#Tanzania #Dar es Salaam #OpenWay #IM Bank Tanzania #Mastercard World Elite

IM Bank Tanzania Introduces Groundbreaking Payment Solutions

I&M Bank Tanzania has taken a significant step into the digital financial landscape by unveiling the country’s first Mastercard World Elite debit and multi-currency prepaid cards. This innovative offering, developed in partnership with Mastercard and OpenWay, aims to cater to Tanzania's growing affluent and middle-market customer segments, delivering both lifestyle privileges and advanced security measures.

A Shift Towards Digital Payments

While Tanzania's economy has mostly relied on cash transactions historically, there is a noticeable shift towards embracing digital payments, especially in urban hubs like Dar es Salaam and Arusha. By launching these cards, I&M Bank not only meets the evolving preferences of its customers but also plays a key role in promoting a broader acceptance of digital financial solutions across the country.

The new Mastercard products redefine convenience for Tanzanian customers by providing an array of benefits. These include travel insurance, global hotel discounts, and the ability to make purchases in multiple currencies, thus catering to both business and leisure needs.

Zahid Mustafa, the CEO of I&M Bank Tanzania, emphasized the demand for added value beyond just card transactions: "Customers increasingly want more than just a card – they want value, reliability, and access to global privileges." This sentiment reflects a deeper understanding of today’s consumer expectations in the financial services sector.

Features of the New Cards

The introduction of the Mastercard multi-currency prepaid card is particularly noteworthy, as it supports transactions in 10 different currencies. This is a crucial feature for travelers and individuals who shop internationally, allowing for seamless and cost-effective transactions.

On the other hand, the Mastercard World Elite debit card unlocks exclusive benefits, such as concierge services, airport Fast Track services, premium travel insurance, and access to luxurious global hotel privileges. Additionally, cardholders gain access to curated travel packages and a network of airport lounges worldwide, significantly enhancing their travel experiences.

Empowering Digital Transformation with Way4

The launch of these advanced payment solutions is powered by OpenWay's Way4 digital payments platform, which has become central to I&M Bank’s operations. Simon Gachahi, the Head of Retail and Digital Banking at I&M Bank Tanzania, commented on the operational advantages provided by Way4: "Way4's flexibility and rich functionality across all payment domains enable us to serve diverse countries, business models, and customer segments seamlessly on a single platform."

This digital infrastructure not only stabilizes transaction processes but also equips the bank to maintain a competitive edge through rapid responses to customer needs and continuous innovation.

Commitment to Financial Inclusion

The collaboration between I&M Bank and OpenWay is not just about providing new card products; it is also rooted in a mutual commitment to enhance financial inclusion in East Africa. Hermann Mike, the Regional Director for Sub-Saharan Africa at OpenWay, expressed pride in this partnership, stating: "We are dedicated to delivering secure, reliable, and innovative payment solutions that adapt to the evolving needs of today’s consumers."

As digital payment solutions are set to redefine financial transactions in Tanzania, I&M Bank’s initiative with Mastercard signifies a transformative leap towards a more digital and inclusive banking environment. This launch positions I&M Bank not just as a financial institution, but as a leader in the drive towards a cashless economy, ensuring that Tanzanians have the tools they need for modern banking at their fingertips.

In conclusion, the introduction of these Mastercard World Elite debit and multi-currency prepaid cards marks a pivotal moment for financial services in Tanzania, paving the way for greater adoption of digital payment systems and enhancing the lifestyle of its customers through innovative banking solutions.