Mastercard and Monak Advance Financial Inclusion for Unbanked Workers Across MENA With Launch of Digital Financial Services Platform

Mastercard has joined forces with Monak, an Oman-based fintech company, to launch a digital financial services platform that enhances cross-border money transfers for migrant workers and improves wage disbursement and onboarding processes for employers. The platform also reduces the cost and complexity traditionally associated with basic financial services, thereby supporting broader efforts to drive financial inclusion.

The initiative addresses key challenges faced by migrant workers; a segment historically underserved by formal financial services. By providing access to seamless money movement and expense management tools, typically delayed by slower onboarding processes, the partnership aims to reduce disparities and contribute to greater economic stability for workers and their families.