I&M Bank Tanzania has launched the nation’s first Mastercard World Elite debit and multi-currency prepaid cards in collaboration with Mastercard and OpenWay.
The new products, which are driven by OpenWay’s Way4 digital payments platform, provide lifestyle benefits, cutting-edge security, and smooth international transactions to meet the changing needs of Tanzania’s middle-class and wealthy clientele.
Tanzania still relies heavily on cash, but digital payments are becoming more popular in cities like Dar es Salaam and Arusha.
I&M Bank’s launch to hasten digital transformation in Tanzania
With this launch, I&M Bank hopes to hasten the digital transformation by providing consumers with strong incentives to use cards, such as international hotel discounts, travel insurance, and multi-currency convenience for both business and pleasure.
“Customers increasingly want more than just a card – they want value, reliability, and access to global privileges,” said Zahid Mustafa, CEO of I&M Bank Tanzania. “With these Mastercard World Elite debit, Gold Debit, and multi-currency Platinum prepaid cards, we are delivering lifestyle benefits, peace of mind, and a strong digital platform that makes transactions seamless anywhere in the world.”
Benefits of the Mastercard World Elite debit and multi-currency prepaid cards
The first of its kind in Tanzania, the Mastercard multi-currency prepaid card supports ten currencies, making international transactions, travel, and shopping simple.
Access to premium travel insurance, global hotel privileges, concierge and airport Fast Track services, carefully curated travel packages, and a worldwide network of airport lounges are just a few of the exclusive lifestyle benefits of the Mastercard World Elite debit card.
“This launch demonstrates the tangible benefits of our migration to Way4, a proven digital payments platform now at the core of our operations. Way4’s flexibility and rich functionality across all payment domains enable us to seamlessly serve diverse countries, business models, and customer segments on a single platform. Its cross-border capabilities, stability, and scalability – combined with modern APIs and AI-readiness – equip us to innovate continuously and respond quickly to customer needs,” said Simon Gachahi, Head of Retail and Digital Banking at I&M Bank Tanzania.
“OpenWay is proud to partner with I&M Bank to deliver secure, reliable, and innovative payment solutions that meet the evolving needs of today’s customers. This collaboration underscores our shared commitment to driving financial inclusion and advancing digital payments in East Africa,” said Hermann Mike, Regional Director, Sub-Saharan Africa at OpenWay.