I&M Bank Tanzania, in collaboration with Mastercard and OpenWay, has announced the rollout of the Mastercard World Elite debit and multi-currency prepaid cards, enabled by the Way4 platform.
With the newly launched cards, I&M aims to meet the evolving needs and demands of Tanzania’s affluent and middle-market customers, providing lifestyle privileges, improved payment security, and simplified international transactions.
Switching from cash to digital payments
Even if Tanzania remains a society that mostly relies on cash for everyday transactions, digital payments are currently gaining more acceptance as card adoption increases in key hubs such as Dar es Salaam and Arusha. With this rollout, I&M Bank aims to accelerate the shift from cash to digital payments by offering customers additional incentives to start using cards, including travel insurance, global hotel discounts, and multi-currency convenience for international business and leisure.
The Mastercard multi-currency prepaid card comes as one of the first in Tanzania and supports ten currencies, allowing customers to travel, shop, and transact worldwide more optimally. On the other hand, the Mastercard World Elite debit card offers cardholders improved value and access to exclusive Mastercard lifestyle benefits, including concierge and airport Fast Track services, premium travel insurance, global hotel privileges, travel packages, and access to a range of airport lounges worldwide.
Commenting on the move, representatives from I&M Bank Tanzania highlighted that, as more customers are looking for a solution that goes beyond just being a card by providing them with value, reliability, and access to global capabilities, the financial institution sought to meet this need, thus introducing the Mastercard cards as part of its offering. With these Mastercard World Elite debit, Gold Debit, and multi-currency Platinum prepaid cards, I&M intends to facilitate lifestyle benefits and a digital platform that simplifies transactions, regardless of location.
Furthermore, I&M Bank Tanzania added that this launch underscores the capabilities brought by the migration to Way4, a digital payments platform that now lies at the core of the financial institution’s operations. With Way4’s flexibility and functionality across all payment domains, I&M Bank Tanzania can serve diverse countries, as well as business models and customer segments, more efficiently on a single platform.
