- Mastercard, which is one of the world’s most famous money and finance brands, has confirmed that it will be expanding its partnership with the currency account provider Sokin on a new push towards digital banking in the Middle East and Africa.
- The arrangement will see Sokin take advantage of Mastercard’s digital-first system and offer it to customers at a business and consumer level.
- "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,” said a senior figure at Sokin.
Two big names in the cross-border payments and wider finance sector have announced an expanded agreement to offer new digital banking services in the Middle East and Africa.
Mastercard, which is a household name in the sector, has revealed that it is going to be working alongside the UK-based currency account provider Sokin.
The agreement, which is set to last for several years, will see Sokin take advantage of Mastercard’s digital-first approach to key questioning in the banking sector.
Sokin will also use the opportunity to build its presence and footprint.
It is understood that Sokin will offer Mastercard’s card systems for businesses and also for those at individual customer level.
Over 35 million migrant workers in the Middle East and Africa are expected to benefit from the solution when Sokin offers it to them.
Kaushik Sthankiya, the chief commercial officer at Sokin, said that access to the wider international payments set-up was restricted.
“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,” he said.
He added that the partnership that the two firms had put together would help improve financial inclusion in a range of ways.
“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,” he explained.
For Mastercard, Amnah Ajmal, the executive vice president for market development in Eastern Europe, Middle East and Africa, emphasised the firm’s commitment to bringing people together.
“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,” he said.
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