Tanzania’s I&M Bank has entered into a partnership with Mastercard to launch its suite of Debit and Multicurrency Prepaid Cards that will “enable customers make seamless transactions in both domestic and international markets.”
Chief Executive Officer for I&M Bank Tanzania, Zahid Mustafa, who announced the deal during a press conference on Wednesday, said the bank would also launch the I&M Debit Gold Card for personal banking customers and the I&M World Elite Card for high networth clients in the future.
“We are delighted to be working with Mastercard, a leading financial technology powerhouse,” Mustafa said.
“This solution will enable both account and non-account holders to transact in both local and foreign currency – safely, securely, and seamlessly.
“The cards come with advanced security features (PIN and EMV chip) that allows contactless payment (Tap and Go) to ensure that customers transact safely and securely in the virtual environment,’ he added.
I&M Bank Tanzania, according to the CEO, will be the only bank offering World Elite Debit Cards in the Tanzanian market to customers, giving them exclusive access to a range of unique benefits, privileges and experiences that can be accessed at home and abroad.
Also speaking at the press conference, Shehryar Ali, Country Manager, East Africa, Mastercard, said the World Elite Exclusive Mastercard Debit card, which is the first of its kind in Tanzania, would offer unmatched benefits and convenience to Tanzanians through the Mastercard Priceless platform.
“The new technology, which includes contactless payment, ensures a fast and secure checkout experience, whilst also empowering consumers to choose how they want to pay,” he said.
“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.”