Mastercard and Monak advance financial inclusion for unbanked workers across MENA with launch of digital financial services platform

The innovative platform enables secure, affordable cross-border payments for migrant workers and streamlines onboarding and payroll for employers

Muscat, Oman, 5 August 2025: 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.

According to the latest estimates from the UN Department of Economic and Social Affairs (UN DESA), GCC countries are home to over 30 million foreign workers constituting more than a half of the region's inhabitants. This sizable migrant population highlights the significance of companies like Monak that focus on addressing the unique challenges and opportunities presented by migration. The company equips migrant workers with the knowledge and skills they need to navigate the digital financial landscape effectively.

“Everyone deserves the freedom to thrive in the digital economy. When people benefit from the ease of money movement, convenience of digital wages and financial services access, it also provides confidence when working far from home, which is why this is such a benefit for migrant workers. Mastercard is committed to enabling secure, convenient and inclusive solutions that meet the needs of communities. Through our partnership with Monak, we are advancing our efforts to empower migrant workers and ensure they can fully participate in the digital economy beyond their own borders,” said Muhammad Nana, Senior Vice President, Digital Partnerships, Eastern Europe, Middle East and Africa (EEMEA) at Mastercard.

This collaboration builds on Mastercard’s longstanding commitment to advancing financial inclusion in underserved communities. Through its products, partnerships, and platforms, Mastercard is enabling more people to participate in the digital economy – creating pathways to financial security and improving access to essential services.

“We are delighted to team up with Mastercard, to offer seamless and user-friendly financial services experience to our valued partners across the Middle East, Asia and Africa. This collaboration marks a significant milestone in our expansion strategy, particularly within the burgeoning Middle East market, reinforces our mission to enable inclusive digital transformation,” said Said Salim Al Shanfari, co-founder and managing director, Monak.

Employers will also benefit from the platform’s integrated capabilities that facilitate recruitment, onboarding and payroll. The platform allows for timely wage disbursements and enables workers to remit earnings back to their families quickly and securely – helping improve worker satisfaction and operational efficiency. This multifaceted approach underscores the shared commitment by Mastercard and Monak to driving positive financial outcomes and fostering economic growth across emerging markets.

Additionally, promoting digital literacy and financial literacy is a crucial component of Monak's mission, ensuring that users are not only empowered with financial services but also equipped with the knowledge and skills to navigate the digital financial landscape effectively. Monak is among the first Omani companies to join the prestigious Sanabil 500 MENA Seed Accelerator Program by 500 Global and Sanabil Investments – a testament to its dedication to innovation and excellence.