#Mastercard #Tanzania #Dar es Salaam #OpenWay #I&M Bank

A New Era of Payment in Tanzania: I&M Bank's Latest Launch

On October 1, 2025, I&M Bank Tanzania made headlines with the launch of the first-ever Mastercard World Elite debit cards and multi-currency prepaid cards, setting a new benchmark in digital payments within the region. This innovative step, in partnership with Mastercard and OpenWay, is tailored to meet the evolving needs of affluent Tanzanian customers and the growing middle class.

The cards, built on OpenWay's advanced Way4 digital payment platform, provide an impressive array of lifestyle privileges, enhanced security, and seamless international transactions. As Tanzania continues its gradual shift from cash to digital payments—especially in urban centers like Dar es Salaam and Arusha—this new offering seeks to facilitate this transition by providing compelling reasons for users to utilize these cards.

Zahid Mustafa, the CEO of I&M Bank Tanzania, articulated the bank's vision, emphasizing that modern customers are in search of more than just basic banking tools; they desire value, reliability, and access to global privileges. He stated, “With our Mastercard World Elite debit cards and multi-currency prepaid options, we provide lifestyle advantages, peace of mind, and a robust digital platform supporting transactions worldwide.”

Unique Features of the Cards

The multi-currency prepaid Mastercard distinguishes itself as the first of its kind in Tanzania, supporting up to 10 different currencies. This feature empowers cardholders to travel, shop, and conduct international transactions with remarkable ease—an essential asset for today’s modern traveler. Meanwhile, the Mastercard World Elite debit card offers exclusive benefits, including concierge services, fast-track processing at airports, premium travel insurance, global hotel privileges, and access to airport lounges around the world.

This groundbreaking launch signals a pivotal moment for I&M Bank as it continues migrating to the Way4 platform—now integral to its operations. Simon Gachahi, the head of retail and digital banking at I&M Bank Tanzania, highlighted the considerable advantages of this migration, citing the flexibility and extensive functionality of Way4. “We can serve diverse countries, business models, and customer segments on a single platform,” he explained, noting the system's robust capabilities for cross-border transactions, stability, and scalability, coupled with modern APIs and AI preparedness—factors that enable continuous innovation to meet customer demands effectively.

In a joint commitment to offer secure, reliable, and innovative payment solutions, Hermann Mike, regional director for Sub-Saharan Africa at OpenWay, emphasized their partnership with I&M Bank. He remarked, “Together, we are fostering financial inclusion and advancing digital payments across East Africa.”

Conclusion

I&M Bank's introduction of these Mastercard products stands as a testament to the country's growing embrace of digital finance, aiming not only to enhance customer experiences but also to propel the Tanzanian economy into a new era of financial services. As the bank continues to pave the way for modern banking solutions, customers can anticipate a more interconnected and seamless experience, ultimately driving economic prosperity in the region.