I&M Bank has collaborated with Mastercard to launch the new Business Credit Card proposition, a comprehensive financial tool designed to help businesses manage day-to-day expenses more effectively and support global operations. This initiative marks another longstanding engagement between I&M Bank and Mastercard. The Business Card proposition comprises the Business Credit Card and the World Business Credit Card targeted at Business and Corporate Banking segments.
The Bank which celebrates its 50th anniversary this year has been on an aggressive strategy to grow its relevance in existing and emerging market segments. This proposition cements the lender’s position as a leader in the corporate and institutional banking space and their efforts towards intuitive banking through keen customer listening.
I&M Bank’s Mastercard Business and World Business Credit Cards are tailored to meet the diverse needs of companies looking to effectively manage employee operational costs by offering multiple solutions in one card for business related travel, entertainment and other miscellaneous expenses while employees experience financial and lifestyle benefits including seamless purchase of air tickets, hotel stays, concierge services and entertainment. The card improves cash flow by offering higher credit limits without financial strain and aids in building business credit, essential for securing loans and other financing options. Its credit limits support business growth, while exclusive access to Mastercard Priceless offers and services enhances the user experience.
“I&M Bank is committed to providing our clients with innovative financial solutions that drive growth and efficiency,” said Gul Khan, CEO of I&M Bank. “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” added Mr. Gul Khan.
Mastercard’s Senior Vice President and Country Manager for East Africa and Indian Ocean Islands Shehryar Ali commented, “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.”
With a focus on growing profitability by reducing costs and increasing efficiency for businesses, the card enhances accountability through expense management tools and transaction alerts giving better visibility on companywide, departmental and individual expenses. Further, the card offers a range of merchant offers including discounts on hotels, car rental services and e-commerce platforms globally. Companies can set and adjust spending limits for each card, ensuring controlled and accountable spending by employees. Classification: Public
The expense management tools facilitate simplified bookkeeping, petty cash management while self-service features include enablement of cardholders to view their card, check balances, and make payments with convenience and control. Card safety is ensured through enhanced security controls using the I&M On-The-Go (OTG) Mobile and Internet Banking platform through 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, enhancing digital and financial inclusion for SMEs and businesses. With seamless and secure payment solutions, the two entities aim to empower individuals and businesses to reach their full potential.
Also Read: British International Investment announces sale of stake in I&M to AfricInvest
