I&M Bank Launches Tanzania’s First Mastercard World Elite Debit and Multi-Currency Prepaid Cards on OpenWay’s Way4 Platform

I&M Bank Tanzania, in partnership with Mastercard and OpenWay, has introduced the country’s first Mastercard World Elite debit and multi-currency prepaid cards. Powered by OpenWay’s Way4 digital payments platform, the new products cater to the evolving needs of Tanzania’s affluent and middle-market customers by offering lifestyle privileges, advanced security, and seamless international transactions.

Although Tanzania remains largely cash-driven, digital payments are gaining traction in hubs such as Dar es Salaam and Arusha. With this launch, I&M Bank aims to accelerate the shift to digital by giving customers compelling reasons to use cards — from travel insurance and global hotel discounts to multi-currency convenience for business and leisure.

“Customers increasingly want more than just a card – they want value, reliability, and access to global privileges,” said Zahid Mustafa, CEO of I&M Bank Tanzania. “With these Mastercard World Elite debit, Gold Debit, and multi-currency Platinum prepaid cards, we are delivering lifestyle benefits, peace of mind, and a strong digital platform that makes transactions seamless anywhere in the world.”

The Mastercard multi-currency prepaid card is Tanzania’s first of its kind, supporting 10 currencies to enable travel, shopping, and global transactions with ease. The Mastercard World Elite debit card provides cardholders with access to exclusive lifestyle benefits such as concierge and airport Fast Track services, premium travel insurance, global hotel privileges, curated travel packages, and access to a network of airport lounges worldwide.

“This launch demonstrates the tangible benefits of our migration to Way4, a proven digital payments platform now at the core of our operations. Way4’s flexibility and rich functionality across all payment domains enable us to serve diverse countries, business models, and customer segments seamlessly on a single platform. Its cross-border capabilities, stability, and scalability – combined with modern APIs and AI-readiness – equip us to innovate continuously and respond quickly to customer needs,” said Simon Gachahi, Head of Retail and Digital Banking at I&M Bank Tanzania.

“OpenWay is proud to partner with I&M Bank to deliver secure, reliable, and innovative payment solutions that meet the evolving needs of today’s customers. This collaboration underscores our shared commitment to driving financial inclusion and advancing digital payments in East Africa,” said Hermann Mike, Regional Director, Sub-Saharan Africa at OpenWay.