I&M; Bank Rwanda launches Rwanda’s first multi-currency prepaid platinum card

I&M Bank Rwanda continues to lead the shift towards a cashless future with instantaneous electronic payments suitable for all. On this Thursday, 29th August, I&M Bank Rwanda in partnership with Mastercard has launched Rwanda’s first multicurrency prepaid platinum card with the aim of introducing customers to a world of seamless transactions.

The multi-currency prepaid card can be used to make card transactions both locally and internationally whether it is on point-of-sale machines (POS) or for online shopping. It allows safe and secure transactions since the card comes with embedded chip and pin technology and electronic payments such as utility payments, booking flights, hotels, dining and so much more are made easier.

This card offers you the possibility to load up to fifteen currencies and gives you access to more than a thousand airport lounges as well as discounts in luxurious hotels and apartments and other premium treatments at merchants globally.

“We are excited to launch this market-first multicurrency prepaid card into Rwanda as it will blend in with 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 determined to giving each segment a customized option that will exceed customers’ expectations. One of the added values of this card is that its owners will not be required to open an account with I&M Bank Rwanda to use it. With this new product we expect to give access to improved financial services to customers and potential customers” says Robin Bairstow, I&M Bank Rwanda, Chief Executive Officer.

This partnership with Mastercard effectively grants cardholders access to over fifty million merchants across over two-hundred and ten countries. Cardholders have access to all core card services globally and platinum insurance coverage in case the card is lost, stolen or counterfeit. I&M Bank Rwanda will provide global assistance such as card replacement, cash disbursement and lost/stolen card reporting.

For frequent travelers, the multi-currency prepaid card is a convenience since it is loaded with multiple currencies thus eliminating the need to carry multiple cards for different transactions.

“As Mastercard continues to contribute towards developing ‘A world beyond cash’, we are very pleased to partner with I&M Bank Rwanda to allow even more people with or without a bank account, to transact securely and conveniently either locally or internationally, in person or online.” Says Frank Molla, Director and Country Manager at Mastercard.

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

Cardholders are protected from currency fluctuations with locked-in exchange rates. They are not required to pay for cross-currency charges since all payments abroad are made at the rate at which they loaded their cards.

The I&M Bank Mastercard multi-currency 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 to make payments quickly and efficiently on a large number of secure websites both local and international.

In addition, I&M Bank Rwanda has partnered with Marriott Hotel Rwanda to offer to the multi-currency card holders a ‘pay one, get one free’ night at Marriott, A 50% discount on card issuance that will expire in December this year.

In a world where digitalization is reshaping economic activity, shrinking the role of cash and spurring new digital forms of money, people are no longer confined to working from one geographical location or transacting in one currency. I&M Bank Rwanda 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.’