Global payments leader Mastercard has partnered with Oman-based fintech Monak to launch a new digital financial services platform aimed at transforming cross-border money transfers for migrant workers. The collaboration also seeks to improve wage disbursement processes and simplify employer onboarding, reducing the cost and complexity often associated with basic financial services.
Supporting Migrant Workers Across the GCC
Migrant workers have historically faced limited access to formal financial services, often dealing with slow onboarding and expensive remittance fees. Through this partnership, Mastercard and Monak plan to close these gaps by providing faster, more affordable, and secure solutions for money movement and expense management.
“When people benefit from the ease of money movement, the convenience of digital wages and access to financial services, it builds confidence while working far from home,” said Muhammad Nana, SVP, Digital Partnerships, Eastern Europe, Middle East, and Africa (EEMEA) at Mastercard.
“Through our partnership with Monak, we are advancing efforts to empower migrant workers and ensure they can fully participate in the digital economy.”
According to the UN Department of Economic and Social Affairs, GCC countries are home to over 30 million foreign workers, making up more than half of the region’s population. This highlights the need for solutions like Monak’s, which equip migrant workers with the digital literacy and financial skills required to manage their finances effectively.
A Step Forward in Financial Inclusion
The collaboration builds on Mastercard’s global mission to advance financial inclusion, providing underserved communities with tools and platforms to engage in the digital economy. Through timely wage disbursements, workers can remit earnings home quickly and securely, improving both worker satisfaction and employer efficiency.
Monak’s co-founder and managing director, Said Salim Al Shanfari, described the partnership as a “significant milestone” in the company’s expansion across the Middle East, reinforcing its mission of enabling inclusive digital transformation.
In addition to its new partnership with Mastercard, Monak continues to invest in innovation and skill development. The company was among the first in Oman to join the Sanabil 500 MENA Seed Accelerator Program by 500 Global and Sanabil Investments, reflecting its dedication to advancing the regional fintech ecosystem.
Driving Positive Economic Impact
By combining Mastercard’s global network with Monak’s regional expertise, the partnership aims to deliver:
- Lower remittance costs for migrant workers
- Faster wage disbursements
- Greater access to financial tools and education
- Stronger economic participation for underserved populations
This strategic alliance underscores both companies’ shared commitment to fostering economic growth and empowering communities in emerging markets.
