I&M Bank, MasterCard partner to launch multicurrency prepaid cards

I&M Bank Tanzania has partnered with MasterCard to launch a suite of debit and multicurrency prepaid cards which will enable customers to make seamless transactions in both domestic and international markets.

Speaking in Dar es Salaam on Monday during the signing ceremony, the I&M Bank Tanzania Chief Executive Officer Mr Zahid Mustafa said they are delighted to be working with MasterCard, a leading financial technology powerhouse.

“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.” Mr Mustafa said.

Mr Mustafa said this solution will enable both account and non-account holders, to transact in both local and foreign currency safely, securely and seamlessly.

He said the cards came with advanced security features (PIN and EMV chip) that allow contactless payment (Tap and Go) to ensure that customers transact safely and securely in the virtual environment.

The Bank has also launched an I&M debit gold card for personal banking customers and an I&M world elite card for high-net worth clients.

The Bank’s Country Manager, East Africa and MasterCard Mr Shehryar Ali said 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.