I&M Bank Tanzania, in a strategic collaboration with Mastercard and OpenWay, has introduced the country’s inaugural Mastercard World Elite debit and multi-currency prepaid cards. This innovative launch leverages OpenWay’s advanced Way4 digital payments platform, marking a significant step forward for digital transactions in Tanzania.

The primary objective of these new cards is to cater to Tanzania's increasing appetite for digital payment solutions. They are designed to offer an array of features, including enhanced payment security, exclusive lifestyle privileges, and crucial multi-currency functionality, which are vital for a globally connected economy.

While Tanzania has historically been a predominantly cash-based economy, the adoption of digital payments is steadily expanding, particularly within bustling urban centers like Dar es Salaam and Arusha. I&M Bank anticipates that the introduction of these cards will significantly boost digital adoption by providing compelling benefits such as comprehensive travel insurance, attractive global hotel discounts, and the sheer convenience of multi-currency options for international transactions.

Zahid Mustafa, CEO of I&M Bank Tanzania, emphasized the evolving customer expectations, stating, “Customers increasingly want more than just a card, they want value, reliability, and access to global privileges. With these Mastercard World Elite debit, Gold Debit and multi-currency Platinum prepaid cards, we are offering lifestyle benefits, peace of mind, and a strong digital platform that makes transactions seamless anywhere in the world.”

The Mastercard multi-currency prepaid card offers remarkable flexibility, supporting up to ten different currencies, thereby simplifying international transactions for users. The Mastercard World Elite debit card goes further, providing a suite of premium benefits including concierge and airport Fastrack services, premium travel insurance, extensive global hotel privileges, curated travel packages, and exclusive access to airport lounges across the globe.

Hermann Mike, Regional Director for Sub-Saharan Africa at OpenWay, expressed pride in the partnership, remarking, “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 the digital payments landscape in East Africa.” This joint effort highlights a mutual dedication to enhancing the financial ecosystem and promoting digital transformation in the region.