Mastercard, I&M Bank extend strategic collaboration to 8 years

They continue to strengthen digital payment solutions in Kenya.

In Summary

•The 8-year alliance will see cardholders in Kenya continue to benefit from enhanced value propositions.

•The collaboration is instrumental in driving financial inclusion to consumers, corporate and commercial customers.

Mastercard president for Africa Mark Elliott with I&M Bank COE Gul Khan hold the framework agreement which will extend their strategic collaboration/HANDOUT
Mastercard president for Africa Mark Elliott with I&M Bank COE Gul Khan hold the framework agreement which will extend their strategic collaboration/HANDOUT

Mastercard and I&M Bank have extended their strategic collaboration with an eight-year strategic alliance, ensuring cardholders in Kenya continue to enjoy enhanced value propositions.

Under this alliance, I&M bank clients will enjoy competitive premium customer value propositions through a range of world-class debit and credit cards.

The collaboration between Mastercard and I&M Bank has spanned five years and has delivered significant value to customers, businesses, and the economy.

By leveraging Mastercard’s cutting-edge technology and I&M Bank’s extensive local network, the collaboration is expected to further facilitate seamless and secure payment solutions for individuals and businesses in 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.

I&M Bank chief executive Gul Khan said:"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,"Khan added.

The extended collaboration encompasses a variety of offerings, including Platinum Debit, World EliteDebit, World Debit, Multi-currency Prepaid Cards, and Credit Cards.

These cards provide customers with a diverse array of travel benefits, privileges, and experiences.

Depending on the card category, holders have access to numerous lifestyle privileges both locally and globally.

These privileges include earning loyalty points, which are credited as cash into the customer's loyalty account, enhanced credit card limits, multi-currency prepaid cards with support for up to three currencies, and card safety controls within the I&M On-The-Go mobile and internet banking applications.

Additionally, I&M Bank customers will continue to seamlessly top up prepaid cards and make credit card payments via the I&M Bank OTG App.

Furthermore, these cards are equipped with world-class security and reliability, backed by Mastercard's trusted technology, ensuring robust customer protection.

The incorporation of new technology, such as contactless payment, facilitates a swift and secure checkout experience, empowering consumers to select their preferred payment method.

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