Kenya’s I&M Bank and MasterCard have joined forces to launch the first ever MasterCard branded multi-currency prepaid travel card in Sub-Saharan Africa.
The prepaid card will enable cardholders to carry three currencies, namely: US Dollars, UK Sterling and Euros on a single card, while also providing users with a mobile wallet.
Speaking during the launch of the card, I&M Bank’s chief executive, Arun Mathur, said the multi-currency function would give cardholders the flexibility needed when travelling to different parts of the world:
"The I&M multi-currency Prepaid card is a revolutionary product which aims to provide consumers with value, convenience and security when carrying out transactions," he 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 currency."
Branded with MasterCard payments technology, the card’s users gain access to over 34 million MasterCard POS terminals, as well as ATM’s across the globe.
At the launch, MasterCard hailed the partnership as a move towards a cashless society:
"The market has woken up to the reality of cashless transactions, and we are seeing a substantial shift in consumers’ approach to using cards over cash," said MasterCard VP for East Africa, James Wainaina.
According to Arun Mathur, the cardholders will be able to load up to $10,000 or equivalent to the mobile wallet, while still allowing for further uploads.
The card will be available at all I&M Bank branches in Kenya and is available to both customers and non-customers of the bank.