I&M Bank and Mastercard Launch Business Credit Card Proposition To Transform Business Expenses Management

By: John Kar­iu­ki

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.

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.