I&M Bank Teams Up with Mastercard for Premium Debit and Prepaid Cards

I&M Bank Tanzania, has joined forces with Mastercard to introduce a suite of Debit and Multicurrency Prepaid Cards. These cards facilitate seamless transactions for customers in both domestic and international markets.

The bank will introduce two card options: the I&M Debit Gold Card, tailored for personal banking customers, and the I&M World Elite Card, designed for high-net worth clients. I&M Bank Tanzania will be the exclusive provider of World Elite Debit Cards in the Tanzanian market, offering affluent customers access to a wide range of exclusive benefits, privileges, and experiences, both domestically and internationally.

Zahid Mustafa, Chief Executive Officer for I&M Bank Tanzania [Left] and Shehryar Ali, Country Manager for East Africa at Mastercard [Right] sign agreement that will enable I&M Bank customers to make transactions using Mastercard Premium World Debit Card and Multicurrency Prepaid Cards

The I&M World Elite Exclusive Mastercard Debit card offers exceptional services exclusively to I&M clients in collaboration with various international companies and premium retailers worldwide. It delivers added value while ensuring world-class security and reliability, supported by Mastercard’s trusted technology. The inclusion of contactless payment technology enables fast and secure checkout experiences, empowering consumers to choose their preferred payment methods.

Zahid Mustafa, Chief Executive Officer for I&M Bank Tanzania, expressed delight in partnering with Mastercard, a leading financial technology powerhouse. This solution enables both account and non-account holders to safely and securely transact in both local and foreign currencies. The cards are equipped with advanced security features, such as PIN and EMV chip, allowing contactless payments [Tap and Go] in virtual environments.

Shehryar Ali, Country Manager, East Africa, Mastercard, noted the significant progress and evolution in the payment landscape over the past decade. The World Elite Exclusive Mastercard Debit card, the first of its kind in Tanzania, offers unparalleled benefits and convenience to Tanzanians through the Mastercard Priceless platform. This includes exclusive access to concierge services, privilege memberships, premium travel insurance, travel packages, and a suite of airport lounges worldwide.

Furthermore, the I&M Multicurrency Prepaid Mastercard card, available in 10 currencies, caters to customers seeking local and international payment solutions, regardless of whether they hold an account at I&M Bank. To sign up for the I&M Multicurrency Prepaid Mastercard, customers only need to provide a national identity card or a copy of their passport and work permit. This enables them to transact in local and international markets seamlessly.

Customers can utilize the Prepaid or Debit Mastercard cards at local points of sale [POS] machines, online platforms, e-commerce websites, and ATMs. The cards facilitate cash withdrawals, payment of monthly subscription bills [e.g., Netflix, Spotify, and iTunes], and purchase of goods and services for entrepreneurial projects on various e-commerce platforms.

Mastercard is committed to driving financial inclusion and offering secure digital solutions for safe and seamless transactions. This partnership with I&M Bank is expected to contribute to economic growth and improve the lives of millions of Tanzanians. By providing access to secure and convenient payment solutions, Mastercard aims to enable more people to enter the digital economy. As a leader in payments technology, Mastercard is dedicated to providing customers with the best solutions and experiences.

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