Why The Renewed I&M Bank Mastercard Deal Matters for Kenyan Businesses and Consumers
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I&M Bank have officially extended their partnership with Mastercard through a long term agreement to drive innovation, boost financial inclusion and reshape the digital payments landscape in Kenya.
This renewed collaboration will see them roll out secure, convenient and innovative solutions that make everyday transactions easier, open up new opportunities for growth and strengthen the digital economy for individuals and businesses across the country.
The I&M Bank Mastercard Partnership, which began in 2019, has already transformed the way individuals and businesses make transactions, and the new phase is expected to introduce even more secure, convenient, and technology-driven solutions.
Previous I&M Bank and Mastercard Partnerships have focused on expanding digital payment solutions for both retail and corporate customers. In April 2022, the collaboration led to the launch of a suite of premium debit and credit cards targeting corporate C-suite executives and high-net-worth individuals.
Over the first five years, the partnership has also made considerable progress in encouraging cashless transactions, integrating more people into the formal financial system, and empowering small and large businesses with modern payment tools.
Mark Elliott, President for Africa at Mastercard, and Gul Khan, CEO of I&M Bank, have both commended the partnership for its role in driving innovation and empowering customers.
Products from I&M Bank and Mastercard Partnership
The I&M Bank Mastercard products launched under the partnership include:
- Mastercard World Elite Debit and Credit Cards – Designed for high-net-worth individuals, offering exclusive benefits such as unlimited airport lounge access, comprehensive travel insurance, and discounts on luxury experiences. The World Elite Debit Card provides premium lifestyle privileges for clients seeking high-end services.
- Mastercard World Debit and Credit Cards – Offering a mix of luxury and practicality, these cards provide travel benefits, loyalty programs, and higher credit limits, along with robust security features.
- Mastercard Platinum Debit Card – Ideal for online shoppers and travelers, this card offers cashback on subscriptions such as Jumia Prime, discounts on travel bookings, and full travel insurance coverage.
- Mastercard Corporate Standard and Corporate World Cards – Targeted at C-suite executives, these cards provide business-focused features including expense management tools, premium merchant offers, and travel privileges.
- Mastercard Platinum Multi-currency Prepaid Card – Supports up to three currencies, making it suitable for international travelers and cross-border transactions. The card can be topped up via the I&M On-The-Go (OTG) mobile and internet banking platforms.
All I&M Bank Mastercard cards come with advanced features such as contactless payment technology, offering faster and more secure transactions. Cardholders can manage payments, safety controls, and top-ups through the I&M On-The-Go mobile app, enhancing accessibility and convenience.
I&M Bank, founded in 1974 and headquartered in Kenya, has grown into a regional financial institution with a presence in Mauritius, Tanzania, Rwanda, and Uganda. Its commitment to digitization and customer-focused banking has made it a key partner for Mastercard, whose global mission is to build an inclusive digital economy.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.
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