Payments giant Mastercard is teaming up with Oman-based fintech Monak to enhance cross-border money transfers for migrant workers, while improving wage disbursement and onboarding processes for employers.
By launching a new digital financial services platform, Mastercard and Monak plan to significantly reduce the cost and complexity traditionally associated with basic financial services, supporting broader efforts to drive financial inclusion.
Recognising that migrant workers have been historically underserved by formal financial services, the two entities will look to reduce disparities and enable greater economic stability for workers and their families. To achieve this, they will provide access to money movement and expense management tools, typically delayed by slower onboarding processes.
“When people benefit from the ease of money movement, the convenience of digital wages and financial services access, it also provides confidence when working far from home, which is why this is such a benefit for migrant workers,” said Muhammad Nana, SVP, digital partnerships, Eastern Europe, Middle East and Africa (EEMEA) at Mastercard.
“Through our partnership with Monak, we are advancing our efforts to empower migrant workers and ensure they can fully participate in the digital economy beyond their own borders,” Nana added.
According to recent estimates from the UN Department of Economic and Social Affairs, GCC countries are home to over 30 million foreign workers, constituting more than half of the region’s inhabitants. This sizable migrant population highlights the significance of companies like Monak that focus on addressing the unique challenges and opportunities presented by migration. The company equips migrant workers with the knowledge and skills they need to navigate the digital financial landscape effectively.
Driving financial inclusion
This collaboration builds on Mastercard’s longstanding commitment to advancing financial inclusion in underserved communities. Through its products, partnerships, and platforms, Mastercard says it is enabling more people to participate in the digital economy – creating pathways to financial security and improving access to essential services.
Said Salim Al Shanfari, co-founder and managing director of Monak, commented: “This collaboration marks a significant milestone in our expansion strategy, particularly within the burgeoning Middle East market, and reinforces our mission to enable inclusive digital transformation.”
Through the partnership, Mastercard and Monak will aim to enable more timely wage disbursements, enabling workers to remit earnings back to their families quickly and securely – helping improve worker satisfaction and operational efficiency. This multifaceted approach underscores the shared commitment by Mastercard and Monak to driving positive financial outcomes and fostering economic growth across emerging markets.
The agreement comes as Monak also continues its own mission to promote digital literacy and financial literacy. The fintech says it looks to ensure that it empowers users with financial services and equips them with the knowledge and skills to navigate the digital financial landscape effectively. Monak was also among the first Omani companies to join the prestigious Sanabil 500 MENA Seed Accelerator Program by 500 Global and Sanabil Investments – a testament to its dedication to innovation and excellence.
