I&M Bank Chief Executive Officer Robin Bairstow
I&M Bank Uganda has introduced a new multi-currency prepaid card aimed at making both local and international transactions easier for customers.
The I&M Bank Multi-currency Prepaid card allows users to load money in advance and spend directly from the card, without requiring a bank account or access to credit. The bank says the product offers a safer and more convenient option compared to carrying cash, especially for everyday use and travel.
The card is accepted on Mastercard platforms, including ATMs, Point-of-Sale (POS) machines, and online payment systems, enabling users to shop, withdraw cash, and pay for services seamlessly.
Customers can fund the card through various channels such as bank branches, mobile and internet banking, cash deposits, ATMs, agents, and mobile money, allowing quick and flexible access to funds.
One of the standout features of the card is its ability to hold up to nine currencies. These include the Ugandan shilling, US dollar, euro, British pound, Kenyan shilling, Tanzanian shilling, Rwandan franc, South African rand, and Indian rupee. This allows users to transact across different markets without the need to constantly convert currencies.
I&M Bank Chief Executive Officer Robin Bairstow said the card is intended to serve as more than just a payment tool, noting that it supports customers in managing their finances more effectively.
He explained that many customers are increasingly looking for simple and flexible ways to control their money, whether for family support, budgeting, or handling irregular income.
The prepaid card is available to both account holders and non-account holders, with different transaction limits tailored to user needs. Among its features are fixed exchange rates across currencies, lower foreign exchange charges on international transactions, and enhanced control over spending.
The bank’s Head of Marketing and Corporate Communications, Annette Nakiyaga, said the product is designed to simplify financial transactions and make money management more predictable for users.
Under the default settings, customers can withdraw up to Shs3 million per day from ATMs and spend up to Shs20 million on retail and online transactions. These limits can be increased to Shs10 million and Shs50 million respectively upon request.
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