I&M Bank Uganda partners with Mastercard

Friday 15 December 2023 10:12 CET | News

I&M Bank Uganda has announced a strategic partnership with Mastercard, intending to improve the banking experience for customers.

Through this collaboration, I&M Bank Uganda and Mastercard focus on enhancing the banking experience by supporting digital transformation and improving payment security via digital payment solutions. As per the information detailed in the press release, the bank plans to deploy a suite of additional I&M branded cards to the market, including the I&M Standard Debit Mastercard, I&M World Debit Mastercard, and I&M World Elite Debit Card. The range of cards aims to provide improved capabilities and functionality that can convert customers’ experience and how they manage their finances and complete payments.

I&M Bank Uganda has announced a strategic partnership with Mastercard, intending to improve the banking experience for customers.

I&M Bank Uganda – Mastercard collaboration objectives

By prioritising the implementation of security protocols, the bank and Mastercard consider the significant importance of payment security in the digital ecosystem and safeguard customer transactions during digital payments. According to I&M Bank Uganda’s officials, the collaboration with the digital payments and technology provider solidifies the bank’s commitment to fostering digital innovation and the convenience and security of its customers’ financial journeys. I&M Bank Uganda also highlighted that the bank intends to improve how customers bank and transact by using Mastercard's insight and payment solutions.

Furthermore, in addition to fortified security measures, the bank plans to provide I&M World Elite Debit cardholders with benefits customised to their lifestyles, including complimentary travel insurance for air ticket purchases, access to airport lounges, and discounts at participating hotels globally. With these supplementary benefits, the bank focuses on elevating the travel experience of I&M Bank customers and bringing more value to their banking relationships.

Representatives from Mastercard stated that the company’s technology merged with I&M Bank’s commitment to customer-focused innovation aims to enable customers to adopt digital transactions. By joining forces, the two entities aim to support financial inclusion and offer secure and convenient banking experiences to customers. Moreover, Mastercard shares I&M Bank’s objective of allowing customers to benefit from the advantages of digital transactions by making payments safe, simple, and efficient. The partnership between Mastercard and I&M Bank Uganda participates in the financial sector’s journey towards digital transformation, as it focuses on improving the banking experience through security, effectiveness, and innovation.

Mastercard’s input in Uganda’s financial ecosystem

In addition to its collaboration with I&M Bank, Mastercard also partnered with several financial entities from Uganda to foster the financial sector’s expansion in the region. At the beginning of October 2023, the company joined forces with Equity Bank to improve financial inclusion for digitally marginalised individuals, communities, and businesses in Uganda. Through this collaboration, Equity Bank aimed to use Mastercard’s Community Pass solution to issue financial inclusion cards and Community Pass credentials, provide access to credit for individuals and businesses, as well as to develop a Community Pass digital acceptance presence in alliance with technology companies in Uganda.

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Keywords: online banking, mobile banking, debit card, financial services, digital payments, online security
Categories: Banking & Fintech
Companies: I&M Bank Uganda, Mastercard
Countries: Uganda
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Banking & Fintech

I&M Bank Uganda



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