Getting coins back into circulation, charity benefits
As an initiative to bring more coins back into circulation, Standard Bank ran a coin collection initiative with St John's College Preparatory School in March, ahead of the Easter Rugby Festival that took place from 4-9 April 2012. Called 'It makes Cents', it challenged pupils to collect as many coins as they could for the school's chosen charity. Standard Bank pledged to match the total amount collected.
L - R: Rob Latham (Segment Head: Standard Bank Youth Banking), Mark Labuschagne (Product Head: Standard Bank Cash Acquiring), Karen Maitlaid (HOD English: St Johns Preparatory), and Pippa Jarvis (TLC).
Standard Bank's Jean Ochse, director of acquiring, says the initiative comes as customers and banks are generally experiencing coin shortages, possibly because many people hold on to coins instead of using them when paying for goods and services, taking them out of circulation.
"The initiative achieved two goals for Standard Bank. We matched what the children collected and raised funds for a worthy cause. The initiative is also one way of bringing coins back into circulation to address the shortage of coins in the system.
"So the imperative is both a business as well as a social one, and it forms part of the bank's broader initiative to recycle coins. Importantly, this all is done in the spirit of fun and festivity that typically surrounds the Easter Weekend."
Patrick Less, St John's College Headmaster of the Preparatory School, says, "The boys had fun and due to their natural competitiveness, they have done very well. We thank all those involved, it is great that so much could be raised for such a good cause."
A total of R60 100 was raised, with the bank handing over the cheque to St Johns on 4 April. The funds were donated to the TLC charity. Ochse says the initiative may be rolled out to other schools and communities in a number of different formats.
