May 24, 2024

Mastercard and I&M Bank Extend Partnership for 8 Additional Years

Mastercard and I&M Bank Extend Partnership for 8 Additional Years

Mastercard and I&M Bank have announced an extension of their successful partnership for an additional eight years. This announcement means continued commitment to providing Kenyans with secure, innovative, and convenient payment solutions.

The existing partnership, which has spanned five years, has demonstrably benefited customers, businesses, and the Kenyan economy as a whole. By leveraging Mastercard’s cutting-edge technology and I&M Bank’s extensive local network, the extended alliance aims to further strengthen Kenya’s digital payment infrastructure.

Expressing his delight at the extended partnership, Mark Elliott, President, Africa at Mastercard, highlighted the alliance’s role in advancing financial inclusion within Kenya.

“We are delighted to extend our collaboration with I&M Bank. This strategic alliance has enabled us to make significant progress in advancing digital payments and financial inclusion in Kenya. Together we will continue to empower individuals and businesses with secure and convenient payment solutions that will help them reach their potential” said Mark Elliott, President, Africa at Mastercard.

“As we celebrate 50 years of I&M Bank, we are delighted to announce the expansion of our collaboration with Mastercard, aimed at providing an extensive range of lifestyle and travel benefits to our corporate, retail, and business clients. By extending this alliance, I&M Bank has demonstrated its commitment to delivering tailor-made, digital solutions that cater to the distinct needs of our valued customers,” said Gul Khan, CEO of I&M Bank.

Read Also : I&M Bank Celebrates 50 Years of Success

The extended partnership between I&M Bank and Mastercard brings significant benefits to a wide range of stakeholders. I&M Bank customers will gain access to a wider array of Mastercard debit and credit cards.

These cards cater to diverse spending habits, offering Platinum Debit, World Elite Debit, World Debit, Multicurrency Prepaid Cards, and Credit Cards. Each card tier unlocks a variety of travel benefits, exclusive privileges, and experiences tailored to specific needs.

Depending on the card they choose, customers can enjoy loyalty programs that reward points redeemable for cash or other benefits. Credit cardholders can benefit from increased credit limits, while multicurrency prepaid cards offer the convenience of managing international transactions seamlessly.

Furthermore, robust security controls are readily accessible through the I&M On-The-Go mobile and internet banking platforms, ensuring peace of mind for every transaction. Topping up prepaid cards and making credit card payments is also a breeze with the user-friendly I&M Bank app.

Mastercard’s trusted technology further equips these cards with robust security features, ensuring the highest level of customer protection during transactions. Additionally, the incorporation of contactless payment options offers a swift and secure checkout experience.

Read Also : 3 Factors Driving the Surge in I&M Bank Personal Accounts

This partnership also fosters a more robust digital payment ecosystem in Kenya. By encouraging a shift towards cashless transactions, businesses that accept Mastercard experience a wider customer base and potentially increased sales.

Furthermore, as digital payments gain traction, financial inclusion expands, allowing more Kenyans to participate in the formal economy. This, in turn, contributes to a more efficient and dynamic Kenyan economy.

I&M Bank Mastercard Offerings

  • I&M Platinum Debit Mastercard: This card caters to frequent online shoppers and travelers, offering cashback on Jumia Prime subscriptions, travel booking discounts, and comprehensive travel insurance.
  • I&M World Elite Debit Mastercard: Perfect for those who enjoy the finer things in life, this card provides exclusive offers and discounts from partner establishments, credit facilities for larger purchases, and access to luxury experiences.
  • I&M World Credit Mastercard: Designed for the premium customer, this card comes packed with benefits like unlimited airport lounge access, travel insurance, reward programs that earn you points redeemable for cash or other rewards, and cash back options.