Sokin has come together with Mastercard to connect consumers across 39 new markets to more open and transparent payment services; eliminating barriers that have historically hindered access and financial inclusion.
The fintech payment firm signed a multi-year agreement with Mastercard to support the rollout of its fixed-price payment services across the markets of the Middle East and Africa.
Sokin will leverage Mastercard’s digital-first banking solutions and card services to expand its footprint and launch its card programmes for businesses and consumers.
Sokin’s card programme will be available in 39 countries in the Middle East and Africa, including Gulf Cooperation Council (GCC) countries, Nigeria and South Africa.
Mastercard will collaborate with Sokin to offer solutions to the 35 million migrant workers currently active in the region, whilst also supporting those who regularly transfer and receive money around the world.
Sokin is hoping to transform the region’s financial services landscape on a local scale by providing its 578 million population with an alternative to traditional banking services.
“The obstacles to accessing opportunities in the global payments ecosystem have resulted in the exclusion of millions of people that are unable to easily, and instantly, make essential payments and transfers,” said Kaushik Sthankiya, chief commercial officer at Sokin.
“We’ve launched this progressive partnership with Mastercard to boost financial inclusion, helping our customers to access a wider range of financial service products across different markets, and we’re excited to provide digital payment solutions to people in the Middle East and Africa.”
This year, Sokin will start to offer consumers in 39 countries unlimited international money transfers and payments with no mark-up on transactions or hidden fees.
Its proprietary technology facilitates the process within its peer-to-peer mobile app. Customers are able to access a large portfolio of currencies via an app interface which remains the same – no matter the user’s location – and is accessible in five languages; including French, Portuguese and Spanish.
“As the partner of choice for fintechs around the globe, we are proud to support Sokin’s expansion to the diverse markets in the Middle East and Africa, connecting its people to global payment solutions in a digital-first, transparent and safe way,” said Amnah Ajmal, executive VP of market development for EEMEA at Mastercard.
“By combining Mastercard’s trusted and secure solutions with Sokin’s innovative services, consumers will be able to benefit from wider choice and greater convenience.”
The collaboration is an extension of existing agreements previously announced in the UK, Europe, South Asia, Singapore, Latin America, Mexico and Brazil, to help consumers make transactions on their own terms.