Mastercard and I&M Bank have extended their strategic collaboration with an 8-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, this collaboration will further facilitate seamless and secure payment solutions for individuals and businesses in Kenya.
(TOP: Mark Elliott, President for Africa at Mastercard – left – and Gul Khan, the CEO of I&M Bank – right – holding the framework agreement which will extend their strategic collaboration offering enhanced value propositions to cardholders).
“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 for 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.
The extended collaboration encompasses a variety of offerings, including Platinum Debit, World Elite Debit, World Debit, Multicurrency 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, multicurrency 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.
I&M Bank was founded in 1974 as a financial services company and later converted to a commercial bank. It is now a wholly owned subsidiary of I&M Group, a public company listed at the Nairobi Securities Exchange (NSE).
I&M Group has a long-standing presence in the Kenyan market with presence in banking, insurance and real estate. The Group offers a full range of banking and financial services covering corporate, business and personal banking, wealth management, bancassurance and advisory services with presence spanning across 5 countries in Kenya, Uganda, Tanzania, Rwanda and Mauritius through a joint venture with CIEL Group (Bank One).
I&M Group is regulated by the Central Bank of Kenya, Capital Markets Authority of Kenya and the NSE.
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