters. We believe that this partnership is a step in the right direction of promoting the government’s national imperative of  fostering a culture of savings and also ensuring that banking is made more accessible to all South Africans. Our partnership with Chiefs gives us the opportunity to confirm our status as a banker to the nation.

Says Kaizer Chiefs Chairman, Kaizer Motaung: "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. Our supporters willbe able to show their loyalty to our club by owning a randed banking card, and thereby receive exclusive offers.

"This type of affinity marketing is tried and tested and has proved to be very successful with other sporting brands in Europe. to have found a bank that is as progressive in their thinking as we are. The ultimate offering to us is the imminent ability to sell match tickets through ATM machines. This will go 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 Enquiry.