Mastercard and I&M Bank to launch Rwanda’s first multicurrency prepaid card

I&M Bank Rwanda together with Mastercard have announced the launch of Rwanda’s first Multicurrency Prepaid Platinum card, to introduce a world of seamless transactions to customers.

The cards can be used to make card transactions both locally and internationally either on Point of Sale machines (POS) or for online shopping. It can solve for everyday spend like utility payments, or when travelling for flights, hotels and dining plus much more.

This card offers a possibility of loading up to 15 currencies and gives access to more than 1000 airport lounges as well as discounts in luxurious hotels and apartments and other premium treatments at merchants globally.

Speaking at the launch, Mr. Robin Bairstow, I&M Bank (Rwanda) Plc. CEO said: “We are excited to launch this Market First, Multicurrency Prepaid card into Rwanda which will meet our customers’ lifestyle and financial needs. As pioneers of innovation in the banking industry in Rwanda, this is one of a series of solutions that we will be launching in the near future. With our new customer value proposition, we are committed to giving each segment a customized option that will exceed their expectations. You don’t have to own an account with us to be eligible for this card hence giving access to improved financial services to customers and potential customers.”

This partnership with Mastercard effectively grants cardholders access to over 50 million merchants across over 210 countries. Cardholders will also access all core card services globally such as card replacement, cash disbursement, and lost/stolen card reporting.

Also speaking at the event, Frank Molla, Director and Country Manager, Mastercard says: “As Mastercard continues to contribute towards developing ‘A world beyond cash’ we are very pleased to partner  with I&M Bank to allow  even more people, with or without a bank account, to transact securely and conveniently either locally or internationally, in person or on-line.

He continued, “Also, for international travelers, cardholders can load funds onto the card in their local currency and lock in the exchange rates for any of the accepted 15 currencies all over the world, meaning they have instant access to the currency they require at a guaranteed rate. Cardholders can also load anytime, anywhere, including via mobile and online channels and use the card at all ATMs and merchants that accept Mastercard”.

Other benefits and features of the I&M multi-currency Prepaid card include, access to the platinum insurance benefits which cover card fraud protection and purchase protection.

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 by I&M Bank in partnership with Mastercard becomes another step towards taking financial services from local to global.

The I&M Bank Mastercard multicurrency Prepaid card will also provide ease for many Rwandan shoppers that are looking to make their purchases online. The use of the card will allow consumers to make payments quickly and efficiently on a large number of secure websites- both locally and internationally.

Mastercard has been instrumental in driving the conversation to cashless transactions both locally and around the world, and continues to support the development and introduction of products that promote the use of Prepaid, debit and credit cards in line with its vision of a world beyond cash.