I&M Bank has partnered with Mastercard to introduce a new Business Credit Card proposition, a robust financial tool designed to streamline business expense management and bolster global operations. This initiative reinforces the long-standing collaboration between I&M Bank and Mastercard, marking another milestone as the bank celebrates its 50th anniversary.
The new Business Credit Card proposition includes the Business Credit Card and the World Business Credit Card, tailored for the Business and Corporate Banking segments. This move is part of I&M Bank’s strategy to expand its influence in existing and emerging markets, solidifying its position as a leader in corporate and institutional banking. By offering intuitive banking solutions, the bank demonstrates its commitment to addressing customer needs.
I&M Bank’s Mastercard Business and World Business Credit Cards are specifically designed to meet the varied needs of companies, helping them manage employee operational costs more effectively. The cards offer comprehensive solutions for business-related travel, entertainment, and other expenses while providing financial and lifestyle benefits. These include seamless purchases of air tickets, hotel stays, concierge services, and entertainment. Additionally, the cards improve cash flow by offering higher credit limits and help build business credit, which is crucial for securing loans and other financing options.
Gul Khan, CEO of I&M Bank, highlighted the significance of this launch: “I&M Bank is committed to providing our clients with innovative financial solutions that drive growth and efficiency. Our business relationship with Mastercard has been instrumental to our business over the years and continues to thrive as we deliver products that meet customer needs. As we celebrate our 50th anniversary, we are happy to launch the Business Credit Card product proposition that not only simplifies financial management for businesses but also provides a suite of benefits that enhance their day-to-day operations and global reach.” said Gul Khan
Mastercard’s Senior Vice President and Country Manager for East Africa and Indian Ocean Islands, Shehryar Ali, added, “At Mastercard, we aim to empower businesses with the tools they need to succeed in a digital economy. The launch of these business credit cards with I&M Bank shows our commitment to fostering innovation and financial inclusivity. By offering secure, efficient, and rewarding payment solutions, we enable businesses to grow and contribute to the economic development of Kenya and the region.”
The new card proposition is designed to enhance profitability for businesses by reducing costs and increasing efficiency. It includes features such as expense management tools and transaction alerts, providing better visibility on company-wide, departmental, and individual expenses. Additionally, the card offers various merchant discounts on hotels, car rental services, and e-commerce platforms globally. Companies can also set and adjust spending limits for each card, ensuring controlled and accountable spending by employees.
Further benefits include simplified bookkeeping and petty cash management through expense management tools. Self-service features allow cardholders to view their card, check balances, and make payments with ease. Enhanced security controls are available through the I&M On-The-Go (OTG) Mobile and Internet Banking platform, including PIN management and a lock/unlock facility.
By leveraging Mastercard’s technology and I&M Bank’s extensive local network, this new offering supports businesses with cutting-edge payment solutions, promoting digital and financial inclusion for SMEs and businesses. The collaboration aims to empower individuals and businesses to reach their full potential through seamless and secure payment solutions.