Rwanda-based I&M Bank has rolled out a multi-currency Mastercard prepaid debit card enabling users to load funds in 15 different currencies with no foreign exchange fees.
The card builds on Mastercard’s goal of expanding products for underbanked consumers in sub-Saharan Africa, Mastercard said in a recent press release.
The I&M Platinum Multicurrency card enables users to load funds in a specific currency, locking in the exchange rate for future online and point of sale transactions, the release said.
“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,” said Robin Bairstow, I&M Bank Rwanda’s chief executive officer, in the release.
Consumers need not open a bank account to obtain the new card, Bairstow said in the release.
“As Mastercard continues to contribute toward 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,” said Frank Molla, Mastercard’s director and country manager for East Africa, in the release.
I&M Bank Rwanda has partnered with Marriott to give customers 50% off on two nights at Marriott hotels booked with the new card, according to the release. The promotion runs through December 2019.