5 days ago
Mastercard and Monak Launch Digital Platform for Workers
Home » Emerging technologies » Fintech » Mastercard and Monak Launch Digital Platform for Migrant Workers
Mastercard has announced a partnership with Monak, an Oman-based fintech company, to launch a digital financial services platform. The platform aims to improve cross-border money transfers for migrant workers. It also streamlines wage disbursement and onboarding processes for employers.
This initiative addresses key challenges faced by migrant workers, a group often underserved by formal financial services. By offering seamless money movement and expense management tools, the platform reduces delays caused by slow onboarding. It also lowers the cost and complexity of basic financial services. These efforts support broader financial inclusion.
According to the UN Department of Economic and Social Affairs, GCC countries host over 30 million foreign workers, making up more than half of the region's population. This highlights the importance of Monak's focus on migrant workers. The company equips users with skills to navigate the digital financial landscape.
Mastercard's Senior VP, Muhammad Nana, said the partnership advances financial inclusion and empowers migrant workers to participate fully in the digital economy. Meanwhile, Monak's co-founder Said Salim Al Shanfari emphasized the platform's role in inclusive digital transformation across the Middle East, Asia, and Africa.
Employers also benefit from integrated recruitment, onboarding, and payroll tools. The platform enables timely wage payments and fast, secure remittances back to workers' families. This enhances worker satisfaction and operational efficiency.
Monak also promotes digital and financial literacy to empower users beyond just financial access. The company recently joined the Sanabil 500 MENA Seed Accelerator Program, highlighting its commitment to innovation. Partnership targets financial inclusion for migrant workers
Platform simplifies cross-border payments and payroll
Monak recognized by Sanabil 500 MENA Accelerator Program
