I&M Bank Tanzania, in partnership with Mastercard and OpenWay, has introduced the Mastercard World Elite debit and multi-currency prepaid cards via the Way4 platform.

Meeting Customer Needs

I&M aims to cater to the evolving requirements of its affluent and middle-market clients by rolling out these new payment solutions. The bank seeks to enhance payment security, simplify international transactions, and offer lifestyle benefits through these cards.

Moving Towards Digital Payments

While cash remains predominant in Tanzania for daily transactions, digital payments are increasingly embraced, particularly in major cities like Dar es Salaam and Arusha. This initiative by I&M Bank is designed to boost the adoption of card-based payments through incentives such as travel insurance, hotel discounts abroad, and multi-currency features.

The Mastercard multi-currency prepaid card is one of the first in Tanzania and supports ten currencies, facilitating global transactions more efficiently. Meanwhile, the Mastercard World Elite debit card provides cardholders with exclusive benefits like concierge services, airport fast track access, premium travel insurance, hotel privileges, and lounge access.

Enabling Global Capabilities

I&M Bank Tanzania emphasized that these cards help meet customers’ desire for a solution beyond basic payment functions. By introducing the Mastercard cards, I&M aims to support lifestyle benefits and simplify transactions across different locations.

The migration to Way4 enables I&M Bank Tanzania to serve various countries, business models, and customer segments more effectively on one platform, highlighting the bank’s commitment to digital innovation.