I&M Bank Collaborates with Mastercard to Launch Multicurrency Prepaid Cards

I&M Bank Tanzania, a leading bank with customer-centric digital solutions, has partnered with Mastercard, a technology leader in the global payment industry, to launch a suite of Debit and Multicurrency Prepaid Cards. These cards will enable customers to make seamless transactions in both domestic and international markets.

The bank will be launching the I&M Debit Gold Card for personal banking customers and the I&M World Elite Card for high-net worth clients.  I&M Bank Tanzania will be the only bank offering World Elite Debit Cards in the Tanzanian market to affluent customers, giving them exclusive access to a range of unique benefits, privileges and experiences that can be accessed at home and abroad.

The I&M World Elite Exclusive Mastercard Debit card is designed to provide exceptional services exclusively to I&M clients in collaboration with a wide range of international companies and premium retailers worldwide. It offers extra value while maintaining world-class security and reliability underpinned by Mastercard’s trusted technology. The new technology, which includes contactless payment, ensures a fast and secure checkout experience, whilst also empowering consumers to choose how they want to pay.

Speaking in Dar es Salaam during the signing ceremony, Zahid Mustafa, Chief Executive Officer for I&M Bank Tanzania said, “We are delighted to be working with Mastercard, a leading financial technology powerhouse. This solution will enable both account and non-account holders to transact in both local and foreign currency – safely, securely, and seamlessly. The cards come with advanced security features (PIN and EMV chip) that allows contactless payment (Tap and Go) to ensure that customers transact safely and securely in the virtual environment.

“Over the last decade, there has been considerable progress and a shift in the payment landscape as we know it and as such, we have had to be agile in our approach and develop innovative solutions that address consumers’ pain points. The World Elite Exclusive Mastercard Debit card, a first of its kind in Tanzania, will offer unmatched benefits and convenience to Tanzanians through the Mastercard Priceless platform,” says Shehryar Ali, Country Manager, East Africa, Mastercard.

Priceless services and experiences include exclusive access to the concierge service, privilege membership, premium travel insurance, travel packages, and access to a suite of airport lounges around the world.

On the other hand, the I&M Multicurrency Prepaid Mastercard card will be available in 10 currencies and is intended for customers seeking local and international foreign payment solutions, whether they hold an account at I&M or not. All that is required is a national identity card or copy of passport and work permit copy to sign up for the I&M Multicurrency Prepaid Mastercard and start transacting in the local or international markets.

Customers can use Prepaid or Debit Mastercard cards on local points of sale (POS) machines, online, e-commerce platforms and ATMs. They can withdraw cash, pay for monthly subscription bills such as Netflix, Spotify and iTunes, and purchase goods and services for their entrepreneurial projects on E-commerce platforms with ease.

“Mastercard is committed to driving financial inclusion and providing digital solutions that help customers make safe and seamless transactions. By providing consumers with access to secure and convenient payment solutions such as this, we believe that this partnership will help drive economic growth and improve the lives of millions of Tanzanians,” adds Ali. “We are proud to collaborate with I&M Bank to enhance the drive to access financial services, enabling more people to enter the digital economy and as a leader in the payments technology industry, we will continue to provide our customers with the best solutions and experiences”.