16 April 2013

Africa: Mastercard, I&M Launch New Card for Africa

Nairobi — The I&M Bank has partnered with MasterCard in introducing the first ever MasterCard branded multi -currency prepaid travel cards in Sub-Saharan Africa.

The I&M MasterCard multi-currency prepaid cards will enable cardholders to carry three currencies; U.S Dollars, Sterling Pounds and Euros on a single card, while at the same time offering users a secure and convenient mobile wallet.

"The card is a revolutionary product which aims to provide consumers with value, convenience and security when carrying out transactions," Arun Mathur I &M bank Chief Executive Officer said.

"By having three of the world's main currencies on the card we're providing frequent travellers with the convenience they need when travelling and removing the charge they used to incur for making transactions in foreign transactions in foreign currency," he added.

Speaking during the launch at a Nairobi hotel, the MasterCard Vice President and Area Business Head for East Africa, James Wainaina said: "With such products being released into the market MasterCard's vision of 'A world beyond cash' is becoming a reality, and with it we hope that consumers will see the value, security and convenience that cashless transaction offer."

"The market has woken up to the reality of cashless transactions, and we are seeing a substantial shift in consumers."

The card will also have benefits such as, "conversion from one currency to another when necessary, access to MasterCard Point of Sale and ATM transactions, as well as platinum insurance benefits which cover card fraud protection and purchase protection. In addition, cardholders are able to load up to 10,000 USD or equivalent.

"Cardholders can load up to 10,000 USD on each wallet, or this equivalent in pounds or Euros, with the possibility of multiple uploads, thus removing the need to carry or convert cash when travelling," said Mathur.

"In a world where trade has become global and people are no longer confined to working from one geographical location or transacting in one currency, the launch of this card in partnership with MasterCard becomes another step towards taking financial services from local to global," he added.

The introduction of the I&M Bank MasterCard multicurrency prepaid card will also provide ease for many Kenyans shoppers that are looking to make their purchase online.

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